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For those who invest in utilities, consumer staples, insurance companies, and other defensive stocks, I'm curious why you buy these instead of bonds?
I don't have an opinion on it, I'm just curious. There's not typically significant room for multiple expansion such that the stock plus dividend pays much better than bonds.
I've only been investing for a couple of years, so if I'm missing some history on why defensive stocks are better than bonds please let me know.
Thank you!