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What is true is that the difference between the futures for a given expiration date and the spot price decreases as the expiration date approaches. The same thing is true of the price of bonds: as their maturity approaches the price approaches the principal or face value.

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — Fran็ois in Paris
by Migeru (migeru at eurotrib dot com) on Tue Mar 25th, 2008 at 05:34:29 PM EST
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