The variance on either side of neutral ranges as high as 15 to 20 percent over the next 12 months.

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Cost of carry on my bond portfolio of high yield paper is also minimal, but shows a net positive variance of over 500 basis points.

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All this finally gets me to Google where I see a prospectively high reinvestment rate, lasting hegemony on its internet network and the least cyclical variance in its businesses which are not reliant on annualized new product initiatives.

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