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The clearest explanation of the whole Pension investment debacle in the UK is by @JohnHCochrane .
One more disaster in finance explained by the same mechanism: take a tiny bit of risk, leverage it up hugely, make steady returns until everything blows up,
https://johnhcochrane.blogspot.com/2022/09/a-familiar-finance-fable-in-uk-bonds.html?spref=tw
