In May this year, Wisconsin sold their 350M Bitcoin holding. 🤦‍♂️ Let's dig into the significance of this. Pension funds are designed to be patient, long-term investors with horizons spanning multiple years or even decades to align with their liabilities (e.g., retiree payouts over 20-30 years). With good reason! Pension funds with longer average holding durations (5-7 years or more for equities) have been shown to out-perform funds which sell investments after a short holding period https://www.sciencedirect.com/science/article/abs/pii/S0378426620300790 Unfortunately for Wisconsin, someone must have forgotten all of this when they sold their entire 350M bitcoin holding at a time price was dipping due to tariff uncertainty: a decision likely to age as well as Germany's selling of their Bitcoin for Euros last year. Had they held their Bitcoin, it would already be approaching 1/2 billion in value. They could have been an exemplar of foresight, and a beacon of hope for the States retirees. Instead, they have become a cautionary tale about forgetting the golden rule for managing patient capital: "Be patient"(Daniel Batten)