TY - JOUR T1 - Public Pension Fund Power JF - The Journal of Portfolio Management SP - 61 LP - 64 DO - 10.3905/jpm.2001.61 VL - 27 IS - 2 AU - Keith P. Ambachtsheer Y1 - 2001/01/31 UR - https://pm-research.com/content/27/2/61.abstract N2 - The quotation is from Mr. Greenspan's testimony to Congress in 1999 on the Administration's proposal to invest a component of the Social Security Trust Fund in equities. As a response to that testimony, we were asked by a number of U.S. public sector pension funds to conduct a study into Mr. Greenspan's assertion. That study concludes that a sample of 34 U.S. public sector funds marginally outperformed a sample of 51 U.S. corporate funds on a cost- and risk adjusted basis over the 1994-1997 period (see Ambachtsheer, Hawn, and Scheibelhut [1999]). ER -