PJ,The "how to" is to pick the most volatile of fixed income instruments and then cherry pick highs and lows to prove your point. This is a paper argument as bad as those trying to sell stock picking systems that "market time". The instrument he is taling about is one of the longer federal tools. Age to maturity is one of our risk factors because of the uncertainty about the future. Over the next 30 years where are rates going to go and where are they going to end? No one has that crystal ball. This makes longer instruments more risky and thus more volatile in response. Zero's keep all the interest within the note, its not paid out in coupons twice a year like other treasury products. This makes the instrument volatile because all the money is at risk to time and interest rate changes. This authors argument is no different then saying "if we bought AMZN or Yahoo(whatever) on date X and sold on date Y we would all be filthy stinky rich. See just look at the three color chart."jack
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