[Puddleglum]

What is it that pension plans invest in? I used to work for UPS who still has a defined benefit plan which is completely funded and one of the best around. They invest in financial instruments and real estate. Not sure how it would be immune to "whims" or "vagaries"...

Exactly.

[longtermmemmory]

most serious investors I know stayed away from motgage backed securities and intuitivly high risk. Most people understood the sub prime prices were inflated to allow the first bank to sell off higher.

The right now market is being driven down by the government policy.

not whims of the market.

Right now it is a matter of picking the companies that will be around in 5 years or 9 years.

Assuming Obama can not or can duplicate his election.