Short-termism is commonly admitted to be a systemic problem. What needs to be more widely recognised is that short-term optima won’t deliver the long-term optimum because path dependence is crucial. At some point, I want to write more about that.

Why should we assume that “current values” will continue to apply? The long-term is highly likely to be different from “now”. There was a time when actuaries were supposed to concentrate upon long-term aspects. Traditionally, no-one else in the UK has done that.