The Bad-News Bonds

"The rich are different from you and I."
"Yes, they have more money."

-- Purported exchange between F. Scott Fitzgerald and Ernest Hemingway

The differences between stocks and bonds have fascinated analysts for years. Standard-issue corporate bonds differ in their seniority in corporate capital structure, their finite maturity vs. stocks' perpetuity, their finite reward structure vs. a stock's growth potential, and their lack of ownership rights prior to bankruptcy. ...