请教一个问题：
If the market YTM for the bond, our assumed reinvestment rate, increases after the bond is purchased but before the first coupon date, a bond investor will earn a rate of return that is lower (higher) than the YTM at bond purchase if the bond is held for a short period.
If the market YTM for the bond, our assumed reinvestment rate, decreases after the bond is purchased but before the first coupon date, a bond investor will earn a rate of return that is lower (higher) than the YTM at bond purchase if the bond is held for a long period. 这两段话是什么意思？ 这两段话中都有lower (higher) ，这是什么意思？ 谢谢！作者: adjani.zhang 时间: 2014-10-30 10:20
Interest rates ↑, gain in re-investment income, loss in FI portfolio value
Interest rates ↓, loss in re-investment income, gain in FI portfolio value
lower (higher) 都有可能
我也不明白这里的short period 和 long period，也许是利率上升期偏短线，利率下降期偏长线？
