Chris Ailman, CIO of CalSTRS, says the recent struggles of Facebook, Amazon, and Apple are indicative of a bigger change that needs to occur.
— with a more than 20% allocation — any weakness in the space is going to sting his massive portfolio. As such, tech's newly vulnerable position has his attention.
"These are people who are entrepreneurs who are not used to thinking about regulations and boundaries," Ailman told Business Insider in an exclusive interview at Milken."They're going to need to have a board and people around them to put some safeguards in. You have to be responsible for your product."
Ultimately, Ailman thinks the onus will be on the companies themselves to make an effort before the FTC and DOJ hand down any potentially crippling fines or legal rulings.
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