The guy running a business has to fund his competition? This is just nutty as is the proposition of letting local governments invest in the stock market with taxpayer dollars.

We have a State Treasurer, and a LGIP (local government investment pool) to deal with idle excess funds of local city , county and state entities. The money is invested in short term and long term low risk bonds, T-bills and Certificates that will protect taxpayer dollars from excess risk. I just looked on Vanguard’s info and about 20-25% of all the years from 1929 to present have been down years for investment returns. Equities may be a good long haul investment but you will also have to weather some severe downturns. I do not think that is good exposure for government dollars that may be needed in those down years.