My Retirement Accounts Fail In The World I Actually Live In

Authored by Patrick Brenner via RealClearMarkets,

I remember the first time I logged into my retirement account as a young professional. It felt like a milestone: proof that I had entered the world of adulthood, of long-term thinking, of ownership. I work in the nonprofit sector, so technically it's a 403(b), not a 401(k). The distinction is academic; the promise is the same: contribute consistently, invest wisely, and over time, build financial independence.

The longer I've contributed, the more I've realized something uncomfortable: my retirement plan isn't built for the world I actually live in.

Like many in my generation, I came of age during a period of profound economic change. Companies stay private longer. Technology, infrastructure, and energy companies increasingly raise capital outside public markets. The most dynamic growth in the economy often happens before a company ever reaches a stock exchange. When I look at my retirement options, I'm locked out of that world.

Instead, we see a familiar menu consisting of a handful of mutual funds and some index options that quietly steer me toward a standardized allocation. These are not bad investments, but they represent only a fraction of real economic growth.

For my younger peers just entering the workforce, this gap is even more consequential. The directions are thus: start early, take advantage of compounding, and think long term. If we each had a dollar for every time we got the lecture about the "time value of money," we'd all retire tomorrow. But we are also being funneled into portfolios that exclude entire categories of assets like private equity, private credit, real estate, and infrastructure that have historically delivered higher long-term returns and meaningful diversification.

Brett Arends at Market Watch incorrectly asserts that opening retirement plans to these assets would expose workers to high fees, illiquidity, and complexity. He misses a more important question: compared to what?

There's real asymmetry. Institutional investors regularly allocate 20 to 30 percent of their portfolios to private markets. They do so because these assets offer diversification, illiquidity premiums, and exposure to parts of the economy unavailable in public markets. Ordinary workers are confined to a narrower universe because litigious zealots neutered the system, compelling fiduciaries to avoid risk at all costs.

This narrowing of investment options originates in the legal environment surrounding employer-sponsored retirement plans. Under the Employee Retirement Income Security Act of 1974 (ERISA), plan sponsors face an onslaught of litigation. The risk of lawsuits compels employers to increasingly default to the safest legal options rather than to the best outcomes for participants, thereby directly limiting potential returns.

Even if you set aside litigation, the deeper issue is structural. The retirement system hasn't kept pace with the evolution of capital markets.

The proposed rule from the Department of Labor deserves serious attention. At its core, the rule introduces a safe-harbor framework for evaluating "designated investment alternatives" in defined-contribution plans. The definition encompasses everything from traditional mutual funds to more complex vehicles, including those that can incorporate private assets.

The framework is asset-neutral. It outlines how fiduciaries should choose. Plan sponsors are obligated to evaluate investments using a set of common-sense factors: fees, performance, liquidity, valuation, benchmarks, and complexity. If they do so objectively and analytically, they are presumed to meet their fiduciary obligations.

The White House's Council of Economic Advisers suggests that younger participants could benefit from allocating up to 30 percent of their portfolios to private markets. Institutional investors have approached portfolio construction using private markets for decades.

Yet parts of the proposed rule undermine that very goal. A 15 percent cap on private assets, derived from SEC Rule 22e-4, would limit exposure, a particular problem for collective investment trusts, which are regulated differently and historically operated without such constraints.

Angela Antonelli offers helpful insights. Georgetown Univerisity's research from the Center for Retirement Initiatives and other CRI analysis, even relatively modest exposure to private real assets, private credit, and private equity has the potential to boost outcomes by 7% to 8%, not just for the "average" DC participant but also across a range of more real financial savings patterns that DC participants too often find themselves in over the course of their working years.

Large institutions, from university endowments to public pension funds, routinely invest in private markets and reap the benefits of diversification and higher returns. We've created two classes of retirement savers: those with access to the full spectrum of capital markets, and those without.

That divide is the difference between participating in today's economy and being stuck in a version of it that no longer exists. Retirement policy should be about equipping workers to build wealth in the modern world.

Right now, my 403(b) originated on a promise that has become so antiquated it might be unattainable. Instead of "taxing the rich," can't we just be allowed to invest like them?

Tyler Durden Sun, 05/24/2026 - 18:40
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My Retirement Accounts Fail In The World I Actually Live In

Bubble-Wrapped World: How Safety Culture Has Destroyed Our Sense Of Adventure

Authored by Murray Lytle via The Epoch Times,

Are Canadians less adventurous than they once were? It’s hard to argue otherwise.

Alexander Mackenzie was only 24 when the North West Company named him chief fur trader at Fort Chipewyan, in what is now Alberta. A few years later, in 1789 he travelled north along what is now known as the Mackenzie River to become the first European to reach the Arctic Ocean overland. Four years later he crossed the Rocky Mountains and was the first European to reach the Pacific Ocean, beating Americans Merriweather Lewis and William Clark by a full dozen years.

In 1898, Martha Purdy arrived in Dawson City to escape a failed marriage and make her fortune in the Klondike Gold Rush. It was while climbing the notorious Chilkoot Pass that she discovered she was pregnant with her third son. She later remarried and, as Martha Black, was the second woman to be elected to Canada’s Parliament. She was also a successful entrepreneur and a world-renowned expert on wild flowers.

Canadian history is filled with tales such as these. Explorers, soldiers, settlers, and other restless souls who endured great hardships and did great things.

There is a natural sense of awe that arises when retelling such lives filled with adventure. To our modern selves, they appear as fascinating aberrations, gifted men and women with unusual appetites for risky or dangerous undertakings. Their willingness to set out into the unknown strikes us today as thrilling, unnerving, and more than a bit foolhardy. But while their accomplishments may be striking, they lived in more adventurous times.

Today, society shrinks from adventure and the unknown.

Through a combination of practical circumstances, changing social standards, and dramatic shifts in individual risk tolerance and government behaviour, opportunities for adventure have been drastically curtailed.

How can Canadians get that sense of adventurousness back?

“An adventure is only an inconvenience rightly considered”, G.K. Chesterton once wrote. “An inconvenience is only an adventure wrongly considered.” There is a case to be made that adventures are simply harder to come by these days.

There are no more blank spaces left on maps, and hence no places for modern-day Mackenzies to discover.

The omnipresence of the internet and GPS similarly makes it almost impossible to get truly lost anymore. And if you do, help is usually close at hand.

Beyond these practical limitations, however, it seems incontestable that society today is less interested in promoting, facilitating, or participating in adventurous life experiences.

No one talks of running away with the circus or joining the French Foreign Legion anymore, even in jest. According to Statistics Canada, twice as many millennials are still living at home as was the case with previous generations. And if any of these young adults do go away, it’s more than likely to be an adventureless “gap year” holiday between graduate degrees recorded in minute detail on Snapchat and Instagram.

The perpetual childhood of today’s younger generations contrasts sharply with the youthful accomplishments of past eras. William Wilberforce, for example, was elected to the British Parliament at age 21 and then proved instrumental in ending the trans-Atlantic slave trade. His friend William Pitt became Prime Minister at 24, and spent his career fighting the French emperor Napoleon Bonaparte, who became a general at 24. Quite a lot can be accomplished when one starts early.

Other factors that limit the availability of adventure in our post-modern era include the suffocating impact of the welfare state. When Mackenzie left his family home at 15 to become an apprentice in the fur industry, it was because he had little choice. He needed to make his way in the world as a teenager. The same urgency applied to Black when she decided to escape a failed marriage by travelling to the Yukon. With no government to hold your hand, adventure follows. Popular culture in earlier eras also did its bit as well by celebrating explorers and adventurers as celebrities in the same manner that we laud singers and athletes today.

Just as adventure was once regarded as a social virtue to be admired, society today aggressively enforces the opposite expectation—that it is our duty to avoid risk at all costs. In their 2021 book “The Coddling of the American Mind,” social psychologist Jonathan Haidt and lawyer Greg Lukianoff take a close look at the impact of a creeping safety culture on the behaviour of younger generations.

Children, the authors observed, are now deliberately shielded from any sense of risk or uncertainty. How can anyone—young boys most of all—learn about the world around them when school principals announce at the onset of every snowfall that “all snow must stay on the ground.” The ideal of adventure and resilience has been replaced by a debilitating sense of fragility and risk-avoidance.

So is the dream of looking over an untravelled horizon that animated people like Alexander Mackenzie or Martha Black completely dead in the 21st century? Not exactly.

Adventure should properly be considered a spirit, not a place.

It is driven by a powerful mixture of curiosity, necessity, and an openness to experiencing new things. And it can be found wherever uncertainty reigns. Today, that might entail travelling to strange lands, meeting new people, or even engaging in uncomfortable discussions about whether Alberta should remain part of Canada forever.

Wherever the unknown lies, adventure can be found.

Tyler Durden Sun, 05/24/2026 - 17:30
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Bubble-Wrapped World: How Safety Culture Has Destroyed Our Sense Of Adventure

Two Billboards In New York Capture The Conflict Of Our Time

Authored by Kay Rubacek via The Epoch Times,

Two billboards went up in New York City recently. This is a city of advertising, where images appear when someone wants the whole world to see them. One billboard is selling artificial intelligence, and the other is warning about it. The juxtaposition between these two advertisers, who most likely wouldn’t have seen the other’s message in advance, captures the conflict of our times and cements the uncertainty about the future within an artificial intelligence world.

The selling billboard is dark, purple, and almost cinematic.

An AI-generated face with artificial perfection stares out. Three words above her say: “Stop Hiring Humans.” The Era of AI Employees Is Here. The company is Artisan. The company says it “is a provocation. It works because it’s uncomfortable.” It is real. It wants your payroll budget, and it is not embarrassed to say so.

The warning billboard is light, purple, and funny in the way that grief sometimes is. A sad stick figure holds a small sign: Will Create 4 Food. Mock chat bubbles float across it like a corporate memo from a future that has already arrived: “Thank you artists for donating your life’s work to our AI. Your generosity hasn’t gone unnoticed. Just uncompensated.”

The organization’s name is Replacement.AI. It is also real, but it is not selling anything. It is run by anonymous artists who spent their own money to tell you the truth. Their website calls itself “the only honest AI company.” Its homepage reads: Humans no longer necessary. Stupid. Smelly. Squishy. It’s time for a machine solution.

The quotes on the site are genuine, such as one from OpenAI’s CEO, Sam Altman: “AI will probably most likely lead to the end of the world, but in the meantime, there'll be great companies.” And another from OpenAI’s charter, “To build ‘highly autonomous systems that outperform humans at most economically valuable work.’”

On the page dedicated to artists, the site reads: “If you’re one of the millions of artists, musicians, writers, journalists, scholars, or other creatives whose work we’ve stolen to train our AI, we want to thank you. We couldn’t have achieved a $100 billion valuation without all of your hard work, just sitting on the internet for us and our other AI company friends to scrape. Unfortunately for you, financial compensation is out of the question. Just because we’re making money from your copyrighted material doesn’t mean you’re legally entitled to any of it.”

It is satire. It is also accurate. In a submission to the House of Lords, OpenAI admitted, “It would be impossible to train today’s leading AI models without using copyrighted materials.”

The courts are beginning to agree too that something was taken. Well over thirty copyright infringement lawsuits have been filed by creators against AI developers. Visual artists sued Stability AI and Midjourney. Getty Images sued, arguing that over twelve million photographs were scraped without license. The New York Times sued OpenAI. Universal Music filed a $3.1 billion lawsuit against Anthropic in January 2026, alleging its AI was built on a foundation of piracy. None of these cases have reached final verdicts. The legal system is moving at human speed through a problem that was created at machine speed.

What passed through a million years of accumulated human experience—the knowledge handed from mind to mind, generation to generation, the grief and wonder pressed into stories and paintings and films and arguments on the internet at three in the morning—was consumed by hungry algorithms. There was no purchase or licensing. The great ingestion happened in server rooms, while the rest of us were clicking I Agree to ever-lengthening terms and conditions that no one ever bothers to read. And that phase is now over.

Yet predictions for our future keep rolling in, each one confident, and each one contradicting the last. Goldman Sachs estimates AI could replace the equivalent of 300 million full-time jobs. The World Economic Forum projects 92 million jobs displaced by 2030, offset by 170 million new ones created, which is a net gain, on paper at least. Anthropic CEO, Dario Amodei, warns AI could replace half of all entry-level office jobs within five years. Jensen Huang says greater productivity creates more hiring, not less. In 2025 alone, Amazon eliminated 14,000 corporate roles, Microsoft cut 15,000, and Salesforce reduced its customer support workforce by 4,000. Like the billboards in Time Square, both are right, yet neither agree. What the experts ultimately share is uncertainty.

And the AI models are hungry again. This time, media organizations are making sure they require payment from AI giants for their content. New York Times is partnering with Amazon’s AI, Meta with News Corp, and Google with Reddit. But human-made internet content is finite and cannot keep up with the voracious appetite of AI models that do not need time to sleep or metabolise. So the machines have no choice but to prompt themselves, and generate new content upon previous content, with less and less human origin, leading us down a spiral of infinite iteration with less human touch, less human spirit, and less human soul. The only thing the “experts” seem to agree on is that the business potentials are both exhilarating and terrifying.

Meanwhile, Artisan’s billboard promises relief from the burden of human employees. Lower payroll. No sick days. No long hot showers a person needs to feel like a person again. The face on that billboard doesn’t need to ground herself. She doesn’t need anything. What is being sold is not intelligence, but the absence of need. It is a cold world to advertise, and the advertisers seem not to fear the cold.

Two billboards in New York City, and the same ones are popping up in other major cities across the nation. Between them is the argument that is yet to be resolved: whether what is being built is a tool or a replacement, a future or an ending. The experts cannot agree. The lawyers are still filing. The models are still hungry. And somewhere in Times Square, a sad stick figure is still holding his sign, hoping someone walking past will stop long enough to read it.

Tyler Durden Sun, 05/24/2026 - 16:20
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Two Billboards In New York Capture The Conflict Of Our Time

Iran Destroyed 20% Of Pentagon's MQ-9 Reaper Drone Fleet: Report

Via Middle East Eye

Iran has destroyed $1bn worth of MQ-9 Reaper Drones, or roughly 20 percent of the US's pre-war inventory of the sophisticated unmanned aerial vehicles, according to a report by Bloomberg on Friday.

The report said that many of the drones were downed by Iran in flight, but that others had been destroyed on the ground when Iran targeted US military bases in the Gulf.

via AFP

The MQ-9 is both a surveillance drone and capable of carrying a payload, typically Hellfire missiles or Joint Direct Attack Munition guided bombs.

Bloomberg reported that the US may have lost up to 30 MQ-9 Reaper drones in the war, a higher number than the 24 that a report released this month by the Congressional Research Service noted.

The $1bn price tag adds to the cost of the war on Iran, which a senior official at the Pentagon told Reuters in May reached up to $29bn. The MQ-9 Reaper drone is being gradually phased out by the US military, although General Atomics continues to produce it for foreign customers.

Iran’s ability to shoot down MQ-9 Reaper Drones is another demonstration of how it has managed to deploy some air defense, despite claims from US President Donald Trump that the country’s defences have been “obliterated”.

A US official told The New York Times this week that Iranian military commanders may have mapped out flight patterns of US fighter jets and bombers over their skies, raising the risks should Trump decide to restart the war on Iran.

Days before the US and Iran reached a fragile ceasefire in April, Iran shot down a F-15E Strike Eagle warplane, sparking a massive US recovery operation for the pilots. If Iran had been able to capture the US pilot alive, it would have put tremendous pressure on Washington, experts say.

The New York Times reported that Russia may have helped Iran map US flight patterns in order to better position their military assets and air defense systems.

Iran and Russia have a long-standing security arrangement. Russia has assisted Iran by providing satellite imagery of US warships and military personnel, according to multiple US media reports.

Various regional media had featured reports of downed Reaper drones through March into April, at the height of the air war over Iran:

🇾🇪 Iranian and regional media outlets, including Iran’s Fars News Agency, are reporting the downing of a U.S. MQ-9 Reaper drone over Yemen’s Marib province, the key oil and gas region located in north-central Yemen today.

The claim and the footage has not yet been confirmed by… pic.twitter.com/In3GVmuLJG

— Drop Site (@DropSiteNews) May 17, 2026

Iran’s air defence comprises a mix of domestically produced systems along with Russian and Chinese systems.

Middle East Eye was the first to report that China had provided air defence batteries to Iran, following the June 2025 war that culminated in the US bombing three Iranian nuclear sites.

Tyler Durden Sat, 05/23/2026 - 18:40
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Iran Destroyed 20% Of Pentagon's MQ-9 Reaper Drone Fleet: Report

Ivanka Trump Was Reportedly Targeted For Assassination By IRGC Terrorist

First Daughter Ivanka Trump was allegedly targeted in an assassination plot by an Islamic Revolutionary Guard Corps-trained terrorist seeking revenge for the killing of Iranian commander Qasem Soleimani. Iraqi national Mohammad Baqer Saad Dawood Al-Saadi, 32, reportedly pledged to kill Ivanka Trump and was found with a blueprint of her Florida home after his recent capture, according to an exclusive report from the New York Post.

The alleged plot traces directly to the January 2020 drone strike that killed Soleimani in Baghdad. 

Al-Saadi, who US authorities describe as a high-ranking operative within Iraq-Iran terror circles, had reportedly idolized the IRGC Quds Force commander as a father figure after his father died in a plane crash in 2006. That personal connection, analysts say, transformed a political grievance into something far more volatile. Ivanka Trump, 44, who converted to Orthodox Judaism before marrying Jared Kushner in 2009, emerged as Al-Saadi's primary target. 

Entifadh Qanbar, a former deputy military attaché at the Iraqi embassy in Washington and now head of the Future Foundation, says Al-Saadi began openly vowing revenge after Soleimani's death. "We need to kill Ivanka to burn down the house of Trump the way he burned down our house," Al-Saadi allegedly told associates. "We heard that he had a plan of Ivanka's house in Florida," Qanbar adds, noting that a second source independently confirmed the existence of the plot.

Al-Saadi posted a map image on social media showing the exclusive Florida enclave where Ivanka and Kushner own a $24 million home, paired with a warning in Arabic that "neither your palaces nor the Secret Service will protect you" and that "our revenge is a matter of time." In that same post, he declared that he and his network were "currently in the stage of surveillance and analysis,” framing the operation not as an aspiration but as active preparation.

“Al-Saadi is said to be a high-ranking figure in Iraq-Iran terror circles, arrested in Turkey on May 15 and extradited to the US, where he is charged with 18 attacks and attempted attacks throughout Europe and the United States, per the Department of Justice,” the New York Post reports. “He’s been behind attacks on US and Jewish targets including the firebombing of the Bank of New York Mellon in Amsterdam in March, the stabbing of two Jewish victims in London in April and a shooting at the US consulate building in Toronto, also in March, according to the DoJ.”

Court documents also state that he "planned, coordinated" and claimed responsibility for attacks on Jewish communities, including the bombing of a synagogue in Liège, Belgium, and the arson of a temple in Rotterdam.

What makes the case especially striking is how openly Al-Saadi allegedly operated online. 

According to federal investigators, he posted photos with missiles, praised Qasem Soleimani, threatened “the American enemy,” and even shared images tied to alleged terror targets. Authorities also say he used a religious travel agency as cover to connect with terror cells internationally and traveled with an Iraqi government-issued service passport that reduced scrutiny at airports.

Analysts say Al-Saadi had deep ties to Iran-backed militias and maintained connections with both Soleimani and his successor, Esmail Qaani. He is now being held in solitary confinement in Brooklyn while supporters in Baghdad reportedly portray him as a resistance figure.

🇺🇸🇮🇷 An IRGC-linked Iraqi terrorist named Mohammad Baqer Al-Saadi was plotting to assassinate Ivanka Trump as revenge for the U.S. killing of his mentor Qasem Soleimani.

He had a blueprint of Ivanka’s Florida home, posted maps and threats online, and was actively involved in… https://t.co/pubLwRaJj7 pic.twitter.com/PCCto7v8yT

— Mario Nawfal (@MarioNawfal) May 23, 2026

“Ivanka Trump was allegedly targeted in an assassination attempt tied to Iranian terror groups. Thankful Ivanka remains safe right now,” House Republicans said in a statement on X. “The failed assassination plot shows Iran’s true colors (and why we must make sure they never have a nuclear weapon). They hate America and they clearly see President Trump as the man standing between them and death to America. That’s why they’re targeting his daughter. It’s sick.”

Tyler Durden Sat, 05/23/2026 - 16:55
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Ivanka Trump Was Reportedly Targeted For Assassination By IRGC Terrorist