Quote of the Day: "The Real Elephant in the Room"

June 26, 2016
The $100 Trillion Bond Market’s Got Bigger Concerns Than Brexit

“The real elephant in the room is not the U.K. vote or a Trump presidency. The real elephant in the room is we’ll have low and negative rates for a very long period of time.” - Steven Major, HSBC Holdings Plc’s Head of Fixed-Income Research

For what it is worth (not much), believer in the real interest rate elephant since 2000, and the nominal interest rate elephant since 2010. I'm basing this solely on the money I have personally invested, which generally implies true belief and not just idle chitchat.