"If 10-year bunds were to go to a negative yield, could we see U.S. Treasurys and the 10-years at 1 percent or lower?" he asked during an interview on CNBC's "Squawk on the Street." "I wouldn't rule it out."
Minerd, Guggenheim's global chief investment officer, said negative yields are primarily a reflection of the inconvenience of cash storage. It's cheaper for people to store their cash in bonds rather than pay for a vault.
The key to fixed income, he said, is to buy long-duration, high quality bonds while offsetting them with a lot of short-term, floating rate securities.
"So if rates rise, the portfolio should do well and if rates come down, we are insulated," he said.