Robert Schiffman

The reality, though, is what is the benefit of a 100-year bond?

To me, it's just a trophy.

It's going to be perfected.

put on the shelf of pension funds and insurance companies.

They're gonna hold it to maturity.

And let me tell you something, if anyone's really worried, if that bond does not pay off in 100 years, come and look me up at Bloomberg.

I'm gonna be upstairs in my office eating free snacks.

Yeah, you know, it sort of becomes monopoly money, the type of spending that we're seeing.

I mean, we're now projecting over $4 trillion of cumulative hyperscaler spend through 2030.

You can afford a lot of that from operating cash flow.

However, how do you supplement it?

You supplement it with really cheap bonds.

And the way that you can do that is you start off with balance sheets that are in phenomenal shape.

You know, if you look at Alphabet's AA plus credit rating,

S&P came out yesterday and said, in order to breach their downgrade trigger, they would have to issue more than $180 billion of incremental net debt.

So what I would argue is, hey, if they want it to be a triple B game,

Would they have to issue a trillion dollars of bonds?

There is so much capacity.

Why not take the money down, borrow long-dated paper at 5.5%, 5.7%, put it to work today, and grow your future cash flows for another decade, if not 100 years.

Yeah, listen, I think, you know, what's going to be the top?