The evidence is overwhelming that pension funds do not belong in the public markets.
Financial crisis. Boom-and-bust. Responsible Investing. Socially Responsible Investing. ESG. Sustainable Investing. Sustainable Capitalism. Sustainable Finance. Long Finance. Failed performance. Excessive Fees. Misalignment of interests. Inverted reward systems. All of these, and more, are symptoms of this fundamental mismatch between pension funds and public markets.
The problem is that Exchange trading (which is what the public markets are all about) is built to function like an intergenerational relay race. Pension funds turn it into a game of trading baseball cards. The consequences are as above.
This is not to say that pension funds do not belong in enterprise equity. They do. The question is: what is the right way to get them there?