Bond -> Financial Security -> Financial Asset -> "non-physical asset whose value is derived from a contractual claim". More details at: https://en.wikipedia.org/wiki/Financial_asset
Theoretically... If I lend you 5 bucks, I don't really see it as an asset. I believe to call it what it is becomes even more important if we talk about asset bubbles...
It’s debt owed to you. It can be sold off. It’s definitely an asset.
Maybe, but certainly there is a distinction between that and me keeping the 5 bucks?
Risk and return and depreciation.
True, but then it makes no sense to group them. Because one kind of asset can form bubbles much more likely and frequently.
You still group them. All assets have risk, return, and (possible) depreciation.
A bond is an asset, just as shares are, as they are securities you can buy in exchange for future cash flows (contractual in the case of the bond, discretionary for the share). Both are only a liability for the issuer.
right... Informs us all then - what is it? a liability?