But the appetite is muted, with the average allocation at less than 5 percent.
It did not disclose on Friday its asset allocation at the end of the year.
Next season, unless much more rain falls, he stands to get no allocation at all.
"There was no sort of sense of strategy," said Eugene Kiernan, head of asset allocation at Irish Life Investment Managers.
Emiel van den Heiligenberg, head of asset allocation at Legal & General Investment Management, which controls assets worth £757bn, says a recession is inevitable, and sterling will fall further.
Calpers, which will discuss its asset allocation at an investment meeting on Monday, had its portfolio thrown out of whack by the global equity mess.
"Greenspan is mistaken about the wealth effect," said Stefan D. Abrams, chief investment officer for asset allocation at Trust Company of the West.
"Liquidity in the money markets in maturities over a week is desperately scarce," Tim Bond, head of global asset allocation at Barclays Capital in London, told Bloomberg News.
But Stefan D. Abrams, the chief investment officer for asset allocation at Trust Company of the West, dates the shift in Wall Street's research culture to about 1996.
Trevor Greetham, director of asset allocation at Fidelity Worldwide Investment, said: "Borrowing your way out of recession isn't as mad as it sounds.
Keep your commodity allocation at 10%.
