“The treasury buyback program ... we’re going to buy back that 28-year bond ... and we’re going to issue treasury bills”
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Said on The Master Investor Podcast with Wilfred Frost
“People will pay more for something which is liquid, even though the cash flows on those two treasury bills are exactly the same.”
Alex Edmans · The Rational Reminder Podcast · The Madness of Markets (Alex Edmans)
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What was described
Prefer newly issued (on-run) treasury bills over older off-run ones because they command a liquidity premium
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Said on The a16z Show
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