CalSTRS Is Buying

The second largest pension fund in the U.S.,the California State Teachers' Retirement System,or CalSTRS,is getting to the point of being shell-shocked,Chief Investment Officer Christopher Ailman revealed.Even so,we're actually investing.We put about one billion dollars into the market last week.These are bargains that you don't want to pass up.We're just stepping in.Wall Street is overreacting.I'm still worried about Europe.If we don't see the credit market continue to thaw,that would make me worry.Wall Street has already priced in a 30-40% earnings decline.You're still gonna have negative news,but you've got to digest through that.The circuit breakers are too wide,and the market has too much emotion.Wall Street is looking at the fourth quarter projections.I am confident in the American consumer getting through the financial crisis,Mr.Ailman affirmed.