The ‘third' rail runs alongside train tracks to provide electric power. In the UK it carries 750 volts which, combined with a high current, is enough to kill you should you touch it. In political parlance, ‘touching the third rail' occurs when a politician grapples with an issue so charged and intractable that no matter their good intentions, it results in their immediate immolation, says Chris Clothier, manager of CG Asset Management's Real Return Fund. For the last 30 years or so finance has had its own third rail; shorting Japanese Government Bonds (JGBs). Each generation of macro-inv...
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