QUESTION: Mr. Armstrong; I want to thank you for a spectacular WEC. I was amazed at how many pension funds were there. They were some of the biggest and we hear that they are listening to you and had shifted into equities. Some were talking at the cocktail party how you have really helped them even selling the strategy to their boards. The ones who were there were from Europe, Japan, and Canada. Do any American pension funds listen to you?
Can’t wait for next year!
Thank you for opening my eyes.
ANSWER: I am not at liberty to discuss who are clients and who are not. It is true, that our biggest clients in pensions are ALL outside the USA. They see the world from an international perspective more so than American firms who still do not understand currency. We have been the currency specialists since the 1970s. Consequently, non-Americans have been a major component of our global business. American funds tended not to understand or even consider currency risk. To this day, schools do not teach hedging currency risk. It is not even discussed.