This seems like a good place to ask the question: how is it that we're seeing $15T of bonds worldwide trading with negative yields? [1]<p>TFA suggests this is due to structural factors--institutions that are required by law to own AA/AAA bonds. Is this some deficiency in the law or corporate governance, that cash in this circumstance isn't considered a substitute for a negative-yield bond? Its net present value would be greater. I can't imagine a scenario in which you would come out financially ahead from owning a negative yielding bond instead of cash.<p>[1] <a href="https://www.cnbc.com/2019/08/07/bizarro-bonds-negative-yielding-debt-in-the-world-balloons-to-15-trillion.html" rel="nofollow">https://www.cnbc.com/2019/08/07/bizarro-bonds-negative-yield...</a>