We all know that ‘cash has been trash’ for most of the past decade. Near-money (that is, short-dated or even medium-term prime government or corporate bonds) hasn’t been any better. I hate using the term ‘prime’ because I have never placed any confidence in the world’s ‘top’ credit rating agencies. Indeed, the term was often used for bonds that were given ‘prime’ ratings despite – as was later shown beyond doubt – containing toxically packaged...
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