你简直是一窍不通， 竟然把杠杆和Duration混为一谈

Even further, which is most important, in a rate cut cycle which where we will be for next 2-3 years, Duration is HUGELY positive to long bond. Every 0.1% down tick in 20Y long bond adds roughly 2% appreciation in bond value. 

Buying 20Y long bond at 4.8% today, means 20%+ bond value appreciation when that yield goes down to 3.5% in a few years, and this does not even include the coupon payment each year (which adds another 10-15% in 3 years).

The duration HURTs long bond only when we are in the rate inrease cycle.