实用指南

什么是债券

债券是把钱借给发行人，换取利息、期限和相对稳定性。

要点

A bond is a loan: you are the creditor, the issuer is the debtor.

You receive periodic interest (coupon) and, if all goes well, the capital back at maturity.

When market rates rise, many existing bonds become less attractive and their price tends to fall.

When rates fall, the mechanism works in the opposite direction.

They mainly reduce overall swings; they are not magic return generators.

For long-term investors, the bond allocation can be a psychological cushion as well as a financial one.

Define how much calm you want during drawdowns: that answer helps determine your bond allocation.

信息和教学内容：不构成个性化财务建议。