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2 results for “safety margins” by David Salem
of the operating budget, and so you have to be able to control that to make sure that the CFO and the finance teams of these institutions can draw a stable amount of capital every year. And, it also has a behavioral element, which is how much can the
Some want to spend 15% in some years and 3% in others. And that changes very much your ability to use private assets in the portfolio. If one of those big spending years happens to correlate with a period of market drawdown where the liquid part of t
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