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Coal pension burns for cash flow

Stefan Dunatov, Chief Investment Officer at Coal Pension Trustees Services, on 18 October 2016 in London, United Kingdom.

Sarah Rundell

March 13, 2017

Investment strategy at the United Kingdom’s Coal
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Asset Owner:British Coal Pension Schemes

One response to “Coal pension burns for cash flow”

  1. Tim MacDonald

    Is it correct to describe cash flow investments as “illiquid”? This implies they are not as good as investments that are “liquid”. Is that implied judgment prudent for pensions that are investing to generate adequate cash flows, forever, in order to keep their actuarial risk pools properly full and flowing, forever? I understand that liquidity is the raison d’être of securities trading. If you buy something at one price in hopes of selling it at some unknown future point in time to some unknown future buyer for an unknown but hoped-for higher selling price, you certainly do need a liquid market in which to sell. If you invest in enterprise cash flows, directly, in order to generate cash flows sufficient to support good stewardship, indefinitely, how important to that investment is a market-clearing price?

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