Search found 10651 matches

by Kevin M
Mon Jun 24, 2019 9:13 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

This is interesting: https://i.postimg.cc/L8qmqv3W/Screenshot-2019-06-24-Vanguard-Fund-Yields.png Prime MM yield has been declining as Treasury MM yield has been defying market gravity. Prime MM SEC yield at 2.36% now is only 3 basis points higher than Treasury MM yield at 2.33%! And this is before ...
by Kevin M
Mon Jun 24, 2019 8:51 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: Crazy charts ?

vineviz: Looking at both charts, it appears that "dociles 8-10 (S&P 500)" had approximately the same 5-year return as the small-cap funds. However, according to Morningstar, the S&P 500 Index had more than twice the return of small-cap and value indexes. Why is the out-performance of the S&P Index ...
by Kevin M
Mon Jun 24, 2019 6:06 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: Exploring SCV diversification with Morningstar category averages, 1968-2018

<snip> A telltale chart would be useful. When I've looked at it in the past, most of the outperformance of mid-cap blend relative to small-cap blend for Vanguard funds was the result of a few months in the early 2000's. <snip> <snip> You are correct that the majority of the out performance for mid-...
by Kevin M
Mon Jun 24, 2019 10:30 am
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

I have a large $ amount of 6-month Treasuries maturing over the next few months and am struggling with reinvestment options. Glad I did not select auto-roll as 6-month Treasuries are not likely where that money is going. I have a small quantity of Treasuries on auto-roll, but it's easy enough to ca...
by Kevin M
Sun Jun 23, 2019 9:52 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: Exploring SCV diversification with Morningstar category averages, 1968-2018

Mid-cap blend beat SCV, SCG, and TSM in both raw return and even risk adjusted return . Hardly sounds, well, efficient. Really it is Mel we should all be listening to. https://www.portfoliovisualizer.com/backtest-portfolio#analysisResults Your link doesn't work. To get the actual URL, you must clic...
by Kevin M
Sun Jun 23, 2019 2:42 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: "Reversion to the mean"

... I find telltale charts to be more informative than looking at various time periods separately... Perhaps, but it illustrates the same, https://i.postimg.cc/ZqYMpz6m/dfsvx-v-vfinx.png I would say that it can be used to illustrate your point, but it illustrates much more than that too. We could a...
by Kevin M
Sun Jun 23, 2019 1:01 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: "Reversion to the mean"

As we stand currently, relative to the de facto small-cap "Factor" portfolio that is DFA's DFSVX fund, any "premium" for it's 26 years of existence relative to an S&P 500 index rests on the outsized returns over a less than one year period between 2001-2002... Growth of $10,000: <snip>(DFSVX: $31,9...
by Kevin M
Sat Jun 22, 2019 8:56 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

The Tbill yields accelerated their decline in May, and even more so in June. We should expect to see this as a more rapid decline in VUSXX yields in coming weeks, unless, as mentioned earlier, we see a rebound in the Tbill yields soon. This is where most of my cash is, VUSXX. I’m reluctant to make ...
by Kevin M
Sat Jun 22, 2019 1:31 pm
Forum: Investing - Theory, News & General
Topic: Exploring SCV diversification with Morningstar category averages, 1968-2018
Replies: 99
Views: 4992

Re: Exploring SCV diversification with Morningstar category averages, 1968-2018

All of this appears intended to identify real-life frictions that indices (and FF research, which is essentially a backtracked simplified index) do not suffer from. Fair enough. But this is a trivial problem to solve. We KNOW what's the typical Expense Ratio for a passive fund tracking market segme...
by Kevin M
Sat Jun 22, 2019 1:01 pm
Forum: Personal Investments
Topic: Best fixed income instrument for 150K in taxable acct
Replies: 24
Views: 2070

Re: Best fixed income instrument for 150K in taxable acct

LLQD and move on. Holding correlated assets is a sure-fire way to increase your ability to sleep well at night, especially in the first 3 years of retirement. Why does the correlation matter if he's using the income stream for retirement? At 4% distribution paid by LLQD, that's about $6,000 a year ...
by Kevin M
Fri Jun 21, 2019 5:15 pm
Forum: Personal Investments
Topic: Best fixed income instrument for 150K in taxable acct
Replies: 24
Views: 2070

Re: Best fixed income instrument for 150K in taxable acct

VUSXX is paying 2.34% If you pay state income tax, the taxable-equivalent yield (TEY) is even higher (VUSXX is Vanguard Treasury Money Market fund), as the income is 100% exempt from state income tax. At 2.34% SEC yield, VUSXX has a compound TEY for me of 2.66%. The Fidelity version is FDLXX, for w...
by Kevin M
Fri Jun 21, 2019 11:53 am
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

Here's a thought. It may be a mistake to look only at the Treasury yields for the last 7 days. If the fund holds a 3-month Treasury to maturity, just before it matures it will be earning the daily accreted income based on the yield three months ago. So maybe I should average the last three months o...
by Kevin M
Thu Jun 20, 2019 4:23 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

Vanguard's prospectus has the following: Earning Dividends You generally begin earning dividends on the business day following your trade date . <snip> Yes, that's what I'd expect, since the trade typically settles the following business day (T+1). However, using the Balances by date functionality,...
by Kevin M
Wed Jun 19, 2019 2:10 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

[*] How does the record of the deposit appear in the transaction history? Can you view the image of the check? Immediately after the deposit, I see it in Pending activity as "Mobile Check". However, I don't see it included in my Total credits and debits balance. Electronic purchases show up immedia...
by Kevin M
Wed Jun 19, 2019 2:04 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

What is the point of mobile check investment if this limitation as in place? Wouldn't almost all customers have a brokerage account with both a settlement fund and mutual fund(s)? Can I use mobile check investment to add money to my brokerage account settlement fund? Not if you have a Vanguard Brok...
by Kevin M
Wed Jun 19, 2019 1:24 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

I think I read that Vanguard mobile deposit is available for trading on trade date, which I thought would be today, but it's not yet. Perhaps not until after market closes, but then I can't move it to Treasury MM until tomorrow. I'll see how it works out, but may actually be quicker to deposit to A...
by Kevin M
Tue Jun 18, 2019 6:55 pm
Forum: Investing - Theory, News & General
Topic: short term treasury ETFs a money market account substitute?
Replies: 20
Views: 1661

Re: short term treasury ETFs a money market account substitute?

Yeah its price is so stable, I kind of like that, I especially like that its returns come from its distributions, at least for stability. It depends what you mean by "stable"; the capital return component (change in NAV) can be significant, depending on the time period. Cherry picking a time period...
by Kevin M
Tue Jun 18, 2019 1:04 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

The fact that people are happy (seemingly pleasantly surprised) that a basic function like mobile check deposit works at a major financial institution in this day and age feels a little like Stockholm Syndrome. Vanguard is not a bank, and if anything is moving away from banking functionality by dro...
by Kevin M
Tue Jun 18, 2019 12:53 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

When I take a screen shot and blow it up on a computer monitor it looks better, but on the phone screen, the vanguard check image is tiny. The app works in portrait mode and doesn't zoom in and crop the image. I took the pictures in landscape mode (android), as I do with my Ally Bank mobile deposit...
by Kevin M
Tue Jun 18, 2019 12:17 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

jhfenton wrote:
Tue Jun 18, 2019 7:33 am
How did the picture look when you've made your deposit?
The pictures looked clear and legible to me.

Kevin
by Kevin M
Tue Jun 18, 2019 12:14 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

I'm pretty much with you on this, but Larry now seems to disagree: Larry Swedroe wrote: One common objection I hear to buying TIPS is that short-term bonds provide a better way to mitigate inflation risk. Unfortunately, this is true only of longer-term bonds. Short-term bonds don’t hedge inflation ...
by Kevin M
Mon Jun 17, 2019 7:54 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

Getting back to the OP's post, a side note that the analysis certainly makes I-Bonds currently paying 0.5% real a no brainer as they have real returns better than 10-yr TIPs, better liquidity after the minimum holding period, and deflation protection. Too bad we're limited in how much we can buy. W...
by Kevin M
Mon Jun 17, 2019 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 753
Views: 80779

Re: Fidelity as a one stop shop

Money market accounts at Fidelity almost uniformly throw off less interest than Vanguard so you're definitely paying for your Fidelity banking. However, when practiced wisely, the forfeited interest is small and the convenience is substantial when you compare it to other options out there. Vanguard...
by Kevin M
Mon Jun 17, 2019 7:07 pm
Forum: Investing - Theory, News & General
Topic: Vanguard mobile check deposit
Replies: 33
Views: 3787

Re: Vanguard mobile check deposit

Just did my first Vanguard mobile check deposit, and in researching it, came across this somewhat old thread, and saw that some questions weren't answered. Here's what I know or think I might know so far. <snip> [*] Do you have to have VanguardAdvantage account to use mobile check investment? I don'...
by Kevin M
Mon Jun 17, 2019 2:39 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

If you want to build a TIPS ladder and you think TIPS are expensive today just fill this years rung with a short nominal then roll it into a TIPS when that situation changes. Since unexpected inflation is unlikely in the short term you have little to lose. Again, I'm pretty much with you on this, e...
by Kevin M
Mon Jun 17, 2019 2:19 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

I think that it's always time to buy 30-year TIPS for grok87, I actually do have a hurdle rate. I usually don’t buy 30 year tips below 0.5% real yield. When the real yields get close to zero or negative I sell them Interesting; thanks for clarifying. Can you elaborate on your policy for selling at ...
by Kevin M
Mon Jun 17, 2019 1:31 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

Actually, 30's at 2% real would be quite good, but the yield actually is 0.87% real Not acording to Swedroe who wrote zero TIPS in his book at 2% breakeven . And that was for tens not thirty's. (underline mine) I think you may be confusing breakeven inflation (BEI) with real yield. Now you're refer...
by Kevin M
Sun Jun 16, 2019 5:21 pm
Forum: Investing - Theory, News & General
Topic: So much for financial predictions, eh?
Replies: 46
Views: 4419

Re: So much for financial predictions, eh?

CU Later: Great post. Thank you. Nobody knows nothing - John Bogle Solution: Own the market and stay-the-course. Best wishes. Taylor In this case, the prediction was about bonds. Plenty of Bogleheads were encouraging folks to go shorter in their bond holdings. Because “rates have nowhere to go but ...
by Kevin M
Sun Jun 16, 2019 3:55 pm
Forum: Investing - Theory, News & General
Topic: are TIPS expensive? or are they cheap?
Replies: 119
Views: 9345

Re: are TIPS expensive? or are they cheap?

Time to buy 30 year TIPS Or T-bills? Why would one want to buy 30's at 2% real yield? You can change your mind in a few years if the yield curve starts to make more sense. Maybe TIPS are cheap for a good reason. :D Actually, 30's at 2% real would be quite good, but the yield actually is 0.87% real ...
by Kevin M
Sun Jun 16, 2019 3:24 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

VUSXX has a higher yield than VBIRX. Due to inverted yield curve I guess. Yeah, but even better to compare to other Treasury funds. VBIRX is short-term bond index (SEC yield = 2.23%), which is about 65% US government obligations. Here is the comparison to the Treasury index fund yields (bond funds ...
by Kevin M
Sun Jun 16, 2019 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 753
Views: 80779

Re: Fidelity as a one stop shop

Anyone had this issue before? I entered the information from the fidelity checks (routing/account) into one of my biller's sites to pay that balance. A few days later fidelity send's me an email that the "direct debit couldn't be completed due to insufficient cash to cover the debit". Technically t...
by Kevin M
Sun Jun 16, 2019 12:22 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

So, unless we see an increase in 1m-3m Tbill yields soon, and at a rate about as fast as their recent declines, we should see a more rapid decline in VUSXX yield in the coming weeks. https://fred.stlouisfed.org/graph/fredgraph.png?g=oc55 Observations ... 1m and 3m Tbill yields peaked on 3/21, and VU...
by Kevin M
Fri Jun 14, 2019 7:11 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard Treasury Money Market yield so high?
Replies: 44
Views: 9323

Re: Why is Vanguard Treasury Money Market yield so high?

Here's a thought. It may be a mistake to look only at the Treasury yields for the last 7 days. If the fund holds a 3-month Treasury to maturity, just before it matures it will be earning the daily accreted income based on the yield three months ago. So maybe I should average the last three months of...
by Kevin M
Thu Jun 13, 2019 6:05 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 2196
Views: 160333

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Term premium: borrowing short to buy long, or in other words the delta between the short rate and the long rate. Thanks for clarifying. Yeah, that's not really what "term premium" means, but now at least we're clear that it's the difference between the short-term borrowing rate for the bond fund an...
by Kevin M
Thu Jun 13, 2019 1:41 pm
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

I said I don't want $50k in a MM because I'd prefer to be earning a higher return, a la the muni bond fund, and I think we have enough cash-equivalent in the EF as-is. OK, I thought you meant you had an aversion to keeping $50K in a MM fund as an alternative to keeping so much cash earning so much ...
by Kevin M
Wed Jun 12, 2019 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: 4% APY credit unions
Replies: 22
Views: 3057

Re: 4% APY credit unions

Yes, which is why the ideal strategy includes doing only small purchases with the RCA debit card, to minimize the CC cashback rewards lost. I try to keep my RCA purchases under $10, with an average of about $5 or less. Ideal with respect to interest earned. It does take time away from potentially m...
by Kevin M
Wed Jun 12, 2019 7:36 pm
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

Thanks Kevin for the great info. I've been keeping part of our emergency fund (currently $13k) in a CapitalOne 360 Money Market, paying 2.0%. I have two bank accounts with an APY of 2.50%, at least one guaranteed through the end of the year. A quick peek at DepositAccounts.com shows other savings a...
by Kevin M
Wed Jun 12, 2019 6:59 pm
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

Here are some numbers that take the 3.8% NIIT into account, just adding that to the federal income tax rate of 32% for simplicity (there may be some nuances around NIIT and state tax). As discussed, these aren't necessarily your marginal tax rates, which is what you really should use in the calcula...
by Kevin M
Wed Jun 12, 2019 6:45 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 2196
Views: 160333

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

I literally have no idea what the ST treasury rate has to do with any of this. You used the term "term premium", but you used it incorrectly. I'm simply clarifying what "term premium" means in the fixed-income world. <snip> I know that colloquially it refers to the premium of ST vs LT treasuries. N...
by Kevin M
Wed Jun 12, 2019 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 753
Views: 80779

Re: Fidelity as a one stop shop

Ok, I'm slightly (or greatly) confused. I have my individual brokerage account along with my IRA with Fidelity. What I want to do is move all my banking over to Fidelity as well. So, I open another brokerage account, and direct my SS and other direct deposits to that account in SPAXX. That will be ...
by Kevin M
Wed Jun 12, 2019 3:31 pm
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

However, I am quite confused about tax treatment of VUSXX and especially VMFXX. I've read that VMFXX has a partial tax exemption depending on the underlying investments, and that to determine the tax in your specific case, you have to read some documents released by Vanguard, possibly after the tax...
by Kevin M
Wed Jun 12, 2019 3:19 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 2196
Views: 160333

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

I literally have no idea what the ST treasury rate has to do with any of this. You used the term "term premium", but you used it incorrectly. I'm simply clarifying what "term premium" means in the fixed-income world. Google "term premium". First link I get: https://www.bloomberg.com/news/articles/2...
by Kevin M
Wed Jun 12, 2019 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 753
Views: 80779

Re: Fidelity as a one stop shop

lstone19 wrote:
Wed Jun 12, 2019 12:57 pm
I wonder, though, if that means they will also post ACH pulled withdrawals early. That would not be good if it causes an overdraft.
I've never seen that happen.

Kevin
by Kevin M
Wed Jun 12, 2019 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: 4% APY credit unions
Replies: 22
Views: 3057

Re: 4% APY credit unions

They are basically asking you to do a bunch of debit card transactions and refunding some of the debit card fee to you. You could instead use a cash back credit card for those transactions and get a similar benefit without having to worry about number of transactions per month, or all the other hoo...
by Kevin M
Wed Jun 12, 2019 12:59 pm
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

None of these funds pay "dividends". Dividends are paid by stocks; these funds don't contain stocks. These funds pay interest. Yes, they do pay dividends, and the dividends are reported on 1099-DIV. Interest is reported on 1099-INT. The underlying securities pay interest, but the mutual fund, a reg...
by Kevin M
Wed Jun 12, 2019 12:52 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 2196
Views: 160333

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

It sounds like a mistake I'm making is assuming the LIBOR rate stays constant. If it drops, it does better. If it increases it does worse. I don't really know what will occur so I just take it as is now but if you're expecting the term premium to be 0.9, then clearly you expect the LIBOR rate to dr...
by Kevin M
Wed Jun 12, 2019 11:56 am
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

It's best to look at the SEC yield I think, but as has ben pointed out, the yield oscillates quite a bit every quarter. If anyone here knows how to predict those oscillations I'd love to know. They are pretty regular, but they aren't identical from one year to the next. You don't really need to pre...
by Kevin M
Wed Jun 12, 2019 11:35 am
Forum: Personal Investments
Topic: Good Investments for 2-5 Years in Taxable
Replies: 33
Views: 3616

Re: Good Investments for 2-5 Years in Taxable

Going back to the topic of the thread, according to this list of funds by Vanguard: https://investor.vanguard.com/mutual-funds/list#/mutual-funds/asset-class/month-end-returns If I filter by tax exempt only, and decide to go Money Market only for safety, I get: VCTXX VMSXX VNJXX VYFXX VPTXX VMSXX i...
by Kevin M
Wed Jun 12, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: "Quitten" - Replacing Quicken with Google Sheets
Replies: 39
Views: 4058

Re: "Quitten" - Replacing Quicken with Google Sheets

Ah yes, very nice if, as you say, payee and category are one-to-one. In Quicken/Mac, the category dropdown will show "recently used" categories at the top for that payee, so for Costco it might be groceries, auto:gas and household featured at the top. Maybe not completely out of reach...it appears ...
by Kevin M
Wed Jun 12, 2019 9:08 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 2196
Views: 160333

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

I'm with gw on this one. LIBOR rate is at 2.41%. Current long term treasury yields are at 2.875%. That's a term premium of 0.465%. First, where are you getting 2.875% from? Yield on 20-year Treasury is 2.42%, and 30-year is 2.62% (as of 6/11), and those are up 8-9 basis points from the beginning of...