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I honestly cannot figure out what you are getting at here.

You are definitely correct that California has a massive economy.

I'm not really commenting on California's economy or anyone else's though. I'm simply saying California and things like CalPERS are reliant on high equities valuations to maintain their solvency.

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Fair enough. I'm trying to link up these liabilities with the growth I think they originally supported, but I'm not articulating it well, and likely read too much into your comment.

Thank you for asking a question instead of resorting to a flame war. I'll try to come up with a better way to get my point across.

When the stock market is high, isn't that the best time to divest and distribute value into other instruments?

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