, Columnist
Bonds Faced Their Waterloo and Came Out Winners
History shows that in the world of sovereign debt, you’re better off betting on the serial defaulters.
Napoleon tries to lead the final assault at the Battle of Waterloo.
Image: Hulton Archive
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The history book on the shelf is almost repeating itself. Yesterday, I explained how investment factors have performed since 1800. Today, I would like to share research on how foreign government bonds have performed since 1815, the year of the Battle of Waterloo.