Since I got into the stock market full time, I've come to realize that the overall market is in a giant bubble. When it tanks, it will take the rest of the PF's investments down with it. Our PF will be toast.
The managers don't have the authority to bail, and protect the corpus. It will be up to our do-nothing legislators, to dither, forever.
Then there is that massive slow-motion avalanche threatening the pipeline above the haul road. If it surges forward, then how long until the pipeline is repaired? More important, how long will it take to restart, when all that crude gets cold and moves like molasses?
At todays prices, will the oilies even have incentive to restart it? Would it be to their advantage to have an excuse to "take their time". It's already to their advantage to "slow-play" production.
Since statehood, Alaska's elected officials (with a few exemptions) have consistently failed to make provision for disaster. The voters have allowed it, and someday we will pay the piper.