1) "I vaguely disapprove of this framing for reasons I choose not to explain?" Or do you mean,
2) "Each step violates any reasonable duty, and wouldn't be taken in a world that punished people for taking wild risks with the money of retirees, or in a world that expected the "risk" that people took when investing in stocks to actually be "risky" instead of ultimately backstopped by the taxpayers?"
I suspect 1.
If they blindly invest in random companies even with P/Es in 3 digits, thats overvaluated.
The move happens because your retirement is getting less in a crash, but that money was moved around because you bought shares and someone else sold them.
What will be the margin? if its a healthy one, its not gambling its investment. If its good, it becomes gambling.
> someone else is taking your retirement fond
> and putting them in companies overvaluated
> to move money from retirement fonds to random other people,
> and this is closer to gambling than investment