Thomas Lee's performance as the chief investment officer for the state Teachers' Retirement System might be laudable, but he preaches some flawed economics when he claims in his letter that most state pensions are funded by investment earnings, not by the taxpayers ["Investments pay most of teacher pensions," March 19].

The fact is that every gain in the fund's investments is a gain that individual taxpayers didn't have because the fund had their money. When we write a check for our taxes, we give up not only the money, but the right to the earnings we could have realized by investing it ourselves.

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Lee's management of the fund may be very good, but he doesn't create wealth out of nothing.

Jim Van Schaick, Baldwin