Analyze_This

Reading 18: Fixed Horizon strategy pertains to goals-based investing. Just simply buy a zero bond matching your minimum required future liabilities. The rest may be invested in an aggressive sub-portfolio which must not jeopardize the desired horizon minimum value. (For this sounds similar to a portfolio with e.g. 30/70 cash/equity allocation, only that cash does not earn a return and has no duration).

Advantage: can protect lifestyle goal (children education, purchase home.....)
Disadvantage: Horizon must be known and zero coupon bond available that matches horizon date. Zero bonds have also market value risk. Low return of a zero bond....etc.

Liability risk has probably something to do with the uncertainties surrounding the exact determination of the PV of liabilities either from actuarial assumptions or changes in market rates that lead to changes in the PV of liabilities.

no clue about the rest (what is liability noise?which kind employees are hardest to hedge the benefit risk?)