The Take
on what the market gives us…

Tips on TIPS
July 7, 2020

In this piece, we discuss why TIPS may appeal to a bottom-up fixed income manager, even if the macro-economic outlook is clouded by “interesting times".
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Curves Ahead
June 30, 2020

In this post, we look at back at the events that have transpired since March, and examine the impact of Treasury/Fed buying and corporate credit fundamentals on the credit curve.
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My Tax Haven Is Worth Less, But Certainly Not Worthless
June 23, 2020

In this post, we will explore some of the ramifications of lower yields on the value of the exemption, why munis tend to lag in a rate rally and outperform as rates climb, potential benefits of munis during periods of market dislocations, and how we are viewing the value of the asset class in today’s environment.
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Non-Agency RMBS: Expect Bumps But Not 2008
June 16, 2020

In this post, we break down the top ten reasons why we think this crisis will be different for non-agency RMBS.
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