James Grant, the editor of Grant’s Interest Rate Observer, has an excellent column in today’s FT titled Little logic to bond world amid current phobias.  Like many good journalists he finishes off his piece with a quote I thought I would share:

“Risk-free return” is the standard tag attached to the government’s solemn obligations. An investor I know, repulsed by prevailing government yields, has a timelier description – “return-free risk”.