Exhibit 24 - Reading 33


Any help with Exhibit 24. They say:
x = duration L
y = duration A
z = Duration E

I understand the point they are making. If there is big mismatch of duration between assets and liabilities, then duration of equities will be high.

But how do you get this from graph. Looking at exhibit 24. This makes little sense to me. If we look at triangle in the upper left corner (duration of equities is 10 - 15 which is given in legend) meaning duration of equity is high. I would see it as duration of L is around 0 there, and we told duration of E is between 10 - 15, but from graph, what is duration of Assets? They put duration of assets on the right side going up as well like its apart of the vertical axis as well. Confused. They make it look like both duration of equities (numbers from -30 to 30) and duration of assets (0 - 2.5) on graph are both going up the vertical axis.

I know not big deal but confuse me. Thanks