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So that when I tell you that my fund is up 9.5% YTY I'm including in my calculations, my unrealized T-bond gains [due to lowered yields] in this "flight to quality/safety" environment. I'd expect my MTM gains to exceed my actual yields in this year, without a massive 150bpts uptick in interest rates of course, which I do NOT expect - yet....LOL

KBM (alligating)
PS: The time to buy the long end is when rates are approaching 5.5% and that ain't right now.

I wouldn't touch the long end at 5.5%. I agree in the short term (next 2-3 years), we may not see dramatically higher interest rates, but someday, maybe not today, maybe not tomorrow, but somedays and for the rest of our lives... we won't be able to keep Bogarting that joint.
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