Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Are long-term bonds risky assets?
In truth there is no such thing as a risk-free asset.  That is why your textbook feels the need to add the qualifier "for practical purposes," meaning that the risk of a money market account is so much lower than virtually any other asset class that it can reasonably be approximated as risk free. The main risk of any bond, short-term or long-term, is that its price may change before the maturity date.  This could happen for one of many reasons, such as interest rate changes, creditworthiness, market risk tolerance, and so on.  Thus you may lose money if you need to redeem your investment ahead of the scheduled maturity.