Explain the concept of immunization the conversation should


1. Explain the concept of immunization. The conversation should include a discussion of both yield-to-maturity and realized compound yield.

2. Explain the concept of duration. How does duration tie into the concept of interest rate risk?

3. Detail how the high water mark (HWM) provision helps to align both manager and investor interest. How can fund flows help to reduce a manager's risk taking?

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Financial Management: Explain the concept of immunization the conversation should
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