Garry() @garrytan Managing Partner, @Initialized. Earliest investor in @coinbase @instacart @flexport & 100+ more—$36B in startup market cap so far. Forbes Midas List 2019 #21 🚀 May. 24, 2019 1 min read

I find this a weird and interesting situation - Germany for instance yields -0.11%

Why even buy bonds at all? Wouldn’t you be better off staying in cash then?

Takeaway: Capital is in such oversupply that you have to pay the government to hold on to it in some parts of the developed world

Global negative-yielding debt hit $10.6T the other day, the highest such total since Sept 2016 and almost 2X the volume in place last Oct.

Who buys? Owners of target-date funds w/ exposure to global bond indexes. Millions of Americans.

 https://www.barrons.com/articles/jim-grant-negative-interest-rates-51558719657 

Capital is in oversupply, the search for yield is desperate.

What is the most pure yield in the world? Startups when they are real and actually work.

Glad I get to work on that part of the global economy. Done right, it is the most growth mindset business in the world.


You can follow @garrytan.



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