I agree, but I believe I have factored in that Sovereign risk. ...

I agree, but I believe I have factored in that Sovereign risk.  Fancy having to consider that in Australia, it's disgusting to have to even consider Sovereign risk in Australia.  And it's not because of corruption so much like third world countries, but incompetence...!.  Sure the govt of the day will always meddle in anything that is a success (eg: Mining and Natural gas taxes, Resources Tax, taxing the big banks further), but the general uptrend is always there.  I am talking a ten year plus plan.  There are always going to be hurdles along the way, but they are short term....

We are living in an aging society, there is no denying that and with age comes a greater dependence on medicine and care.  We are definitely living longer and rely on medicine and care to do so.  Just look at your parents, grand parents and great grand parents ages when died.  That is over a relatively short time frame.... for example Bowel Cancer incidence is reducing significantly as medical procedures are in place to identify that at an earlier age and and thus virtually eliminate that in persons at risk.  Our great Aussie quacks are leading the world with cervical cancer immunizations which will benefit females later in life, thus adding to longevity.

The young taxpayers of tomorrow will be paying for all of us old farts in the not to distant future as the old to young ratio increases rapidly.  

Anyway, I'm convinced.

Cheers and good wealth and health.

BLJ