The Municipal Bonds Channel

Best Performing Asset Class Over the Past 10 Years?

The dramatic recovery in fixed income markets, which began in Q1, persisted throughout the second quarter. Investors increasingly sought safe haven investments in light of geo-political uncertainty and perceived overvaluation in equity markets more broadly.

Seven Reasons Why Advisors Should Use Bond Ladders

I often hear criticisms about the use of bond ladders. Whenever the criticism comes from professional advisors, however, I’ve noticed it generally involves firms that use only bond mutual funds or ETFs instead of individual, tailored bond portfolios, whether in the form of a bond ladder or not. Unfortunately, much – if not all – of this criticism is based on falsehoods and the conflicts that can arise when advisors employ only mutual funds and ETFs.

Making Sense of Current Equity and Bond Pricing

Jihan Diolosa, Associate Director of our UK Institutional team, poses questions to our lead multi-asset portfolio managers based on some of the key issues keeping investors awake at night.

Second Quarter 2017 Economic & Capital Market Summary

The early optimism that President Trump would be able to reinvigorate domestic economic growth has faded as Congress struggled to pass health care legislation and confusion exists around Trump’s political agenda.

Banking on Change

A review of last month’s market-moving events across countries and asset classes

Why Rates Are Not Moving

Whatever happened to the increase in interest rates that was supposed to occur? Russ explains.

Foregone Conclusions Become Well Known Facts

We’ve heard Warren Buffett continue to repeat an important phrase, “what the wise man does in the beginning, the fool does in the end.” This begs the question, when does a foregone conclusion become what we call “a well-known fact”?

Dear Mr. Greenspan: A Bond Bubble? Really?

Reading the signs in markets can be tough. When he headed the Federal Reserve, Alan Greenspan missed early signs of a housing bubble. Now he’s warning of a bond bubble that’s about to burst. We disagree.

China Leads Emerging Asia to Greater Role in Capital Markets

Over the next 12 to 24 months, we expect that Asia, led by China, will become a far more significant part of the global capital markets – and global investment portfolios.

Three Reasons Why US High Yield Belongs in Your Portfolio

Looking for a way to increase your US exposure without adding equities? Need more income but worried about rising rates? US high-yield bonds deserve a place in your portfolio.

Is this the Start of a Hot New Metals Bull Market?

Dalio’s not the only one recommending gold right now. Speaking to CNBC this week, commodities expert Dennis Gartman, editor and publisher of the widely-read Gartman Letter, said that he believed “gold is about to break out on the upside strongly” in response to geopolitical risks and inflationary pressures. Gartman thinks investors should have between 10 and 15 percent of their portfolio in gold.

What I Learned at (Economics) Summer Camp

Well, I went to camp this summer, too. I go every year, and I always learn more than I can manage to remember. Camp Kotok is an invitation-only gathering of economists, market analysts, fund managers, and a few journalists. It takes place at the historic Leen’s Lodge in Grand Lake Stream, Maine. We fish, talk, eat, drink, and talk some more. It’s a three-day economic thought-fest (and more rich food and wine than is good for me or anyone else at the camp). For me, that’s about as good as life gets.

A Troubled U.S. State Budget Process Puts Muni Investors on Alert

Outcomes from the most recent state budget season, which concluded for most U.S. states on 30 June, underscore the need for caution among municipal bond investors.

Madoff’s Scheme Was Transparent yet Ignored. Get Ready for Round 2

Submission focuses on pension consultants nationwide who discount the importance of utilizing physical gold as even a fraction of their portfolios. With the staggering amount of pension shortfalls occurring now and well into the future, how might true diversification save the hard earned retirement dollars of so many American workers?

Preparing for Pivot Points

With critical policy pivots on the horizon, investors should approach asset allocation with full appreciation for downside risk and stay focused on relative value and security selection.