Many people in our society invest in bonds. Perhaps you, reading this article, have invested in bonds at least once and are still investing now. Bank deposits are a form of bonds, just not labeled as ‘bonds.’ When you deposit your money in a bank, the money isn’t considered bank money. Interest is paid because the money isn’t withdrawn immediately. When you withdraw your deposited money, the bank must return the principal plus interest. This is essentially a bond. However, the only reason this differs from bonds as an investment asset is that these bank deposits are not traded on the market. If bank deposits were traded publicly, the interest rate would be evaluated in comparison with other deposits, even if the principal remains unchanged. Valuation reflects opportunity cost. This is the transaction value of bonds. When goods or assets are traded in the market, their value is re-evaluated. The core of value is comparison, and the tool for valuation is opportunity cost. That’s why CEOs...
In the 18th century, when the sun went down, people slept except for the rich man who could afford a candle. Humans lived in harmony with the natural rhythm. When machines created an industrial society and replaced human labor, people did not reduce their work but instead operated according to the machine’s working cycle. Charlie Chaplin criticized this phenomenon in his movie “Modern Times,” highlighting how mechanization forces humans to work with unprecedented intensity. Now, humans are concerned that artificial intelligence and robotic automation will diminish labor and lead to unemployment. What a contradiction! Rest is not an automatic benefit; it is a holy declaration of war that I must strive to achieve, not to disturb my rest on purpose. - Joseph’s “just my thoughts”