Partial privatization would please younger workers, who lust after double-digit returns from the stock market.
All three major indexes had double-digit returns in each of the previous five years.
He says bonds can provide double-digit returns this year as interest rates continue to fall.
Still more impressive was the fact that the portfolio earned double-digit returns each year, even when the overall market declined.
That is well below the strong double-digit annual returns of the last five years.
But without an overhaul, the company will probably not deliver for at least five years the double-digit returns that private equity seeks.
At that pace, there would be double-digit returns for the year as a whole.
"With debt at 7 percent, it doesn't take much of a rally in rates to get us to a double-digit return," he said.
He has delivered double-digit returns in all but two of the last 10 years.
"You're getting a low double-digit return over 12 months," he added.
