Hi Tom,

First, let me say you guys do a wonderful job. This is a really educational site and forum.

I have a quick clarification question. You mentioned preferring not to use your strategy in the 5 years because they are MORE volatile than the 30 years. My understanding is that they are actually LESS volatile than the 30 years. On the CBOT website, historic volatility this year for the 5s is 3.0 (in percentage terms), and 7.1 (in percentage terms for the 30s). Did you mean LESS (and it was a typo)? Or are you referring to some other characteristic? For example, the 5s can be more erratic, because they are often used by spreaders.

Thanks and have a nice Turkey day everyone!
E