[jterenzio]

What holding does is lock your returns and sets a floor. When you buy a bond and hold it you will be guaranteed to receive the return. Sure if rates rise afterwards you have opportunity cost because you can't invest that money at a higher rate, but that's what ladders help you do. You get the current rate when you add new bonds to the end. What alternatives exist? You can buy a bond fund which might decline in value if rates rise or just sit on cash but those don't seem optimal.