We’ve all heard the phrase ‘cash is king’. It gets used a lot when investors think the prices of other assets are getting too high and they would rather sit on cash while waiting for prices to fall. This is very much a ‘cash is king’ moment. We would argue that government bond yields are unsustainably low. Back in the day, before this ‘new normal’, if a borrower didn’t pay back the full amount of the loan that was called a default. Now it’s just called a negative yield. The big question is: how much lower can rates go? Read more about our views on rates in ‘Cash is king’, an article in our latest Investment Insights.