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Fixed Income

Treasury bills, bonds, yields, duration and fixed-income risk.

What is fixed income?

How debt investments differ from shares and where return and risk come from.

How short-term government bills are issued and how discount returns work.

Principal, coupons, maturity and the basic economics of a bond.

Why coupon rate and market yield are different and why bond prices move when rates change.

Two different ways to think about time and interest-rate sensitivity in bonds.

Credit, interest-rate, inflation, liquidity and reinvestment risk.