Fixed refers to fixed income investments, which are financial instruments that provide returns in the form of regular, fixed payments and the eventual return of principal at maturity. Common examples include bonds, debentures, and certificates of deposit. These investments are typically considered safer than stocks, making them appealing to conservative investors. The term 'fixed' also implies stability and predictability in returns, which is crucial for individuals planning for future expenses, such as retirement or education. Investors often use fixed income securities to balance their portfolios and reduce overall risk, especially during volatile market conditions.