“The chase for yield in a central-bank manipulated low-interest-rate environment is very costly, as brain-dead buyers of Argentina’s dollar-denominated and euro-denominated bonds found out. These junk bonds were issued with great Wall-Street hype in 2016 and 2017, including inexplicably a 100-year bond, backed by a country that has defaulted on its foreign-currency bonds five times in my lifetime, and that defaults on its peso bonds on a daily basis via inflation running between 30% and 50% recently.”
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