Ramin Nakisa

I mean, where bonds are issued by companies, yeah, that's less liquid.

But they can do tricks that other people can't.

It's funny, I was listening to the FT podcast one that was just launched.

It was interesting.

They were talking about Turner, you know, the artist.

Yes.

And he was a bond arbitrageur.

He did bond arbitrage in the, I don't know, 1800s, I guess, maybe even earlier.

But he realized that there was a risk-free profit you could make from government bonds.

And you can make almost like, I think it was 3.5% difference between two different instruments.

So, you know, you buy one, you swap it for another, and it's risk-free.

But people didn't do it because they thought it wasn't a gentlemanly thing to do.

So he didn't think that.

He just did it.

And he made a lot of money doing it.

It was a year of previous life.

I would have loved to have been able to do that.

But interestingly, an artist who's into Bond arbitrage, who knew?

I think he was successful as an artist, but he wasn't born into wealth.

And a lot of the other artists thought it was quite ungentlemanly.