Welcome podcast friends we have a fantastic episode for you today.

Last year we brought listeners the entire volume of the

best investment writing volume three in audio format right here on the

podcast. Listeners loved it so we're running it back again this year,

for the best investment writing volume four.

You'll hear from some of the most respected money managers

and investment researchers from all over the planet.

Hi, this is Veneer Bonsali. I'm the planet. Hi this is the near Bonsai I'm the founder and the CIA of Longdale Alpha.

We're a manager in Newport Beach, California and we focus mostly on tail risk related strategies and Meff Faber and I have spoken a few times about

markets and the various opportunities that you get when things get too distorted.

You can find us at longtail alpha.com

and I also have a couple of books,

one of them being on tail risk hedging.

I started with a background in theoretical physics and then went on to do analytics and portfolio management at PIMCO before starting long Alpha in 2015.

So today what I'm going to do is I'm going to read a piece related

to negatively yielding bonds.

It was published in Forbes.com on June 17,, and the title was Trading Sardines, the case of currency has negatively

yielding bonds.

So here it is.

You might have heard the story about these three traders who decided to go into the business of creating sardines.

By the way, this is an old Wall Street story, so I'm retelling it with some embellishments. The first trader bought a can of sardines for $5

when he went and sold the same can of sardines to the second trader for $10, doubling his money in the process. The second trader again doubled his money by selling the can of sardine to the third trader for $20. Now the third trader was pretty smart and he knew that he was overpaying for the Sardines.

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