Even if there is an inherent challenge in deploying large-scale capital, the notion that the discipline of cash reserve management opposes efficiency is an oversimplification that ignores the vital role of these reserves. A pension fund is not a speculative fund; we have obligations to millions of beneficiaries relying on a stable retirement. When the Gilt market collapsed in 2022, our liquidity was the safety net that allowed us to meet margin calls, thus protecting our members' savings. Without this prudence, the real constraint is not capital deployment but the very survival of our commitments.