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3. Why Mutiny? Part Three: Why Long Volatility, and Why Now?

Mutiny Investing Podcast

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The US Pensions

US pensions, just US pensions is something like $20 or $21 trillion so it's larger than the balance sheets of every single are all the major central banks in the world. Pension plans primarily make their money from selling insurance because over 80% of the time it never pays and that's when you're going to see problems with pension plans. So they collect the premium, it looks great over time as volatility mean reverts,. You can sell insurance all day long and it looks great but then when that hurricane comes and we want to claim our insurance that's whenyou'll see the problems for pension plans.

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