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Gambling our future
Imagine you are an institutional investor and it is written into the Constitution that, if necessary, taxpayers will bail you out. That will probably increase your appetite for risk.

From The Economist:

After markets took a dive during the financial crisis, pension funding ratios (the ratio of assets to liabilities) fell. Plans generally have several years to make up their loses, by increasing contributions, to restore balances to meet the required funding ratio. But instead of just upping contributions, some state pension plans are also chasing higher expected returns.

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