MICHEL PIREU: Owning company shares a better bet than holding cash

From the future speech of some great economist: “Dear ordinary people, it gives me great joy to announce that we are introducing negative interest rates at 3%. Our economic theory demonstrates that this step will bring you enormous benefit. It is true that we will take 3% of your savings each year, but do not forget the most important thing — that at least something will still remain for you. After 20 years, it still will be a bit more than a half.”

Holding cash has historically been a bad investment choice because its real value is always sinking. “Today the situation is even a bit worse, and may get even worse,” says Daniel Gladiš in a Vltava Fund letter to shareholders. “Some economists are seriously recommending substantially negative interest rates — to start with on the level of -3%.”