What is the point of investing? For most people the aim is to earn a return that is at least higher than inflation. If you can't achieve that, you may as well spend your money straight away. So it seems rather odd, at least on the surface, that the American government was able to sell inflation-linked bonds last month on a negative real yield. Those who bought the bonds were guaranteeing that their investment would lose purchasing power. Why on earth would investors-presumably sane ones-do that?
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