Well folks, I know many people invest

in OFZs, or have definitely invested in

them. Especially the long-term ones.

Some did it with leverage, because you

pay the leverage cost, which is the key

rate plus 3.5%, but you basically get

double the coupon income. If the coupon

is 12%, then you're getting 24%. So,

you’re basically covering that

leverage. And bond prices are supposed

to rise when rates drop. The only thing

is, the market doesn't seem to believe

that right now. I mean, OFZ prices

should be rising by now, but they just

won't. It’s a risk, but in principle,

you won't lose much. If there’s

absolutely no growth, then you’ll

just be getting 3-4%annually on these

instruments. Which is kind of boring

and disappointing. y