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. In a 1971 study, Fisher and Weil demonstrated that even though duration-matched positions were closer to their initial YTM than maturity-matched strategies, they were

. In a 1971 study, Fisher and Weil demonstrated that even though duration-matched positions were closer to their initial YTM than maturity-matched strategies, they were not absent of market risk. What reasons did they offer for the presence of market risk with classical immunization and what did they recommend as a method for achieving immunization?

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