沿利率曲线滚下 - 债券投资最赚钱的一种方式？
谷歌 "One of the Most Profitable Strategies in Bond Investing"
表面条件：
1. 长期利率高于短期
2. 长期债券价格随时间上升
执行：
买长期债券，不到期卖出
assumes the 1 year treasury yield to be 0.24%, the two year 0.55%, and 3 year to be .80%.
compare the returns of the following two strategies:
A) Buying A One Year Bond And Holding To Maturity (Buy & Hold To Maturity)
B) Buying A 3 Year Bond and Selling After One Year (Rolling Down The Yield Curve)
For strategy A, the return is easy to calculate. At maturity, the bond will receive the face value of the bond (lets assume $100). In addition, the bondholder will receive $0.24 in interest for a total of $100.24 based on a $100 investment.
For strategy B, the bond which was bought for $100 is sold at $100.51. During the year, the bondholder will receive $0.80 in interest for a total of $101.31. That’s $1.07 more than strategy A.
风险：利率曲线反转，破坏条件1；市场利率上升，破坏条件2。
长期通缩-》长期利率向下（如无违约风险）-》第二条件成立
第一条件要成立-》QE -》？
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