For the past few years, headlines of quantitative easing, zero interest rate policy, and the “reach for yield” have consumed many financial news cycles. The fact that we are in a low interest rate environment is not news. However, the prevalent interest rate headline in 2016 is truly remarkable: negative interest rates. If you are an investor in Japan, Switzerland, and most recently Germany, you must now pay the government for them to borrow money from you. This shift in investment protocol is affecting multiple dimensions of the investable universe and consequently affecting how we are assessing client portfolios. Please click below for our latest investment commentary.