Which is most important?
In this report, we will attempt to separate performance, as measured by Yield, and Valuation, which is very real but truly represents a perspective on the Portfolio rather than a performance measure. Those who are unable to distinguish this difference are often doomed to poor performance, as the simple fact is that Valuations always improve as Rates fall and deteriorate as Rates rise, but neither has a direct impact upon Yield or performance... Click Here to continue reading. Comments are closed.
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