Reading21原版书课后题第8题问 limitation of a yield pick-up trade
答案是Yied measures are poor indicators of total return realized by hoding a security over time.
A bond manager can pick up yield on a trade, but on a relative value basis underperform an alternative issue with a lower yield.
后面还给了个例子说如果high-yield bond spread maintain constant, but the low-yield bond's spread continue to tighten, the low-yield bond outperforms the high-yield bond.
所以原版书的意思应该是Yield pick-up 没有考虑total return
但是经典题里有一道选择题，原文说的是Secondary market trades should be evaluated in a total return framework. The exception is the yield or spread pickup trade.题里说这是错的，原因是yield pickup trades should be evaluated in a total return framework
所以Yield pick-up到底要不要考虑total return?
