9. How might a portfolio manager use financial futures to hedge risk in each of the following

   circumstances:

   1. You own a large position in a relatively illiquid bond that you want to sell.

   2. You have a large gain on one of your Treasuries and want to sell it, but you would like to

      defer the gain until the next tax year.

   3. You will receive your annual bonus next month that you hope to invest in long-term corpo-

      rate bonds. You believe that bonds today are selling at quite attractive yields, and you are concerned that bond prices will rise over the next few weeks.