And now for the weather...

From the blog: I described in a previous blog a game of epic procrastination that pension schemes like to play: Not Today, Tomorrow Better!

But investment consultants sometimes play games of their own - 'And Now For The Weather' is one much-loved game and is played by those who purport to predict financial markets accurately over the next year or two, or an even longer horizon.

Unsurprisingly, just like those who attempt to predict the actual weather two years in advance, players of ANFTW tend not to be particularly accurate.

And yet, for the past decade, some pension schemes have based their entire risk management strategy on equally dubious long-term market forecasts – with catastrophic consequences.

Click here to read full blog post