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The Key Risks Facing Bond Investors
Gaining Perspective, featuring: Mary Ellen Stanek and Warren Pierson of Baird Advisors with Robert Huebscher, 5/31/19

Recessionary fears have subsided and all signs are that the global economy has stabilized, albeit at a less-than-desired growth rate. But risks abound – tariffs on Chinese goods that could trigger a trade war, Brexit negotiations, rising oil prices and a possible Fed rate hike.

If the Yield Curve Could Talk
by Warren Pierson, Duane McAllister of Baird, 2/6/18

Value in Short-Term Bonds: The sharp rise in short-term rates in 2017 has created attractive valuations on the front end of the investment-grade curve. If the curve could speak, almost certainly the shorter maturities would now be shouting, Look at me---look at me! Not since fall 2008 have investors been able to earn 2.0% or more on high-quality, short-term bonds such as 2-year Treasury notes.

Focus on What You Know and Can Control: Be Aware of Unexpected Risks in Bonds
by Warren Pierson of Baird Advisors, 5/24/13
While corporate bonds have seen improvement in credit fundamentals, similar improvement has not taken place for municipal bonds. Ongoing challenges in municipal credit could have a meaningful negative effect on municipal bonds. Many callable bonds with longer maturities face significant extension risk with an upward movement in interest rates. Durations currently pegged to shorter call dates could extend as issuers are less likely to call in bonds prior to maturity as interest rates rise. As callable bonds get re-priced to longer maturity dates, the resulting price declines could be profound.
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