Because their goals are not price discovery. Price discovery needs taking risk. All of them are not allowed to reduce the principal. They would better reduce r

Because their goals are not price discovery. Price discovery needs taking risk. All of them are not allowed to reduce the principal. They would better reduce return than touch the principal. This is a rent market. Not an investment one. Rent market are more comparable to land value than to investment markets. Thibk of the use of corn as a relatively bad economic choice for profit but great for rent stability as an example. That is what something like retirement and endowment need.