Friday, December 28, 2012
Hewlett Packard Pension Fund - a final post
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.
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