What We Think

See our perspective on key developments in the US fixed income market and learn more about our investment philosophy, process, and strategies.

The Take
on what the market gives us…

Ten Thoughts on Heavy Seas Investing Along the Curve
By: Jake Remley — May 18, 2022

Any seaman will tell you that weather forecasting is not an exact science. They’ll also joke that “gentlemen do not go windward." But extending this analogy to bond investors preferring to sit in cash amidst a Fed hiking cycle is misguided. Sure, beating windward into the Fed’s heavy seas can be wet, rough, and sloppy. But today’s racing yachts are designed to perform best in the windward direction, as that is often where the race is won. Bond investors who continue to buy high-quality paper during a Fed hiking cycle can be rewarded for their tactical skills. They’ll also be the ones fully invested when that sudden and pronounced change in market wind direction fills the sails of long-term returns.
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Live. Learn. Hedge well.
By: Theresa Roy — May 10, 2022

Rather than relying on timing, making and sticking to a plan can lead to better success in getting on your bike, and more importantly, de-risking your pension.
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Is It Time Yet?
By: Ed Ingalls — April 25, 2022

Markets are resilient. Many periods of significant drawdown create attractive buying opportunities. There is often an overshoot, and prices can recover quickly. We are not predicting what rates will do, nor how Ukraine, inflation, or recession will play out, but it seems like the market has digested and discounted a fair amount of the potential economic fallout. For investors looking to add some yield to their portfolios at much better levels than anytime over the past 3+ years, it may make sense to begin to average in.
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