Episode
E357: CalSTRS CIO: Where Do You Invest $390 Billion Today?
- Published
- Apr 28, 2026
- Duration seconds
- 1785
- Processing state
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- https://howiinvestpodcast.com/episodes/DGqFom4tNaT
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Summary
What if the biggest edge in managing $390 billion isn’t picking assets—but controlling risk and liquidity when markets break? In this episode, I sit down with Scott Chan, Chief Investment Officer of CalSTRS, to discuss how one of the largest institutional investors in the world is positioning for a period of massive structural change. Scott breaks down how AI, deglobalization, and the energy transition are driving a multi-decade investment cycle, why traditional diversification is breaking down, and how liquidity and dynamic allocation become critical in volatile markets. We also explore structural alpha, co-investing at scale, and how governance and partnerships enable CalSTRS to generate returns without taking incremental market risk.