Thread by @yomeeks

This is your daily pension announcement! AIMCO performance under the microscope at the Heritage Fund meeting. I still don't have the report....apparently mere taxpayers don't deserve such things..... #ABLeg #handsoffmypension

First the good news: Amit, the new investment strategy exec was presenting. Because he was trotted out publicly (in place of both the CEO and CIO) it is unlikely he will be fired in the coming shakeup. #AbLeg #handsoffmypension

Then the bad: 5-year value add was -0.6%, the target was +1.0%. With a negative five-year value add no investment bonuses should be paid. #ABLeg #nobonusforyou
You could have done better with an index fund.

The weirdest moment of surreality was when Athana (DM of TBF) said something to the effect of: "...it does not serve any interest to undermine the reputation of AIMCO." WTF? Undermine? For the $80 million we pay them to manage we just want to know how they are doing.... #AbLeg

That is so glasshouse-ish for someone who casually sat by while AIMCO and TBF employees began assaulting the reputation of ATRF. Some mook at AIMCO even went so far as to say AIMCO would return 2.0% over ATRF 10-years.

Without a risk-controlled return comparison!!!!! #AbLeg

Then AIMCO gets into the "math is hard" if you are looking at our performance.

Dude, that is our job to do because AIMCO has successfully evaded scrutiny for years. #AbLeg #handsoffmypension

The best way to find out if AIMCO is doing well is to allow the pension plan clients to choose their own manager. They have the capacity and sophistication to know. If let's say, UAPP starts looking for another manager then that tells you something. (Oops😬 that already happened)

Bad public policy is bad public policy. Forcing ATRF to destroy a top quartile manager to use a manager that is mediocre and wholly owned by the GOA shows how out of his depth Travis is.

It is unfortunate because Kevin placed AIMCO in this hot seat. #AbLeg #handsoffmypension

Reputational nightmare. Kevin should have known better. His last day is Wednesday.

He should have fought to keep AIMCO off the UCP vanity project list. #AbLeg #handsoffmypension

I recently received more correspondence from Travis. He still insists that AIMCO costs less than ATRF.

Well the most recent annual investment cost for the HSFT is 90 bps, and ATRF is 76 bps. Think about that. #AbLeg #handsoffmypension