For fixed-income investors, hell is other bondholders
As Argentina shows, investors have much to fear from their less predictable brethren
ALTHOUGH OLD enough to feel nostalgic about classic video games, Buttonwood was never a fan of Pac-Man. Yes, eating pellets and eluding colourful ghosts made a change from shooting waves of space invaders. But the game never grabbed him. And its name made no sense. The original, "Puck Man", was apparently altered to stop arcade vandals changing the P to an F.
This article appeared in the Finance & economics section of the print edition under the headline “Pinky v Blinky”
Finance & economics August 29th 2020
- In twenty years, exchanges have gone from clubby firms to huge conglomerates
- Phil Hogan, Europe’s trade commissioner, resigns
- Ant Group IPO filing shows its might
- The explosion at Beirut’s port will blow a hole in insurers’ balance-sheets
- Nicolai Tangen pays a big price for his new gig
- Efforts to rein in house prices are fuelling discontent in Seoul
- For fixed-income investors, hell is other bondholders
- Psychological scars of downturns could depress growth for decades
From the August 29th 2020 edition
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Explore the editionMore from Finance & economics
Do tariffs raise inflation?
Usually. But the bigger problem is that they harm economic growth and innovation
European governments struggle to stop rich people from fleeing
Exit taxes are popular, and counter-productive
Saba Capital wages war on underperforming British investment trusts
How many will end up in Boaz Weinstein’s sights?
Has Japan truly escaped low inflation?
Its central bankers are increasingly hopeful
How American bankers dodged the MAGA carnage
The masters of the universe have escaped an anti-globalist revolt
China’s financial system is under brutal pressure
When will something break?