CalPERS total fund size dropped another $3 billion in March to $167 billion. Believe it or not, this 1.7% monthly drop is an improvement, since the fund hit a cycle low of $160 billion on March 11. Given these gyrations in fund size, it's clear CalPERS remains heavily weighted in stocks. The fact that pensions funds would have shown a better return over the last 10 years using a bond strategy has not been lost on some CalPERS peers. Maybe it's time to fire some of these "professional" fund managers, and take a more simple approach?