No. of Recommendations: 1

You're right. A ladder could be constructed all at once.

But ladders can also be built one rung at a time, which is what I'm doing right now with 4-week, 13-week, and 26-week Treasuries. In some cases it's a single ladder. In some cases quadruple ones, and I'll shift weightings among them and lengthen maturities as the situation warrants.

In the case on my muni, agency, and corporate holdings, I have what amounts to a long-dated ladder in the sense of a pedictable income stream of coupons that are paid bi-monthly and matuities that are constantly coming due. But I couldn't have built that ladder all at once. I didn't have the money, nor were the opportunities available. There were times when I knew I had to be buying, and I'd do the buying on margin. But I'd also unwind that margin as fast as I could. Also, there are times when very little is worth buying, no matter the need to put money back to work.

But unless a person can be absolutely sure that no better opportunity will happen, all-in at once is a very risky strategy. (IMHO)

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