Yeah, I think that would reduce the longevity in expectation, maybe by something like 2x. My research includes things that could hypothetically fall under congressional authority and occasionally do. (Anything could fall under congressional authority, though some might require a constitutional amendment.) So I don’t think this is dramatically out of sample, but I do think it’s worth keeping in mind.
Yeah, I think that would reduce the longevity in expectation, maybe by something like 2x. My research includes things that could hypothetically fall under congressional authority and occasionally do. (Anything could fall under congressional authority, though some might require a constitutional amendment.) So I don’t think this is dramatically out of sample, but I do think it’s worth keeping in mind.