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Hi Jack,

Thanks for your succint reply! One more question. Do you think that 'we' could outperform the pros. if we restricted ourselves to only 'true' AA and AAA bonds? Also, if one would buy into a bond CEF, instead of a bond mutual fund, he could eliminate some of the problems you listed, since the stockholders are trading the 'float', and the managers don't have any redemptions to screw them up. They can concentrate on the portfolio.

rk
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