professional retraining program in stock and financial markets at the higher school of economics, alexey bacherovllo, mikhail. what are bonds and why do all those who have been working in the stock markets for a long time call it smart money? that is , investing in bonds, unlike deposits and especially buying or selling shares, has always been called smart or hard money. we have a difficult task, mikhail. today we'll start with what is a bond? a bond is a security, correctly, if we speak in the necessary terms, yes, it is an issue-grade security, and if we simply say it, it is a promissory note, well, if we really simplify it, yes, if we really simplify it, it really is a promissory note that the issuer, yes, this receipt is issued by the word issuer - this is the one who issues it, and once again for our audience i will say that, in principle, when you borrow money from a neighbor and write a receipt, this is also a bond. and the issuer, that is you yourself are the issuer of this receipt, and accordingly, all the risks for the fact that you fulfill or fail to fulfill the obligations under this