“… Part of the issue, of course, is that the actuaries who would give more conservative assumption sets were not hired. Just like the bad pricing on the structured securities in the mid-2000s that led to the credit crisis … Any modeler giving too-high-a-price should have sought work elsewhere. It’s related to Gresham’s Law, but more than anything else, the people hiring the actuaries and the actuaries themselves weren’t the people who would get hurt by overly optimistic (and therefore low) valuations.”