What factors should be considered in building a bond portfolio for an investment client? What is meant by "the bond ladder" and what factors should be considered in holding shorter / midrange / long dated bonds? How does bond grade quality (investment down to junk level) affect yield? How does your perception about the economy's direction and the future direction of interest rates affect what you should invest in for a bond portfolio? What's the role of the investor's risk tolerance and return needs have to do with it?