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@scumyetservant when bonds were paying 1.3%, you needed some hefty leverage to make it worthwhile. Now that bonds are skyrocketing in yield and plunging in coupon, that leverage is cutting back hard.

@apsseeker These are pension FUNDS They don't really have short investment horizons as they do continuous liabilities. It's not the same as your investments that are going to be needed within a finite window. These funds are essentially looking to maximize stable returns over a perpetual time...

@jordan221 And most likely you'll never have to do this at all since it's a backup plan to a backup plan.

@debrakayh True, but like @kevin76 said, within a few days you can sell some investments to create a true emergency fund when needed for those exigent circumstances. There's some added risk, but there's also some added reward (of returns on what would otherwise be sitting in a HISA) ...

@debrakayh Fair enough, and that makes sense.

@resjudicata I know some people disagree with depending on a LOC as a source of emergency funds, but I tend to do this. I have an uber-stable job, and rather than keep 2 or 3 months in expenses in a savings account I rather have it invested.