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I'm all in favour of people being smart investors (e.g. using the "free lunch" of diversification), but I do think it's sometimes a little too tempting to be too "smart".

It seems like they're saying: "We love the higher expected return of equities, but all that potential volatility is not really our cup of tea!"

If they have a medium term need for cash (to pay pensions), perhaps they really ought to be in cash in the short term?

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