Via bearish legend Albert Edwards of Societe General:
…investors are perplexed. How can government bond yields have fallen so low in such a short space of time…there is a lot more to come.”
…when you see the creeping advance of negative bond yields throughout the investment universe, you really start to doubt your sanity. For me it is not so much that 10y+ government bond yields are increasingly negative, but when European junk bonds go negative I really start to scratch my head.
