Chief Investment Officer篇摘要

The crown prince’s ambitious plan for the Public Investment Fund would change the kingdom’s dependence on oil while creating the world’s largest pool of institutional money, but questions remain.

They don’t pay much interest, and future price appreciation is so not happening. Still, they have their uses.

Hardly anybody thinks they’ll take root, pointing to their blah record overseas. Not so fast.

Some bonds may be beyond hope, and once the central bank’s backstop ends, there goes the artificial price support.