PT - JOURNAL ARTICLE AU - Richard M. Ennis TI - Richard Ennis’s Insights: Overexposed? Public Pension Funds Have a Lot Riding on the US Stock Market, Possibly Even More than They Realize AID - 10.3905/joi.2022.1.221 DP - 2022 Jan 20 TA - The Journal of Investing PG - joi.2022.1.221 4099 - https://pm-research.com/content/early/2022/01/20/joi.2022.1.221.short 4100 - https://pm-research.com/content/early/2022/01/20/joi.2022.1.221.full AB - Despite efforts to diversify internationally, public pension funds in the US have a significant, latent home-equity bias. The home bias takes on added importance in light of the extraordinary valuation level of the US stock market. All in all, public funds are betting heavily on the home market and paying up to do so. Caveat!