strikethree

page page 35 says there is a “lack of assurance that the immunization rate (9%) will be achieved.”
Now I notice it’s different from point 1. It may mean that: when the rate rises, the dollar safety margin is 0 and it switches to immunization mode. We have to consider the re-investment in this case, since the immunization rate is a total rate of return… Especially when the yield curve is upward sloping.