Hewlett Packard Pension Fund - a final post

I have written three posts on HPs pension fund. I also wrote to HP outlining several of my main concerns.

HP filed a 10K and gave me a detailed response to other concerns. They also hired external audit people to check.

First observation: A good proportion of the gains were from total return swaps on very long US government bonds. I thought that unlikely - but many of my blog readers (correctly) guessed it.

Second observation: All my other concerns appear groundless. (I am not going to bother detailing them as they were groundless.)

I was wrong. It happens a lot unfortunately.

Kudos to HP on transparency

I have written many letters to companies before - most to very dodgy companies. I have never received a response as transparent as HP. Kudos to them.

As for Gretchen Tai. Her asset management looks pretty good.



John