20/20 hindsight and the wonders of compounding...
In 1981, a 14.88% yield on US government debt was there for the taking. Invest $16 million in a 30 year zero coupon at 14.88% and collect $1bln at maturity.
Jim Grant, Grant's Interest Rate Obserever
In 1981, a 14.88% yield on US government debt was there for the taking. Invest $16 million in a 30 year zero coupon at 14.88% and collect $1bln at maturity.
Jim Grant, Grant's Interest Rate Obserever