We need to stop relying upon the discount process for long-term financial entities because cashflows are the key elements. Capitalisation was the original actuarial tool but it is no longer the only long-term tool available. Apart from hiding far more than it reveals (“fake news”), especially about liquidity, it provides just one view of the complex future, with no indication whatsoever of likelihoods of failure or success.
The actuarial unique selling point needs to be reformulated and then publicly restated. We need a great deal more balance between short term and long term views. We should be balancing options over different periods for all stakeholders. “Looking beyond”, rather than “looking at” would be a good start.
If we can't do simple, can we really do complex? Well, I don’t think so.