Thanks to the magic of bond-premium amortization, that maneuver reduces your taxable interest income over the life of the bonds.

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So there's just a magic, there's a bond there that's unbreakable at this point.

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There is no magic that insurance companies can do to enhance long term returns on a bond portfolio, and given the costs involved most investors would be far better served to invest in a short-term, high quality bond index fund.

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