I wonder about the state owned investment funds and if there is a parallel to state owned factories. Norway has a giant sovereign wealth fund built off of its oil industry, but does it perform as well as a private fund would? What about the California pension funds. I understand that they get screwed by their private equity and hedge investments all the time. I wonder if they weren't public funds if they would have more clout on wall street and could work out better deals to get better returns.