Even the Losers

The biggest position in my portfolio is the ProShares UltraShort 20+ Year Treasury (TBT), which seeks to provide twice the return as a short position in the long Treasury index. I established a small 1% position in this ETF in first quarter 2011 after the recommendations of the National Commission on Fiscal Responsibility and Reform were not acted upon, and I have been slowly averaging down since.

It has been a painful experience so far, as 10-year Treasury yields have continued to fall and now stand at around 1.5%. By averaging down and by selling out-of-the-money puts throughout, however, my breakeven point is just under 2% on the 10-year Treasury yield, and the position now represents approximately 7% of my personal portfolio....343 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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