The trustees for Social Security and Medicare issued their annual reports last week. This is cause for discouragement because it reminds us how much we’ve mortgaged the country’s future to spending for older Americans. Already, Social Security and Medicare constituted 42 percent of federal spending in 2017, say the trustees. If they had included Medicaid, the share would have exceeded ...

Japan’s Government Pension Investment Fund (GPIF) has nearly $1.5 trillion in assets and a legion of external asset managers running its portfolio. The GPIF sees itself as a ‘super-long-term investor’ with the goal of a century or more of sustainable investment and outflows. Managing money for that long is a matter of stewardship, not just picking assets — and in ...

If Germany has too many banks and beleaguered lender Deutsche Bank AG is too reliant on its trading businesses, wouldn’t a merger with rival Commerzbank AG fix two issues at once? Probably — but for Deutsche’s chairman to bring it up now is as ill-timed as cracking a joke at a funeral. His bank needs to address its problems first ...