问题如下：
The effects of a non-parallel shift in the yield curve on Strategy 2 can be reduced by:
选项：
A.minimizing the convexity of the bond portfolio.
B.maximizing the cash flow yield of the bond portfolio.
C.minimizing the difference between liability duration and bond-portfolio duration.
解释：
A is correct.
Minimizing the convexity of the bond portfolio minimizes the dispersion of the bond portfolio. A non-parallel shift in the yield curve may result in changes in the bond portfolio’s cash flow yield. In summary, the characteristics of a bond portfolio structured to immunize a single liability are that it (1) has an initial market value that equals or exceeds the present value of the liability, (2) has a portfolio Macaulay duration that matches the liability’s due date, and (3) minimizes the portfolio convexity statistic.
按照老师解析，Duration match的时候，当非平行移动时，需要求convexity最小方可实现
可是我记得课程中老师说duration match有一个缺点是只能移动match一次，convexity最小的非平行移动和平行移动都是只能实现一次吗？
