John Curry: Paying Cliffwater 250 THOUSAND DOLLARS per year to get insulted is a waste of money!

From John Curry

August 20, 2021

So....just who is this Stephen Nesbitt, the guy from Cliffwater who said at the August 19, 2021 STRS Board meeting that paying Wall Street tens of millions of dollars to do nothing (fees on committed uninvested capital) is no different from paying teachers over the summer months? Well.....here's how Stephen describes himself and his business:

"We advise pensions and endowments. Think of us as an institutional advisory and consulting firm. We cover alternative investments such as private debt, private equity, and hedge funds. Essentially anything that’s not stocks and bonds. We help institutional investors with portfolio construction."

I'd say paying Cliffwater 250 THOUSAND of STRS (your and my) dollars per year for advice is far too much to pay to be insulted. We, those very same insulted teachers, are paying Stephen's lunch ticket....and we need to drop this guy and his firm "like a hot potato!"

If you'd like to give Mr. Nesbitt a piece of your mind here is his email: snesbitt@cliffwater.com
P.S. Nesbitt is the CEO of Cliffwater LLC.

P.S.2 I have some FREE advice for STRS....get rid of all your alternative investments and you'd have no need to pay jerks like this to give you advice in the first place.