A Classical Reference
As an English major at Sewanee I was moved by the last line from “Ulysses” by Alfred Lord Tennyson: “To strive, to seek, to find, and not to yield.” Little did I know then he could have been talking about bonds!
Bond yields are at all-time lows. Of the ~$35 trillion of government-backed bonds worldwide, 37% or $13 trillion carry a negative rate of interest. Another $14.5 trillion yield zero to 1% and a further $5.67 trillion yields just 1% to 2%. A mere $2.2 trillion or 6% of worldwide sovereign debt pays out more than 2%.
