Duration and convexity are a key concepts used by bond portfolio managers (PM). Please mark the only INCORRECT statement

	a.	If the Fed is entering a long cycle of Fed Fund rate increases, then the PM will make money by INCREASING duration of the bond portfolio
	b.	Bond portfolio managers like the assymetry of convexity to changes in interest rates because, if they are long (own) bonds, they make more money when rates fall 50bp than what they lose if rates rise 50bp.
	c.	If the Fed is entering a long cycle of Fed Fund rate cuts, then the PM will make money by INCREASING duration of the bond portfolio
	d.	If your bond portfolio is heavily concentrated in bonds with low coupons your portfolio will be more sensitive to large swings in interest rates than if your portfolio is concentrated in bonds with high coupons.