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UK pensions and path dependence


UK pensions and path dependence

Letter # 101

The $4 trillion UK pensions are in a spot of bother after the UK mini-budget. By now, you have probably read a lot about it. But it might surprise the reader that it isn’t “leverage” that is responsible for the mess, as much as the “path dependence” is. In today’s ET article, we lay down the genesis of the problem in very simple language, and derive learnings for us as equity investors. Read here: 

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