Wyoming Treasurer: State Not Rushing Stock Investments
Wyoming Treasurer Mark Gordon says even though state voters approved allowing more state funds to be invested in stocks on election day, there is no rush to buy more stocks right away.
Constitutional Amendment A allows the state to at least partially invest $6 billion in state funds in the stock market which previously could only be invested in bonds. That's out of a total of $20 billion invested in various funds, some of which were already allowed to be invested in stocks.
But Gordon says many experts believed stocks were overvalued even before Donald Trump won the presidential election. He says since the election the market has mostly "been on a tear," arguably causing an even greater overinflation in stock values.
He says that means ''this is not the time to be diving into the stock market," adding "we're taking a very slow approach" to adding stock investments.
Gordon supported Amendment A, arguing that state funds which were already invested in stocks were consistently bringing a better return than those limited to bond investments.
While the approval of Amendment A does allow for the investment of additional funds in stocks, Gordon has said such investments will be handled conservatively to reduce the risk to the state.