@article {Grieves74, author = {Robin Grieves and Steven V. Mann and Alan J. Marcus and Pradipkumar Ramanlal}, title = {Riding the Bill Curve}, volume = {25}, number = {3}, pages = {74--82}, year = {1999}, doi = {10.3905/jpm.1999.319717}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The authors examine the effectiveness of {\textquotedblleft}riding the bill curve{\textquotedblright} using a comprehensive sample of U.S. Treasury bills over a recent ten-year period. The results suggest that riding the bill curve consistently enhances returns over a buy-and-hold strategy on average. Although the additional return is associated with higher risk, the reward is sufficient for all but the most risk-averse investors. The riding strategy{\textquoteright}s performance deteriorated substantially during the Federal Reserve tightening cycle of 1994{\textendash}1995. Riding the bill curve, however, is generally preferable to buying and holding relatively expensive {\textquotedblleft}quarter-end{\textquotedblright} or {\textquotedblleft}tax{\textquotedblright} bills.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/25/3/74}, eprint = {https://jpm.pm-research.com/content/25/3/74.full.pdf}, journal = {The Journal of Portfolio Management} }