When Calpers' decision to jettison some alternative investment firms leads to a New York Times editorial -- available here and please note: it's not just an article, column, or op-ed -- you know a trend is emerging. In this trend the tie to New York is that "[a] recent analysis by New York City's comptroller, Scott Stringer, found that the high fees and low returns of its investment managers had cost the City's pension system $2.5 billion in lost value over the last 10 years."
Calpers moves somewhat slowly. But deliberately. Expect Calpers to, over time, further reduce its remuneration of alternative investment firms. And later to end its relationships with many managers of actively managed publicly-traded securities portfolios. Many other investors - large and small, institutional and otherwise - will sooner or later follow suit.