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Tim MacDonald's avatar

“their ability to align their [financing choices] with the flow of time”

With my proposed shift from “investment behavior” to “financing choices” this gives us the definition of prudent stewardship of The Pension Promise.

Warren Buffett does it by owning companies outright.

But owners acquire a duty to what they own.

Pensions already owe a duty of undivided loyalty to The Pension Promise. Becoming an owner will divide their loyalties and inhibit their ability to align their choices with the flow of time.

They need an innovative new financing architecture that aligns choices with time but does not divide their loyalties.

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