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It was enlightening, and helpful to keep in perspective, that long-term bonds didn't lose money over a long period of time, even in rising-rate environments. I learned from "Triumph of the Optimists" that interest rates - and bond returns - do go in long (like 20-year cycles) and I expected that in the period he mentioned beginning 1963 that bonds would have at least an inflation-adjusted loss. Again, enlightening and helps to keep longer-term bonds in perspective. Thanks.