Speaking of 100 year bonds …
The Journal has a good article explaining who buys this: These Bonds Sound Ridiculous. They’re Very Popular.
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But buying it helped solve a problem for insurers and pension funds. Since they have extremely long-dated liabilities—people’s lives—their managers crave long-duration but “safe” investments. It’s a match made in heaven for highly rated issuers.
Sounds like a big driver for demand in nominal bonds are retirement plans that are not (entirely) inflation indexed, like the Swiss system?
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And such a great deal…
for smart issuers like Austria 
OPM managers.
“You disappoint me, Mr. Bond.” — Le Chiffre
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Someone on Twitter asked Spencer Jacab – the author of said WSJ article – about who came up with the title of the posted graph …
… and he responded like a true boss dad.
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Is it 1 April? FT headline:
Japan’s largest toilet maker is undervalued AI play, says activist investor
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They certainly trade with a tech valuation. PE of 200+. The company is Toto 5332 • TYO.
Basically, they make electronic chucks that hold the silicone in place during manufacturing. It’s amazing that they learned that while working with toilet ceramics. That’s one of the reasons I’m so bullish in Japan 
.
But have you s(h)at on a Japanese toilet? It’s a high-tech experience!
Ah, and Toitoi must be their Swiss subsidiary then(?)
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Gemini said:
In Switzerland, Toi Toi AG is owned by the TOI TOI & DIXI Group (headquartered in Germany).
Since 2019, the ultimate majority owner of the entire group has been the British private equity firm Apax Partners , which acquired the stake from the founding Müller family.
Sources:
https://www.spglobal.com/ratings/pt/regulatory/article/-/view/type/HTML/id/2920265
If someone is wondering why the CHF is weakening against the USD… it’s me. I just sold my BOXX and exchanged all in CHF. Cortana effect
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This “park cash in CHF rather than yielding (or boxxing) USD, even if you may invest in USD later” idea gains traction. I think it’s wiser, but future might be different.
What about transaction costs? I agree with your point, but unless you have enough volume to trade frequently while maintaining market exposure, the costs might outweigh the benefits. For a small investor (which I assume you aren’t), the fees would likely exceed VT’s 0.06% expense ratio, effectively canceling out any gains from ‘trimming the trash’.
Is this the start of GFC II?
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Nothing to worry, Blue Owl says it was able to sell $1.4bn of loans to four different buyers: Three of North America’s biggest pension funds and its own insurance firm. Rest assured 
Article
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Trading debt, including bonds, should be dealt with hanging, drawing and quartering, or crucifixion. Nothing more toxic in my opinion.
Wow.
Taking away someone’s favoured toy.
Also:
The 6-3 majority offered no clarity on the specific practical question of what to do with the money the administration has already collected through Trump’s tariffs. As of December 14, the federal government has collected $134 billion in revenue from the tariffs being challenged from over 301,000 different importers, according to United States Customs and Border Protection data as well as a recent filing submitted by the agency to the US Court of International Trade. …
“That process is likely to be a ‘mess,’” Kavanaugh wrote.
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I’m sure Trump will cook up something this weekend!
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ehh, private credit was always a bad idea under the mindset “every dollar they spend on marketing is a dollar you don’t get to keep”.
He may think a distraction is badly needed.
Maybe a good time to release more Epstein files! Or tweet about stolen elections.
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Or get going with foreign military adventures.
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