Calpers, the biggest pension fund in the U.S., last reported a negative return in 2009.
The property, known as The Reserve, is located on a 2-acre private estate in the exclusive Holmby Hills neighborhood.
Investors should add commodities, inflation-indexed bonds and stocks of companies with solid cash flows, he said.
Pimco bond manager Mark Kiesel says the time to sell is once again at hand.
Investors should set aside cash and prepare to put money to work later this year, he said.
Johnson pioneered the sale of mutual funds directly to individual investors rather than through brokers.
The billionaire fund manager has long complained about taxes and quality of life in California.
U.S. funds have amassed a record $287.8 billion for commercial-property deals, according to Preqin.
The Fed's efforts to flood the financial system with liquidity have made distressed-debt situations hard to find.
The developer filed for bankruptcy to keep lenders from foreclosing on the Los Angeles property.
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