Pension Fund: Just Bonds please.....

"My message is simple: Almost every corporate pension fund should be entirely in fixed dollar investments. A pension fund has special tax status, but this tax status has no value if the pension fund is invested in stocks. On the other hand, a pension fund’s special tax status has great value if the pension fund is invested in short-term paper, long-term bonds or insurance contracts."
–Fischer Black1

Source: Back to Black