Hello everyone, Chris Martinson here of Peak Prosperity with another edition of Finance

University. We are so pleased today to be bringing you and having a conversation finally

with somebody who I've been following for a long time. Daniel La Cayet, Daniel, welcome so much

to the program. Good to have you here.

Thank you so much, Chris. It's a great pleasure. Looking forward to it. Thank you very much for having

me. Well, let's start here. As we're recording this here today, there's some stuff going on in the

markets, but really, I think let's start with bonds if we could, because you know what the old saying

is stocks are for show, but bonds are for dough, a lot of dough in the bond markets.

Where do we rewind?

You know where, you know what?

You know where I lost track of how this was all working out?

I didn't understand this.

Maybe you can help us understand this.

In 2019, you would read these mysterious headlines that said $18 trillion of negative yielding

debt.

I was just looking at that.

I'm like, how is this not going to result in just massive losses?

Daniel, how do what happened and how do we, how do we explain negative yielding debt,

let alone that much of it?

Okay. Obviously, you were right to think that that was going to explode, and it did.

It's a good old bubble.

Only that this time, instead of being in a real estate or a tech bubble, it was a sovereign bond bubble.

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