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It means you're virtually guaranteed no upside and all downside. Logarithmic utility can be really nasty on the downside.
There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
You need to look at the discounted value of the expected cash flow rather than the nominal principal, for the same reason you need to look at MWh produced rather than nameplate capacity when evaluating the required price of volatile energy sources.
Friends come and go. Enemies accumulate.
If you hand the keys to the sovereign over to right-wingers, then of course they break it. But that is not dependent on the particulars of finance theory - right-wingers break your economy because breaking countries for fun and profit is what right-wingers do.
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