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GOOG - Oakmark Equity And Income Fund: Second Quarter 2019
Alphabet Inc.
Negative Interest Rates?
A few years ago, we told the story of a Danish sex therapist who had recently refinanced the mortgage on her workplace and was now pleased to receive a monthly check from her bank in the amount of seven euros. We thought that this illustrated the absurdity of negative interest rates. We also believed that something this eccentric could not persist. How wrong we were! At the end of June, more than $12 trillion (yes, trillion!) face amount of bonds from outside the U.S. were trading at prices guaranteed to repay their