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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a hypothetical scenario to illustrate the impact of negative yields on sovereign debt holdings.",
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      "text": "If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash.",
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      "text": "Capital charge: 1.03",
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      "text": "Here is an example. Imagine an insurer who has a simple portfolio with 40 billion euros of sovereign debt and 5 billion euros each of real estate and equities. If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash.",
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      "text": "Source: https://www.ageas.com/sites/default/files/Regulatory%20Impact%20on%20Banks%20and%20Insurers%20Investments%20final.pdf",
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      "text": "Asset class - rating - duration, Euro (bn) portfolio, Solvency II all-in charge, Capital charge. Money market, -, 0.8%, -. EU Government debt 10 years, 40.0, -2.1%, -0.84. Real estate, 5.0, 13.9%, 0.70. Equity type 1, 5.0, 23.4%, 1.17. Total, 50.0, 2.1%, 1.03",
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