In a Financial Post op-ed, John Graham assured the 21 million pension contributors and beneficiaries that the fund’s long-term, active management means their retirement savings are stable, even if markets aren’t. “We’re not chasing fad investments that might be the hottest, latest thing in markets one day, only to come crashing down the next,” he wrote. “We’re investors, not speculators.” (Financial Post)

Talking point: While Graham did not specifically call out any type of investment, the remarks follow the collapse of several high-profile crypto companies in which fellow Canadian pension funds had invested. In August, the Caisse de dépôt et placement du Québec wrote off a US$150-million investment in Celsius after the crypto-lending startup filed for bankruptcy. And Ontario Teachers’ Pension Plan wrote off its US$95-million investment in FTX amid the exchange’s downfall last month. Graham has long said that the firm is careful about new asset classes, like crypto and blockchain, yet indicated CPP Investments was “always looking” for opportunities. Thursday’s op-ed puts a finer point on the fund’s stance on speculative assets.