Many say cash is trash because inflation shrinks the value of money. However, in an environment where interest rates are rising rapidly, there is something which is worse than holding cash. At least, we will not have the possibility of negative returns when we hold cash. We will get paltry returns but not negative returns. Possibility of negative returns? Yes, not only possibly but also probably. Alamak! So, what is this terrible instrument of wealth destruction? Long time readers will know where this is going. I am talking about bond funds, of course. If you cannot remember or if you are new, this was what I said a few years ago in an interview with The Fifth Person: ...