Losing my religion: What is the point in bonds?
Reviewing their usefulness at a time of intense volatility
Philip Saunders of Investec Asset Management
Bond yields plunged to historic lows in August, which left 40% of the total bond market capitalisation trading at negative yields.
What extraordinary times are these? 10-year US Treasury yields peaked 38 years ago at 15.84% and now offer 1.61%. The core inflation rate was 9.5% in 1981, whereas the current core US inflation rate...
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