71.   Many investors manage their bond portfolios according to a benchmark duration, a measure of how much prices change as rates change.

72.   On the other hand, if interest rates go down, the updated bond portfolio would appreciate more because of the higher duration.

73.   Other German financial shares also gained as a rise in bonds boosted the value of bond portfolios held by banks and insurance companies.

74.   Q. In a previous column, you recommended a bond portfolio made up of Vanguard funds.

75.   Q. Does a defined-benefit lifetime pension negate the need for a bond portfolio?

76.   Rising bond prices have also helped banks, which typically hold large bond portfolios.

77.   Rising bond prices increase the value of the large bond portfolios usually held by financial services companies.

78.   Rising bond yields sent bank shares lower as concern grew that too much Christmas cheer could revive inflation, which hurts the value of bank bond portfolios.

79.   Rising bonds tend to boost financial services because they typically have large bond portfolios.

80.   Since insurance companies own loads of Treasury bonds, a rise in rates decreases the value of their bond portfolio.