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After 13,000: Strategists Look To Emerging Markets

Wednesday, 25 Apr 2007 | 5:04 PM ET

On “Closing Bell,” Russell Read, chief investment officer of the $225 billion-dollar California Public Employees Retirement System (Calpers) and Christopher Ailman, chief investment officer at the $163 billion-dollar California State Teachers’ Retirement System (Calsters), joined CNBC’s Maria Bartiromo at the Milken Conference with the big-money view on the Dow’s record run.

Milken Conference Update
The nation's top pension fund investment chiefs provide an overview of the way they see the markets, with Russell Read, CalPERS CIO; Christopher Ailman, California State Teachers' Retirement System CIO and CNBC's Maria Bartiromo

“This is a good time to reevaluate. There are tremendous opportunities in the U.S. and also outside of the U.S.,” said Read. Both he and Ailman are anticipating the shift towards emerging markets.

“The energy needs in China are staggering,” said Ailman, adding, “That’s a good long-term investment to make money from.” Read and Ailman see emerging markets as the control to their continued success. “The next story is likely to be a rotation among the values in the stock market,” said Read.

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  • With almost 30 years experience in business television, Bill Griffeth is co-anchor of the 3 p.m. ET hour of CNBC's "Closing Bell."

  • Kelly Evans

    Kelly Evans is an on-air correspondent, reporting across CNBC's business day programming. She is co-anchor of CNBC's "Squawk on the Street."