You might think of yourself as a long-term investor with your cute little retirement fund, but that’s nothing compared to an investment that recently paid out to Yale University. Twelve years ago, the university’s rare books and manuscripts library purchased a bond issued by a Dutch water authority to fund the construction of a pier. The thing is, the bond pays out in perpetuity, and that water authority still exists, so Yale checked to find out whether it was still earning interest. It is. [More]
