new choices for pension investing
the old way
asset allocation
portfolio diversification
peer benchmarking
the tyranny of the trading tape
excessive fees
lack of transparency
misalignments of incentives
short-termism
volatility
systemic risk
under-funding
failure of fiduciary duty
hiring portfolio managers based on FORECAST
paying portfolio managers for delivering ACTUAL
the new way
investing in enterprise cash flows, directly
to generate adequate fiduciary cash flows, forever
bespoke limited liability companies
negotiated agreement on cash flow sharing
AND strategies for generating cash flows
investments infused with stewardship values
financial AND additional