Seems like investment in a negative rate instrument is premised more upon parking than flowing.
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there are markets with negative prices, e.g power. Similarity is that it cost money to shed some unwanted assets
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you're thinking too micro, not enough macro. it's supply/demand, investment managers have $ allocation and can't buy cash, so..
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I don't understand how that couples to negative interest rates. NPV of demand/supply or something?
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Sure - if substitute is vaulting paper cash at even more negative rate, behavior is rational.
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