Remember Negative Interest Rates? Yeah, That’s Still A Thing.

It’s not enough to hand over your money to the government anymore.

Q4 hedge fund letters, conference, scoops etc

Now you have to pay them for the privilege to do so.

That’s the basic premise behind negative interest rates: investors around the world are crazy enough to buy government bonds whose yields are actually below zero.

In technical terms, this GUARANTEES that anyone who holds the bonds to maturity will lose money. It’s genius!

What’s truly remarkable is...