《10-7-26 Q&A Wednesday: Can the Rally Keep Going?》
TLT 适合用于交易利率变动，但除非出现由衰退驱动的利率大幅下行，否则不适合长期持有。
如果你是在押注利率的下一步走向，那么像 VGIT 或 TLT 这类 ETF 以及其他类似产品，非常适合作为交易机会。它们并不适合长期持有，除非你身处利率下行的趋势性市场中。换句话说，如果我们从 5% 的利率走向 2% 的利率，因为处于衰退之中，我持有 TLT 的期限会长得多。难道不是这样吗？
if you are trading on the next direction of interest rates, then ETFs such as VGIT or TLT and others are great for trading opportunities. It's not great for long-term holding opportunities unless you're in a trending market where interest rates are falling .
In other words, my holding period for TLT will be much longer if we move from 5% interest rates to 2% because we are in a recession. Isn't that so?