A bond purchased at par ($1,000) and held to maturity provides a yield in the form of a stream of cash flows or interest payments but no price change. A bond purchased for $800 and held to maturity provides both a yield (the interest payments) and a price change, in this case a gain. The purchase of a nondividend‐paying stock, such as Google, that is sold six months later produces either a capital gain or a capital loss but no income. A dividend‐paying stock, such as Microsoft, produces both a yield component and a price change component (a realized or unrealized capital gain or loss).