Accounting Reasons Not to Invest in Individual Securities, Part 2

I frequently discuss my reasons for not recommending the purchase of individual securities; instead I suggest the used of indexed mutual funds or ETFs.
For instance, the question of enormous unfunded pension obligations which account for a major liability of corporations. In most companies, they are not on the  balance sheets but are still extraordinary, dangerous liabilities. (See the Earl J. WeinrebNewsHole® comments.)