[Verse 1] Portfolio managers scan the horizon wide Duration bets on where the rates will slide Three weapons in their arsenal tonight Bullet, Barbell, Ladder - position tight Single maturity versus spread apart Each strategy plays a different part [Chorus] Bullet shoots straight, one target date Barbell lifts short and long-term weight Ladder climbs each rung in time Duration strategies by design When curves are steep or flat they lay Your bond portfolio finds its way [Verse 2] Bullet loads up on one maturity Five-year bonds in perfect unity If rates spike up, you're trapped inside If rates fall down, limited upside Concentrated risk, concentrated gain One single bet through sun and rain [Chorus] Bullet shoots straight, one target date Barbell lifts short and long-term weight Ladder climbs each rung in time Duration strategies by design When curves are steep or flat they lay Your bond portfolio finds its way [Verse 3] Barbell swings between the extremes Short-term cash meets thirty-year dreams Nothing sitting in the middle ground Flexibility when rates spin around Short end rolls when curves get steep Long end soars when yields run deep [Bridge] Ladder spreads across the years Two, four, six, eight - engineer Even spacing, steady flow As each bond matures you know Reinvestment every season Interest rate risk has its reason [Chorus] Bullet shoots straight, one target date Barbell lifts short and long-term weight Ladder climbs each rung in time Duration strategies by design When curves are steep or flat they lay Your bond portfolio finds its way [Outro] Steepening curves love barbells best Flattening curves put bullets to test Ladders smooth the bumpy ride Active duration as your guide
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