The Take
on what the market gives us…

525,600 Minutes
By: Angela Meringoff — March 4, 2021

As many of us approach the anniversaries of our last working days in formal office settings, let’s take a few moments to reflect back. What a year, 525,600 moments so dear...   
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Wall Street*, the Government, and Racial Bias
By: Brooke Anderson — February 26, 2021

I recently learned that New York City’s Wall Street isn’t just the home of a famous stock exchange -- it was also the site of the City’s first slave exchange. Despite the financial industry and government’s history of racial bias, it’s heartening to see signs of substantive change.
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The GameStop Effect on Credit Markets
By: Jake Remley — February 5, 2021

The technical tug-of-war over GameStop shares has spread to the credit markets, where many are asking how the price action can be justified in light of little change to the fundamental outlook.
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Don’t Throw the Deep Ball
By: Bill O'Neill — January 28, 2021

With heavy longer bond issuance, there have been many short end tenders and calls, creating opportunity and in some cases, windfalls.
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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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