When the yield of any asset class doubles or triples the typical level of (Western) inflation and stands out well above its own trend-line you must wonder how that could ever be, and what kind of risk is associated to the investment.

Even more so, arguably, if and when that yield comes from dividends not covered by earnings in transport and logistics which, in the time of Covid-19, is anything but a truly defensive, anti-cyclical sector.

Nearing 6%

It’s unknown whether we are ...

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