[MereInterest]

The problem is how long it takes for that to occur. If the bankruptcies occur immediately, then people learn. If the bankruptcies occur 30 years down the line when a rare event occurs, then the high-risk investors are the only ones left in the market.

[whatshisface]

If investors can comprehend the 30-year T-bill, then they can price in a bankruptcy expected 30 years in the future. If we can sit here and figure out on our own that a business that will fold if its revenue decreases by 10% for longer than a month is not worth as much as its P/E ratio would naively suggest, then surely other people can figure it out too.

[admax88q]

If you can have 30 years of better returns and try to sell right before the next pandemic, you can bet most investors will go for that.

People already invest on much shorter timelines than 30 years.

[whatshisface]

They can't sell right before the next pandemic. Do you remember the attitude right before this pandemic?