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"Relative Value" is always a consideration. It is perhaps the main consideration, until you have passed the line in the sand, which is what we have done now, in my estimation. Now it is a question of "Absolute Value" for fixed-income investors because the yields are so low in any bond asset class that there is no way to pay for the costs of many insurance companies, pension funds, university endowments and retirees, much less make any money. They just cannot get enough yield to pay for their expenses, which will push many of these