Doesn't sound like he has had time to understand the retirement...

Doesn't sound like he has had time to understand the retirement portfolio, I imagine these guys would have a hectic workload. These retirement assets are valued based on the NPV of expected cashflows that have been discounted by 12.5% per annum. Think about the growth rate involved here - when the discount rate is already 12.5%. I think many analysts will try to use a cap rate or some other shortcut that is unsuitable.

Will be interesting to see what happens at Becton too.

GLTA