Texas Teachers survey: Short yen, real estate and private equity best bets over the next three years

The latest board meeting presentation for the Texas Teacher Retirement System includes TRS' investment outlook for 2013. Included among its market and macroeconomic outlook charts are results of a "Best Ideas Survey 2013," which examines the attractiveness of ideas over the next one- and three-year periods. The top picks over the next three years included shorting the yen vs. the U.S. dollar, commercial and residential real estate, and private equity (buyout and growth equity strategies). The least-attractive ideas were dominated by fixed-income instruments.