Pension Consultants

It seems to me that what the pension consultants were selling was described as higher returns for lower risk and that as we both know cannot be done. The investment consulting business model, they don't like a simple boots approach where you match your assets and your liabilities and then broaden speaking you forget about them. So they were pushing something that was complex because they get paid for complexity and you could do this because of bad reporting and bad accounting. One of the problems with the pure hedged portfolio that you describe is that it was extremely expensive to pull off. It effectively required pension schemes to pour more money which they didn't have into buying very, very, very low yielding bonds for a very long