This Investment Strategy Is 200 Years Old
In this brief dialogue, Mark Moss recounts a meeting with London‑based bankers, including representatives of the Rothschild family. He notes that UK investors rarely use preference shares, so he pivots to asking whether there is demand for over‑collateralized debt that yields around 10%. The bankers affirm strong appetite, provided the instrument is properly packaged. The conversation then shifts to a historical parallel: the Rothschilds famously sold British consols—perpetual sovereign bonds issued from the mid‑18th to 19th centuries that paid 3‑5% on a £100 par value and never matured. Moss argues that the modern product, referred to as Stride or Strife, essentially replicates this 200‑year‑old structure, offering a contemporary version of perpetual, high‑yield, over‑collateralized debt.
