> Bonds are a volume game. You find an angle to make 0.2% and lever the hell out of it. This would only work if they are able to borrow money cheaper than the

> Bonds are a volume game. You find an angle to make 0.2% and lever the hell out of it. This would only work if they are able to borrow money cheaper than the bond markets on which they are buying debt, which would put them in the business of debt arbitrage. I don’t think this is the case, they are just parking their money in something better than a bank account.