'I think there is a logic both for share buybacks, and an attraction to being very competitive with fixed-income instruments here if we increase our yield,' he says.

他说，我认为股票回购和提高派息都是有道理的，如果提高股息，股票就能与固定收益工具媲美，这也颇具吸引力。

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In many cases, pension funds are buying government bonds because they need fixed income instruments and the near-collapse of the mortgage-backed securities market has eliminated that supply.

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Moreover, there is a strong sense that these artificially low rates are just a prelude to a withering bout of inflation that will smack fixed income instruments hard.

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In fact, any asset class with risk directly tied to developed economies has generally been forgotten in favor of hard assets or fixed income instruments with negative real rates but an abundance of safety.

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