Commentary

Understanding De Minimis as it Relates to Municipal Bonds

The primary benefits offered by municipal bonds are generally well known to investors.

Commentary

Identifying Strong Business Models: How Moats Protect Companies from Competition

Mutual fund managers evaluate many characteristics of potential investment opportunities.

Commentary

The American Jobs Plan’s Effect on the Municipal Bond Market – Taxable Direct Pay Bond

Although there are several versions of the American Jobs Plan at this point, nearly all include a provision to refurbish the nation’s crumbling infrastructure, including roads, bridges, public transit, airports, clean water, rail, and ports.

Commentary

Taxable Municipals – Myths and Misperceptions

Taxable Municipal Bonds grabbed the attention of not only municipal bond market participants in 2020, but also of investors and financial professionals globally across the asset class landscape.

Commentary

Municipals versus Treasuries – a Tale of Two Cities

The recent price changes in the municipal bond market have potentially created an intriguing opportunity for investors; with municipal bonds selling at relatively enticing yields, even without considering the tax benefits. However, this market is likely to be short lived as investor behavior is stabilizing.

Commentary

Cheaper by the Portfolio – The Mutual Fund Value Proposition

The art and practice of picking individual municipal bonds can be a lot like picking apples. Finding great values or a real gem is primarily a function of market conditions and variety.

Commentary

Municipal Market Complexity and New Issue Investing

One of the challenges municipal bond investors face when navigating the municipal bond market on their own, is accessing bonds in the new issue market. The advent of retail order periods for some larger issues has improved retail access.

Commentary

Early Tax Returns Are Demonstrating the Importance of Tax-Exempt Income

Many Americans are anxious to find out what the Tax Cuts and Jobs Act of 2017 (TCJA) means for their 2018 filings, and early returns being filed now are giving us some clues.

Commentary

Harvey, Irma and the Muni Market

With two hurricanes recently making landfall in southern states, only eleven days apart and inflicting what may be as much as $230 billion in damages, the potential impact to municipal credits is on investors’ minds.