tag:blogger.com,1999:blog-4073991368963140015.post1601800700694274843..comments2023-11-05T12:18:27.222+00:00Comments on Labour And Capital: Robert Shiller on bubble psychologyTom Powdrillhttp://www.blogger.com/profile/05511483398745094803noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4073991368963140015.post-48860374630881867972008-08-21T08:59:00.000+00:002008-08-21T08:59:00.000+00:00Hi NickI'll have to agree to disagree with you abo...Hi Nick<BR/><BR/>I'll have to agree to disagree with you about Labour's record on pensions ;-)<BR/><BR/>I do wonder where the move to put ever more responsibility on individuals to invest for themselves will take us. The evidence suggests that professionals get it wrong quite a bit and in my experience pension fund trustees often struggle even when they have a bank of advisers to support them. <BR/><BR/>So I think the design of default funds in money purchase schemes is one of the most important issues in pensions (since, hopefully?, most people will end up in the default rather than attempting to do it all themselves).<BR/><BR/>Funnily enough I came across the Parable of the Talents a few years back in a book by US corp governance activist Bob Monks.Tom Powdrillhttps://www.blogger.com/profile/05511483398745094803noreply@blogger.comtag:blogger.com,1999:blog-4073991368963140015.post-83086259058936673112008-08-21T08:45:00.000+00:002008-08-21T08:45:00.000+00:00clearly an interesting and highly pertinent theme:...clearly an interesting and highly pertinent theme: a couple of points<BR/><BR/>- in addition to the recent vogue for speculation, we are all actually driven to take more personal responsibility for investing, given Brown's decade of assault on pensions<BR/><BR/>- the Parable of the Talents ! - shows that there is a longstanding tradition of approval for those who know how to make a turn from (prudent) investment, and disapproval - rather strong disapproval, actually, if you care to read it again - for those who do not put money to work: the foolish servant didn't squander the money, he just didn't do <I>anything</I> with it & simply kept it safe, and still he got it in the neck <BR/><BR/>how well-equipped folks are to shine in the investment lark is of course another matter altogether ... and as the conclusion of the Parable goes:<BR/><BR/><I>to him that hath, shall be given: and to him that hath not, even that which he hath shall be taken away</I><BR/><BR/>ain't that the brutal truth ? and it's 2000 years oldNick Drewhttps://www.blogger.com/profile/13670594203660051701noreply@blogger.com