The great pension switch into equities: for richer or poorer?
The flipside of pension plans’ waning demand for very long-dated bonds has been their waxing demand for equities. Indeed, in the case of US private defined contribution (DC) plans, the share of equities in total financial assets recently rose to its highest in at least 75 years. Very high allocations to equities, however, have sometimes been followed by slumps in the stock market.
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