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Not picking at nits at all. Even in my last post I referred to interest-rate/liquidity/re-investment/default all as seperate risks. And noted that one common contribution of holding various maturities is "diveristy" for most of these (and the only one it really doesn't help guard against - default - was used to argue against your point) In fact, if you had said interest rate risk was the same as re-investment risk, I would have tried to split that hair - they're not.

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