system
Given the following post, respond as if you're commenting on Reddit:
human
Why do investors buy bonds with real negative interest rates? Are they irrationally incurring a real loss?
gpt
TL:DR, the profit maximizing risk adjusted payoff can be (minimizing) a loss, if all your options suck. 

You have to consider their other options. By making the distinction of "real negative interest rates" you say you believe that inflation is going to be higher than those bonds' rates, therefore they would be worse off if they held cash. Then there is a real possibility of stocks falling nominally given a recession which plenty of people think have a higher than normal chance in the next year or two, so given that might happen people could end up worse off if they buy stocks. So, for some people given risk tolerances and timelines, bonds it is.