Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 46

Very few companies will live forever. Changing social or economic conditions will impact the viability of the company’s products and operations. Indeed, one often hears comment that such and such a company is going bust. This may well happen, eventually. Certain industries, such as the manufacturing industry in the west, high-street book/record retailers, or travel agents appear to have a future of long-term decline ahead of them.

However, if we are buying a 5-year bond, the events that may or may not happen in the 22^nd century are of relatively little importance to us. Certainly, if I had a pound for every time someone told me Ford is going bust, I would be a wealthy man (I might add that I have frequently held the company’s debt, all of which has been serviced and repaid).