But they have their defects. For many years in this century, particularly from the middle 1930's to 1952, bonds simply didn't yield enough to attract investors. Further, bonds are static investments. They offer no element of growth either in interest income or in principal value. Accordingly, they are not good investment vehicles for offsetting inflation and a shrinking dollar. The right bonds bought at the right time may deliver fine yields, and it is to bonds that shrewd investors turn for protection of their capital and salting away profits when stocks start to decline after a long rise.

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