No. of Recommendations: 0
Charlie,

I was aware that the pricing was not perfect. The example was for the sole purpose of demonstration which tends to be easier to follow with tidy round numbers so I fudged a bit. In theory YTM that is pears to pears should return equally tasty pear sauce with the only outlier being a higher coupon has a different reinvestment profile. If YTM is actually a wash and someone believes that they are a superior picker than average the higher coupon provides more reinvestment capital, thus premiums can and maybe ought to be taken on.

In theory

jack
<just kicking tires)
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