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Is it now?

The promotion of the idea that shareholding is universal (coupled with the legally backed idea that all employees must now be required to invest in pension funds that hold shares) is an essential part of this myth, even though this form of saving is almost wholly inappropriate for most pension funds.

Blimey. That over all pension fund horizons shares have done better than any other investment class seems to have been missed.

1 thought on “Is it now?”

  1. Pension funds need some inflation-proofed assets (one way of Brown getting a purchaser for his inflation-linked gilts) but also want a portfolio of assets that will maintain its real value during chronic inflation – equities and properties are the only practicable alternatives. Murphy seems to hate both, possibly because a decent pension frees individuals from dependency upon the state pension.

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