The town gossips at the diner laughed. "Arthur’s buying debt in a sinking ship," they chuckled. But Arthur had read the fine print. He knew the utility’s assets were solid and that the "sinking ship" was just undergoing a very expensive repair.
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The year was 1994, and the sleepy town of Oakhaven was about to learn a lesson in "the art of the discount" thanks to its most eccentric resident, Arthur "Penny" Penhaligon. The town gossips at the diner laughed
By buying at $650, Arthur had unlocked a double-sided gold mine: buying bonds at a discount