# E357: CalSTRS CIO: Where Do You Invest $390 Billion Today?

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Text version: https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713/e357-calstrs-cio-where-do-you-invest-390-billion-today.md
Podcast: [How I Invest with David Weisburd](https://stenobird.com/podcast/how-i-invest-with-david-weisburd-6470713)
Published: 2026-04-28T12:45:00+00:00
Episode link: https://howiinvestpodcast.com/episodes/DGqFom4tNaT
Audio file: https://dts.podtrac.com/redirect.mp3/media.podcastai.com/episodes/DGqFom4tNaT.mp3?u=1777381896
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Duration seconds: 1785

## Resource

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.

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## Transcript

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