Corporate finance's elusive optimal capital structure puzzle has now expanded to an exercise in ALM, with cash, investments, and corporate pensions complicating the picture . . . we make the case for pension asset reallocation, but prescriptive solutions require more than just efficient frontier and VaR analysis. * Why Now? * What's Wrong with Equity? * Why Debt? * An Asset-Liability Management (ALM) Perspective * Update on The Boots Case * Capital Markets Solutions