The recent Bloomberg investigation into Collective Investment Trusts (CITs) is one of the most important mainstream pieces written on the retirement system in years. It confirms what many of us have been documenting: trillions of dollars are migrating into vehicles that are cheaper on the surface—but structurally opaque, fragmented, and increasingly unaccountable. But even this … Continue reading The CIT Black Box: Bloomberg Gets It Right — But the Real Risk Is Even Bigger