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On 12/6/2025 at 9:40 AM, Chopper said:

Alright, help me out here. The chart says total returns, not just coupon rate. You get capital appreciation when rates fall, and vice versa. So I don’t think you can automatically reach the conclusion in the response quoted without knowing how much of total return was from capital appreciation and how much was from current interest payments.

 

What am I missing? It’s been a long time since I took the CFA exam. 

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