Sabri, Apologies. I got it.
You are absolutely right that the on-the-run yield (first graph) was *apples* and the return on 30-year T bonds (last graph) was *oranges*. Obviously (I can see say this in retrospect), the yield moves opposite to the value of the bond portfolio and, therefore, to its return. This hints at it: http://finance.yahoo.com/echarts?s=BLV#chart4:symbol=blv;range=2y;compare=^tyx+gld;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined Neither can I claim that gold outperformed T bonds in the last few years. Gold did outperform the Vanguard long-term bond fund though. I'll have to accept a beer from you. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
