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We give cash and shares the kind of recognition they deserve as an investment and only perhaps more at times. This said, the bonds often get overlooked and this is a cardinal mistake keeping in mind that bonds are the intermediary asset class, right between cash and shares. Bonds are closer to term deposits than shares, and there is a legal debt obligation related to bonds which make it difficult for companies to go volte-face on their ‘interest’ or ‘capital’ promise.