Pension funds really are the enablers here. It's partially due to the accounting rules that we had an underfunded pension system for a very long time where the pension funds were allowed to make actuarial assumptions about what their future obligation was and therefore impute what the returns needed to be. They have obligations that they cannot meet. But now the returns are not. They're reverting to the mean to the S&P 500 much cheaper, you know, less opaque, much more transparent,. You know what you own. Plus you don't have the problem with the weird marks of private equity.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode