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Immunization of coupon-paying bonds does not imply that the portfolio manager is inactive because: 1. The portfolio must be rebalanced every time interest rates change.
Immunization of coupon-paying bonds does not imply that the portfolio manager is inactive because: 1. The portfolio must be rebalanced every time interest rates change. 2. The portfolio must be rebalanced over time even if interest rates don't change. 3. Convexity implies duration-based immunization strategies don't work.
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