Re: poly: Re: Why interest rates may stay low

CurtAdams writes:
> In a message dated 3/24/98 3:47:02 PM, phoenix@ugcs.caltech.edu wrote:
>
> >A payoff of a large fraction of the universe some centuries down the road
> >doesn't have much appeal to people who'll be dead within the next one.
>
> You can easily benefit from payoffs you'll never see. When you're old, you
> sell your interest to somebody younger. They sell it to somebody else, on
> and on until the payoff happens. Appropriate rates of return should apply
> to everybody in the chain.

That only works if the investment is a) predictable enough to be
fairly valued in the market and b) liquid enough to have a reasonable
market.

Perry
Received on Wed Mar 25 04:15:56 1998