The second-largest U.S. public pension fund’s chief investment officer is looking back at 2021’s lucrative environment with a touch of pessimism about what’s next. “It’s going to be a challenging year,” said Chris Ailman of the California State Teachers’ Retirement System in a Bloomberg Television interview Friday. The S&P 500 probably won’t come anywhere close to matching the 27% advance it clocked in the past 12 months, he said. “Historically, I’d expect a very low single-digit year.” Returns typically lag after a few boom years, and the likelihood of a U.S. recession increases if rising inflation spurs the ... (full story)