A negative interest rate is a penalty for not putting liquid capital to productive investment, regardless of wether such opportunities are at hand. To some exte

A negative interest rate is a penalty for not putting liquid capital to productive investment, regardless of wether such opportunities are at hand. To some extent, so is inflation. Negative rates don’t mean alternatives become better investment strategies. It just moves goal posts to encourage more risk taking in the economy. Housing looks like the best alternative investment strategy. There are funds that focus on solid rental markets, owning their housing complexes for example.