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A finance professor's analysis shows the Wisconsin Investment Board's Bitcoin investment was a masterclass in disciplined fiduciary management.

Adding a small Bitcoin allocation to a standard pension portfolio barely increased risk while modestly improving returns.

The greatest risk for pension funds is not cautiously exploring new asset classes. It is succumbing to dogmatic thinking.

When the State of Wisconsin Investment Board sold its entire Bitcoin ETF position in 2025, the reactions were swift and predictable. Critics called it vindication of their warnings about a "risky gamble" with public retirement security. Proponents saw it as proof that even a visionary bet on crypto couldn't overcome institutional timidity.

As a finance professor who studies instit

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