I just received my annual TCP-1 letter from LLNS and a summary of the LLNS Pension Plan. Looked in pretty good shape in 2013. About 35% overfunded (funding target attainment percentage = 134.92%). This was a decrease from 2012 where it was 51% overfunded (funding target attainment percentage = 151.59%). They did note that the 2012 change in the law on how liabilities are calculated using interest rates improved the plan's position. Without the change the funding target attainment percentages would have been 118% (2012) and 105% (2013). 2013 assets = $2,057,866,902 2013 liabilities = $1,525,162,784 vs 2012 assets = $1,844,924,947 2012 liabilities = $1,217,043,150 It was also noted that a slightly different calculation method ("fair market value") designed to show a clearer picture of the plan' status as December 31, 2013 had; Assets = $2,403,098,433 Liabilities = $2,068,984,256 Funding ratio = 116.15% Its a closed plan with 3,781 participants. Of that number, 3,151 wer...
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On a serious note though, ignition at NIF clearly kicked off major investor enthusiasm for all things fusion, and given that we are nearing the end of the current economic froth cycle, I don't fault any scientist, even biologists, from cashing in on deep pocketed investors who think fusion is just another app to scale. Honestly, the only thing they are missing here is AI, right? Oh wait, they claim that too. Hold on, I'm also going to have ChatGPT write me a competing business plan to pitch. This could be big.
It's no different than if anybody on this blog makes an offer to invest $1B if commercial fusion is solved. Well, that's not taking a risk because the payoff is much higher than that with probability = 1.0.