Today’s Bond Market Is Insurance, Not Investment

By Vineer Bhansali A few days ago over five billion dollars worth of Zero Coupon German government bonds (“Bunds”) were auctioned at a yield of minus five basis points. For me, as for many others, bonds with negative nominal yields hold a fascination – they are no longer unicorns, but nonetheless a rather rare animal in the history of money. Are they investments? Or as I see it – insurance? …read more

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