Mark Northway: The logic of holding fixed income

At $18trn and counting, the huge glut of global debt offering a negative yield is making fixed income look particularly unappealing. Why, the received wisdom asks, would an investor worth their salt even consider holding an instrument that is guaranteed to give them a loss if they hold it to maturity? The question is valid but too many investors are coming up with the wrong answer. Just as it would be inadvisable to halt your car insurance because you feel you've been driving particularly safely recently, or to relinquish your medical insurance because you're feeling rather healthy at...