The Take
on what the market gives us…

The Bond Market’s Barbed Wire
By: Jake Remley — January 20, 2021

The bond market has a complicated relationship with liquidity. While the Federal Reserve's recent liquidity injections have been well telegraphed, larger and less understood trends are at hand. In this piece, we look at the impact of recently implemented regulations on the primary dealers' business models and how they've adjusted to maintain ample market-making liquidity.
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ESG Lessons from 2020 as we move into 2021
By: Ed Ingalls — January 8, 2021

Many asset owners are taking the lessons learned in 2020 and looking forward to a more sustainable and inclusive 2021 and beyond.
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Convexity and the Holiday Sweater that Just Doesn’t Fit
By: Wesly Pate — January 6, 2021

Convexity matters, but only if it can be monetized. In some single-asset class strategies, convexity may only materialize during periods of illiquidity, which fails to deliver the desired results.
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Clipping Coupons
By: Ed Ingalls — December 16, 2020

Technology has materially changed investors’ access to information – we feel the key is to parse through the noise and focus on the strength of your security selection capabilities.
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Siri, What is Zero Divided by Zero?
By: Wesly Pate — December 9, 2020

As rates have declined to generational lows, binomial pricing models may be compromised and bond/option valuations may require a more mosaic approach
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Paddle to The Sea of Income and Liquidity
By: Jake Remley — December 2, 2020

Although yields have declined to generational lows, high-grade bonds still offer valuable income and liquidity. But how do bond investors get comfortable with the possibility of negative returns from rising interest rates? Absent a crystal ball, we offer key considerations for assessing investment-grade fixed income risk/return in a world of low yields.
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Finding Gems in the Dark
By: Wesly Pate — November 12, 2020

2020 has brought us all some uncertain times, but also some unique opportunities. The taxable muni market has continued to evolve and mature in 2020 and continues create new and attractive prospects for the portfolio.
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The Trick or Treat of Bond Convexity
By: Jake Remley — October 28, 2020

2020 has had its share of surprises, including interest rates dropping to near all-time lows. Although rate volatility remains tame for now, convexity is poised to be a larger piece of fixed-income performance at current yield levels. Thus, bond investors should be wary of nuances in this oft-overlooked risk factor.
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Tactical TIPS
By: Bill O'Neill — October 14, 2020

At IR+M, we avoid betting on the future of interest rates or inflation, but we aren’t afraid to take advantage of a market dislocation that presents alpha opportunity.
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The Roll is Like The Slide - The Steeper the Better
By: Wesly Pate — October 7, 2020

Cross asset investing requires cross asset curve analysis. As curve dislocations occur, opportunities are created.
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