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



systemic risk


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