http://flagship4.vanguard.com/VGApp/hnw/web/corpcontent/vanguardviews/jsp/VanViewsNCArticlePublic.jsp?chunk=/freshness/News_and_Views/news_ALL_spotlightonbonds_05242004_ALL.htmlThis seems to be a link to a series of previous articles (I didn't bother to check, but the titles are familiar). For those who haven't read these or are seeking to understand interest rate risk and bonds, this is certainly a good starting point. As I've noted before, I find Vanguard's reassurances misleading in that they don't explore the option of using CD ladders, U.S. Savinngs bonds and similar options they don't provide as alternatives to bonds and bond funds which may, in a rising interest rate environment, provide a better return for a given period, with the option then of rolling over into bonds or bond fund when interest rates are more attractive. Sure this is market timing, in a way, but when you can get the same yield for less risk and the chances are high that rates will rise, this is not market timing guesswork.
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