Research: Security of Income vs. Security of Principal

I have previously decried the practice of automatic investment in five-year bond ladders and touched briefly in that essay on the importance of differentiating security of income from security of principal. In this effort, I delve more deeply into this question – which is the fundamental consideration in fixed-income portfolio design – and attempt to explain why security of income is much more important than is usually thought.

Look for the research link!

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