Pension crisis: nothing new here, this news has been out for a while. Look at the scale of the problem however, it’s huge.

Real Estate investment constitutes $978 billion or 57% of the total assets under management. The crash of the residential real estate markets, combined with the collapse of the commercial markets, will have decimated these investments that are pension related 45% of the total.

The only bright point is found in commodities, which is still involved in a secular bull market. Of course, volatility, may well have shaken a few loose, as no-one really likes too much volatility.