Infographic: The Market for Vice | Chief Investment Officer

The legal cannabis market hit $5.7 billion last year, prompting columnist Angelo Calvello to ask, “Should asset owners consider investing in cannabis?”

But there are some serious barriers to institutional investments in marijuana, Calvello writes in his column, including the size of the market (still small by asset-owner standards) and its questionable legality (cannabis is still technically illegal under federal law). Beyond these concerns, there just isn’t solid evidence yet that an investment would be worth the risk.

While little data is currently available on the potential investment performance of marijuana companies, more established ‘sin stock’ industries such as gambling and alcohol can be accessed through USA Mutuals’ VICEX fund. Compared to Vanguard’s socially responsible index, the fund is certainly less popular—but performance tells a different story. This is how allocations to vice fare against ethical investments.

cannabis investing infographic All data as of July 12, 2016. Sources: ArcView Group, Park Street, Technavio Research, Morningstar; Infographic by Sam Syed

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marcie frost The California Public Employees’ Retirement System (CalPERS) has appointed a permanent CEO to replace Anne Stausboll.

Marcie Frost, executive director at the Washington State Department of Retirement Systems (DRS), will begin her role as CEO of the $301 billion public pension on October 3, 2016.

Deputy executive Doug Hoffner will continue to serve as interim CEO until then.

Stausboll, the fund’s CEO of seven years, retired at the end of June.

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As Stausboll’s successor, Frost will oversee CalPERS’ operations, budget, and programs including benefits administration and investments.

“Marcie is a seasoned public pension fund administrator and we couldn’t be happier that she will lead the fund and be part of our CalPERS family,” said Rob Feckner, president of the CalPERS board. “She has demonstrated throughout her career strong leadership and innovation, an emphasis on customer satisfaction, and team collaboration that will be fundamental to the future of CalPERS.”

The decision by the board to hire Frost was unanimous, Feckner added.

Frost is pursuing dual bachelor’s and master’s degrees in public administration from Evergreen State College.