No, what I think I'm saying is that investing in a bond fund is a win/lose situation, depending on the bond market. If you buy a government bond directly from the government (i.e., a TIP or a Treasury Bill), you are guaranteed the return of your principal plus the published interest rate. If you invest in a bond mutual fund, you are guaranteed nothing. You may make money or lose money depending upon the bond market. If you own the bond itself, the market means nothing to you. You get your interest and return of your principal when the bond matures. And you can purchase those gov't bonds with no commission. Hmmmm.
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