Substack Vertigo

Calm down. Everything going on in the world right now is just one big trade – an implicit bet that current cashflows will not matter to investors and the risk-free rate has vanished to zero forever. So long as there is no yield on cash or treasury bills and bonds, everyone will be willing to invest on spec – there’s a consensus, almost religious, belief that a new buyer is destined to come along later a...

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source https://thereformedbroker.com/2021/02/22/substack-vertigo/