Beware of Good Yields

This essay, written in April 1993, was published as investors had just come through a period when many of the risks of fixed-income securities had become apparent, but this did not stop them from continuing to look for high yields in fixed-income securities. This essay explains the yields and risks of fixed-income securities so that investors can know what to expect and what to watch out for. Remember, if it seems too good to be true, it probably is. Look for the hidden risks.

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