Right. It’s a surprisingly common fallacy that holding to maturity somehow makes one whole despite rising inflation. One way to expose the fallacy is perhaps b

Right. It’s a surprisingly common fallacy that holding to maturity somehow makes one whole despite rising inflation. One way to expose the fallacy is perhaps by the thought experiment of selling on the secondary market a day or a week before maturity. Prices of any highly liquid bond will have converged toward redemption value, differing by no more than some small epsilon.