“I can't comment on that. I can only try to tell you about what I know, which is equity growth. Equity growth of companies, the earnings growth that has driven the price of the S&P 500, to 50 times higher than it was on this day in 1970 when it was perfectly obvious to any sane observer that the world was coming to an end,” he explained.
Murray urged the audience to think about the message they were taking out to the world which was and always would be “terminally risk averse”.
“I hope I can induce you to remember the great risk of modern retirement, the risk that has to be fought off every day is not losing one's money, it's outliving one's money.
“If you let that be a basis for thinking about where you want your career to go, and what do you want to do for the people that you serve and that you love to serve, and that you hope to serve even better.
"It may lead to a different way, and I hope a more productive way of thinking about our calling and what it is going to demand from us in the decades to come,” he concluded.
alina.khan@ft.com
