Investors often have strong opinions, either positive or negative, about the use of long duration Treasury bonds within a portfolio. While many defined benefit plans make use of long Treasury bonds for hedging purposes, we also believe that total return investors can benefit from a strategic allocation to the asset class. More broadly, we believe this asset class can and should play a role in a long-term portfolio that has significant exposure to risk assets (e.g., equities and credit). When implementing a long Treasury allocation, we would not suggest moving to that allocation in its entirety immediately, but rather over time. This paper will review the properties of long duration Treasury bonds, examine the role of fixed income in a portfolio, discuss the implications of rising interest rates and evaluate the merits of long Treasury bonds in a portfolio.