Bart Meerdink schreef op 25 februari 2018 22:09:
Voor de Nederlandse pensioenproblematiek (en de dictatuur van De Nederlandse Bank) heeft Buffet een zeer relevant stukje geschreven zijn letter (pag. 13):
"Investing is an activity in which consumption today is foregone in an attempt to allow greater consumption at a later date. “Risk” is the possibility that this objective won’t be attained.
By that standard, purportedly “risk-free” long-term bonds in 2012 were a far riskier investment than a long- term investment in common stocks. At that time, even a 1% annual rate of inflation between 2012 and 2017 would have decreased the purchasing-power of the government bond that Protégé and I sold.
I want to quickly acknowledge that in any upcoming day, week or even year, stocks will be riskier – far riskier – than short-term U.S. bonds. As an investor’s investment horizon lengthens, however, a diversified portfolio of U.S. equities becomes progressively less risky than bonds, assuming that the stocks are purchased at a sensible multiple of earnings relative to then-prevailing interest rates.
It is a terrible mistake for investors with long-term horizons – among them, pension funds, college endowments and savings-minded individuals – to measure their investment “risk” by their portfolio’s ratio of bonds to stocks. Often, high-grade bonds in an investment portfolio increase its risk."
Weg met die verplichte staats-obligaties met negatief rendement. Het is ons pensioen en het is diefstal om onze pensioenfondsen te verplichten om voor de lange termijn tegen een negatieve rente (of zelfs überhaupt in obligaties) te beleggen, en dan heb ik het nog niet eens over de inflatie.