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Despite the massive drop in rates it's 2, the higher yield eventually beats the gains from duration. Was a bit surprising to me.pic.twitter.com/mipcssd2oJ
Inspired by @choffstein thread here -https://twitter.com/choffstein/status/1445038271579443201?s=20 …
on roll yield or leverage)
A (long) 
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(I wrote about this back in 2017 too: https://blog.thinknewfound.com/2017/04/declining-rates-actually-matter/ …)
