At the UK Actuaries’ Pensions Conference at Chester in 2002, one of the highlights was a debate between Jon Exley and myself. His stance was that there could never be any place for equities (or other real assets) within a “final salary” pension scheme’s portfolio. Mine was that their presence could sometimes be justified but not always. On the day, contrary to a misleading press notice issued earlier that day by the Institute of Actuaries, I won by around 6:1!

Here are my slides.