Everybody knows the rules. Shareholders are swashbucklers who take the risk of being wiped out in the hope that their stock will shoot for the moon. Cautious bondholders, by contrast, receive fixed payments – and their money back. But less risk means smaller rewards. So where to place bondholders who are taking an all-or-nothing bet?
规则人人都懂。股东是冒险者，他们承担血本无归的风险，寄望于股价能大涨。谨慎的债券持有人则相反，他们能得到固定收益——以及本金的如数偿还。但风险较低意味着回报较小。那么，那些押注要么大回报、要么输光本金的债券持有人，该放在哪一类呢？
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