NakedPuts00

One is to match liabilities in a very efficient and extremely precise manner. The other is to match assets in a less than efficient manner. I guess I don't see the similarity.

bpdulog

I thought the same exact thing when I read the material.
Individuals segment portfolios to achieve individual goals because they're irrational poop-tards, but when life insurers do it ...

Darien

after the exam let's criticize cfa

Windjammer

It may be because the pyramiding in institutional portfolios like insurance and banks is a regulatory requirement, even though it is not the most efficient arrangement. I am just guessing.