Quebec pension manager and WestCap invest $400M in Celsius (2021) | Hacker News Reader

Quebec pension manager and WestCap invest $400M in Celsius (2021)

theglobeandmail.com

29 pointscroes8 comments

Honestly, why have government ran mandatory retirement fund?

Why not simply let the market and people chose their investment strategy and do what they want with their 401Ks?

"Just give us your money, it's the law, we'll manage it" "Woops we lost it with crypto. Don't worry about us, we cashed our flat rate commission so our bonuses are safe!"

Only guaranteed with a mutual fund is that the manager will cash the yearly fees.

This is dated "October 12, 2021", 8 months ago. This doesn't appear to be related much to what is currently going on with Celsius.

Radio Canada wrote an excellent deep dive into it last month but it's in French. I'm halfway through it, and it's really sad to read about it. I'm glad that I'm not building a pension in Quebec, but my entire family is.

I doubt celcius in the CDPQs most sketchy investment. Don't they also own a huge amount of the provinces debt, basically turning the provincial finances into a house of cards. Any investment they make that diversifies outside of Quebec is at least going in the right direction (even if this on was dumb)

> Don't they also own a huge amount of the provinces debt, basically turning the provincial finances into a house of cards

Didn't the feds just demonstrate they would just bailout a province going bankrupt?

I think it was Newfoundland who managed to get to the brink of bankruptcy with a failed hydro project. The results? Everyone up north ended up paying for it. Makes any junk bond with a province name's on it de-facto insured.

If Celsius should go bankrupt and your pension fund is affected it's pretty related.

This is just sad. Once again, the greedy misled the idiots, and the innocent will pay.

I agree that this is pretty insane but apparently these pensions have a high risk appetite and have made some bad calls but historically have significantly outperformed the market.

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