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The Great Pension Fund Panic of 2022

A Long Time In Finance

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Do You Keep on Betting?

I think the only way to reconcile these different views is basically that companies back in the day made pension promises which were too expensive and they got found out. They have done all sorts of things including what we've been talking about which is cake-driven investment system. You're trying to bet your way out of a deficit. That is like being down at the casinos but you're sitting there at 2 o'clock on the Sunday morning, you've locked whatever the amount is. Do you keep on betting? Well maybe you do, maybe you don't. I call it CDI. Cakeism, yes.

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