When Argentina issued its so-called “century bond” in June last year, many held it up as the peak of bull market insanity.

After all, what sane individual lends money for 100 years to a serial-defaulter?

Robert Smith FT Alphaville 11 May 2018
After all, as Jay Powell, the Fed chair, observed this week: 
“Some investors and institutions may not be well positioned for a rise in interest rates.”

 Gillian Tett FT 10 May 2018

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