quiet, page-5

"If one day FKP start to mark down the retirement value as analysts believed it finally has to, the SP will crash to the earth."

I was under the illusion then that those assets were regularly valued (due to rotation of ownership of retirement units ) which would mean the mark to market value would keep pace with true value so no massive write downs or appreciation in value would occurr.

But then there have been big write downs in other areas of FKP (subdivisions) so maybe you are correct.