Over the years, there has been a significant shift in how state pension funds allocate their investments. In 1980, a mere 23 percent of these funds were directed towards the stock market. This cautious approach reflected a more conservative investment strategy at the time, with a focus on safer, more stable returns.

However, by 2008, that figure had increased dramatically to 60 percent. This change indicates a broader acceptance of stock market investments among pension funds, likely driven by the potential for higher returns. Michael Lewis, in his book "Boomerang: Travels in the New Third World," highlights this evolution in investment strategy and its implications for the financial landscape.