The goal of bond-investing is the same as that of investing in any asset-class, and an investor’s success can be measured by answering this question. Has purchasing-power been increased over a time-frame that statistically significant and in manner than is efficient relative to the risks assumed? Charlie -Do we really need to rehash this?-- We all know you don't believe in portfolio theory.-- Many people here do.-- I won't speak for others, but the primary purpose of the bond portion of my portfolio isn't to increase purchasing power. Rather, it's to act as ballast for the areas of my portfolio where I take greater risk.-- You can't presume to know why everyone invests. Some merely want to preserve what they've already accumulated as best they can. They aren't failures.The view of yours that I respect most is that everyone needs to figure out what works for them on their own. In that vein, casting stones at others when what they're doing works for them is inconsistent.dan
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