Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: patron_anejo_por_favor who wrote (13070)	10/7/2004 6:35:56 PM
From: Wyätt Gwyön	Read Replies (1) of 116555

True, providing those cash flows continue...given the tidal wave of movement of employers from defined yes, but at least that is real money they are receiving (some already, today) as opposed to the fake pro forma money "received" by certain tech Ponzi scheme "investors". also, the assets are higher seniority than equities in the event of liquidation. so it is silly to say that somebody who owns, e.g., $1 million of GM stock has $1 million "net worth", while a GM pensioner with no personal stock who receives GM pension & benefits equivalent to $1 million capitalized has "zero net worth". but that is in fact what statistics are saying when they do not count pension cash flow benefits. in the event of a liquidation, both assets could theoretically go to "zero", but why count the senior one as already at zero while quoting the junior one at par?

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