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Ashley Lynn of Orbis Asset Managemet
I remember receiving a chain letter in my youth: "Send one dollar to the person at the top of the list," it said, 'and then add your name at the bottom. Forward the letter on to five friends, and pretty soon you'll be rich!"
It is a scheme that cannot end well: paying for something worthless in the hope that people down the line will pay even more than you did. Yet that looks like the thesis with many long-dated government...
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