That is the salient point. The basic tenet of the PP strategy is that we can never be sure what's going to happen, and we really shouldn't care. We are covered on all contingencies. But that is the point I'm trying to make.  In this current circumstance we are NOT covered. The direction of interest...

I saw a guy on CNBC this week pounding the table for viewers to get out of long-term government bonds.  "Go home, go through your closet and find all your bonds and sell them." With the Fed buying $85 billion each month in long-term bonds, isn't this guy right?  With interest rates at 2%, ...