Nick Szabo  🔑

Buffet is stuck between a rock & a hard place. He doesn't believe in assets that don't produce a fiat income stream, so won't do gold or crypto. Even less love for negative interest so growing sour on bonds. He doesn't have any place left to put money that fits his philosophy.https://twitter.com/NickSzabo4/status/1167973272610230272 …

So if interest rates are negative (or even are as low as they are now), and the perception is that the S&P goes up by 10% year over year (or at least very conservatively has a positive return over a 5-10 year period of time), how is a bubble not inevitable given return arbitrage?