We won our casein two lower courts, and have now made it all the way to the Supreme Court of the United States -- which is a monumental feat in itself.
In the center of all of this, as per usual, is a large, indented lowercase "n, " should you ever forget which tablet you bought when it's faced screen-side down.
Novy-Marx concludes with a thought experiment where he substitutes GASB accounting with an identical system where future liabilities are discounted at the muni rate (after all, the risk of non-payment to pensioners is no different, or in most caselower, than the risk to bondholders).