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All the advise I see says Buy short term (1 to 3 years - keep them to maturity also) and go to Corporates at the low end of just below investment grade.

This makes some sense if you expect the economy to get better (and interest rates to raise) - Most of the bad news for defaults should be gone now.

Personally I do not expect interest rates to get high until after November 2004, but with real interest rates today at a negative 1 or 1.5%, you could have mortage rates for example increase by 1% before the end of 2004.

Gordon
Atlanta
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