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This is Motleyful Answers. I'm Alison Southwickwick and I'm joined as always by Robert Brokamp,

personal finance expert here at The Motley Fool.

Well, hello.

In this week's episode, Morgan Housel from the Collaborative Fund is back. You love him. We love

him. Let's hear him talk about different ways to be smart in life and investing. All that

and more on this week's episode of Molly Full Answers. So, bro, what's up?

Well, Alison, guess what? I got three things for you.

First one, and this is a headline straight from the Wall Street Journal,

The Long Bull Market has failed to fix public pensions.

So we know we've been in this great bull market for stocks. You'd think that all these underfunded pensions, particularly public pensions. So we know we've been in this great bull market for stocks. You'd think that

all these underfunded pensions, particularly public pensions, meaning those offered by states, counties,

and cities would be better off. Turns out that's not quite the case. So here's a quote from

the article, liabilities of major U.S. public pensions are up 64 percent since 2007, while assets are

up only 30 percent. So why is that? Well, first of all, pensions are a mix of stocks and bonds.

Stocks have done very well. Bonds have not. Bonds have underperformed their long-term average

by about two percentage points over the last decade. Also, back before the last 20 years or so, assets grew

much faster than liabilities, which made states and cities and counties feel very generous,

so they increased benefits. But then what happened? Then came the dot-com crash, the great

recession, so things have changed. Also, nowadays, there are more

...