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There can be few investment nerds anywhere who are still unaware that $10 trillion or more of government bonds now carry negative yields—in other words, if you buy one the total amount you will get back at maturity, including all interest payments, will be less than the price you paid. Out of this pre-eminent oddity many others flow.

One is that rarely, if ever, have pundits written so frequently about cash, which in normal times is regarded as the…

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