Bond investors have been on the rack in recent days and weeks. So much so that you have to ask why economists and professional investors continue to refer to government bonds as safe and risk-free investments, relative to supposedly riskier equities.The charge against these government IOUs is pretty damning. Take the US treasury market, regarded as the safest bolt hole on the planet. But the return on US treasuries in 2022 was minus 17.8 per cent compared with minus 18.0 per cent on stocks in the S&P 500 index. Fractionally safer, then, to the point of meaninglessness. Clearly bonds offered no diversification relative to equities.
最近一段時日，債券投資人感到很焦慮，以至于你不得不問，為什么經濟學家和職業投資人還繼續把政府債券說成是安全、無風險的資產——相對于按理風險更高的股票而言。
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