Brandywine Asset Management fund has invested 5 percent of its portfolio of $1.8 billion in the inverse floater with a current yield of 18 percent. The higher yield in the inverse floater is due to falling interest rates, which make the inverse floater such an attractive issue at this time. The portfolio manager, betting that interest rates will go down, presumably has acquired the inverse floater, and it appears that his bets have paid off. However, the earlier example of Orange County reveals the other side of the bet, where rates move in the direction opposite to the bet.