The November 26, 1990, issue of BondWeek includes an article, "Van Kampen Merritt Shortens." The article begins as follows: "Peter Hegel, first v.p. at Van Kampen Merritt Investment Advisory, is shortening his $3 billion portfolio from 110% of his normal duration of 6 years to 103-105% because he thinks that in the short run the bond rally is near an end." Explain Hegel's strategy and the use of the duration measure in this context.

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