[Opinion] CORRECTED LINK: The Case for Stock in Pension Funds (PDF)
[The source of this opinion article was incorrectly identified in an earlier newsletter as the American Academy of Actuaries; the article does not express the official policy of the Academy, nor does it necessarily reflect the opinions of the Academy's individual officers, members, or staff.] 4 pages. Excerpt: "The primary goal of this article is to show that stock investments are justified when the cash flows contain economic risk. Moreover, the appropriate discount rate is the expected rate of return of a cash-flow-matching portfolio rather than the risk-free rate." (Contingencies)
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