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ch16

1 Chapter 16 Revision of the Fixed-Income Portfolio 2 There are no permanent changes because change itself is permanent. It behooves the industrialist to research and the investor to be vigilant. - Ralph L. Woods 3 Outline Introduction Passive versus active management strategies Bond convexity 4 Introduction Fixed-income security management is largely a matter of altering the level of risk the portfolio faces: ã Interest rate risk ã Default risk
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  1 Chapter 16  Revision of the Fixed-Income Portfolio  2 There are no permanent changes because changeitself is permanent. It behooves the industrialist toresearch and the investor to be vigilant. - Ralph L. Woods  3 Outline  Introduction  Passive versus active managementstrategies  Bond convexity  4 Introduction  Fixed-income security management islargely a matter of altering the level of risk the portfolio faces: ã Interest rate risk  ã Default risk  ã Reinvestment rate risk   Interest rate risk is measured by duration
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