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A Slippery Slope

March 15, 2002
Eric C. Brown, Celia T. Wong

The recent “February 2001 One-Year Look-Back®,” (Disciplined Investor Volume 9, Number 07, February 11, 2002) reminded us of the sensitivity of the Level Playing Field® methodology to assumptions in the slope of the ending yield curves we model in our scenarios.

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Volatility and Total Return

March 5, 2002
Mark P. Bodett, Bruce A. Bonga

A major factor in the success or failure of an investment approach is how it either does or does not account for the performance effects of interest rate volatility, especially with regard to mortgage-related securities. As you know, we prefer to account for volatility effects through a disciplined, scenario-based Total Return approach. Others might advise using something like OAS (option adjusted spread) to evaluate this factor.

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