No. of Recommendations: 4
"The deep past can inform the present, but old words work better than historical market returns."
Speaking of Charlie Munger quotes:
"The functional equivalent of undisclosed embezzlement can be magnified and have
massive macroeconomic consequences when the victims, as well as the perpetrators are led to
believe they are getting richer under conditions that are going to last for a long time."
– Charlie Munger, A Parody About the Great Recession Slate July 6 2011
(Maybe not "embezzlement", per se. "Grifting", perhaps?)
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All of this SWR discussion inevitably leads back to annuities, and (especially with Jim in the thread) tontines. For me, both come down to trust. And while it's bad enough trusting an insurance company to be around and ethical in some misty far-off when my relict is depending on them, trying to find ten or more reasonably affluent contemporaries whose executors all pass the foxhole test is...another thing entirely.
Which is presumably why tontines have never taken off?
--sutton
ran at 4.25% until Medicare, then 4% until Social Security, then around 3.2%
