Nogorak, I have to agree with that leave it to the professional. Sometime I tend to over due by thinking too much. In the last 10 years there has been high interest rates followed by record low interest rates and so on. But funds like LSBRX has produced outstanding results. Average maturity of LSBRX is more than 10 years, when people talk about there will be increase in interest rate world wide, it make me nervous to invest right now even in a bond fund like LSBRX.

May be I should post this in other thread which discusses El-Erian's asset allocation.

If I look at global bond fund like one by Loomis sayles, it has a rocky pattern and at the same time LSBRX, which is a multi-sector fund but doesn't have much foreign bonds, has not only very good results but also low volatility if one plots a 10 years chart. I think it is manager specific and this particular fund leaves behind many global funds by other shops too. By going global one would think it will reduce volatility and increase returns which I think is difficult to achieve. Fund like PAAIX suppose to provide exposure of every thing but it doesn't match retruns of LSBRX.