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Hi AJ,

Executive Life annuity policy owners had their annuity payments decreased recently:
Yep... let's call that "death by lightening strike." It's bad.

Then there's death & dismembership by automobile... (i.e. naked investing.)

It's an issue of frequency. Exec Life is the only example of a fixed life company failing that you or anyone else has found (maybe some other failure as escaped the internet... but that's even less likely.)

Exec life gave 1,500 people, 15% of its policy holders, a 53% drawdown.

How many people took a 40%-53% principal hit by investing naked (regardless S&P or any other markets)?

And how *often* do naked investors get hammered this way?

As I said.... the two strategies are not even in the same universe regarding risk.
Dave Donhoff
Leverage Planner
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