and it says secondary market BUT it also says that it is not callablei guess that means: no go.indeed, i was thinking that if rates went down they would be better off buying it back but apparently this cannot happen!I don't think Paul was suggesting being callable was a good thing. If conditions for GM improve enough that they are in a position to call in debt securities, a non-callable bond would be quite salable on the open market (for a commission, of course).Here's one way of thinking of the risk (thanks to our old friend Charlie). You would be getting about 5% per year more for this than a 5% CD (assuming you rolled over the CD year after year). So basically you are betting on GM lasting 20 years.As Charlie always said about junk, you really need to do the research and not guess. He thought GM was too unpredictable to weigh the risks properly, though that was a while bck.
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