To obtain an idea of the returns that can result from changes in interest rates, consider longterm T‐bond returns over some selected years. In 1982, the return from long‐term T‐bond funds was approximately 42 percent; in 1985, 32 percent; in 1995, 31 percent; in 2000, 20 percent; in 2011, 35 percent; and in 2014, 30 percent. Clearly, successful bond speculation in each of these years resulted in very large returns.