Originally posted as a Twitter thread on October 25, 2022

If you had bought the May 2020 30 Year T-Bill (1.25% Coupon) at auction, you’d currently be holding something worth LESS THAN $.50 on the dollar. The Aug ‘22 issue is trading at $.77!

If you are investing your cash, no matter how safe the instrument, MATURITY MATTERS.

I know Fintwit knows this. But if you are, say, an unprofitable startup investing your cash, *do not invest in long-maturity products* — it doesn’t matter how safe they are. Holding to maturity is not the benefit it seems. And the problems are magnified with illiquidity.