The Take
on what the market gives us…
Voting with Your Feet - Possibly More True Today
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April 28, 2021
Changing fiscal policies and COVID-related work environments may result in the increased elasticity of state and local taxes. Longer-term, this could have material impacts on underlying creditworthiness. Read More
The SOFR Sacrifice
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April 22, 2021
As we approach LIBOR’s sunset, we continue to thoroughly examine our portfolios, assess our exposures, communicate with our clients, and plan for the changes that lie ahead. Read More
Climate Change: Addressing Big Problems through Small Changes
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April 22, 2021
The enormity of climate change can feel overwhelming, in this piece, we discuss how small changes can make a big impact. Read More
Jigsaw Puzzles, LEGOs.... and Bond Portfolios?
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April 14, 2021
How losing a puzzle piece made me realize that an active bond portfolio is more like a LEGO masterpiece than a jigsaw puzzle. Read More
Comparing Liquidity in the Rates Market to Dad's "New" Snowblower
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April 7, 2021
Even in the world’s largest bond market, liquidity can ebb and flow, but what does that actually mean for transacting? Read More
The Underlying Issue: Credit ETFs Are Tipping Their Pitches
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March 31, 2021
After experiencing the intra-day volatility of the past year, including the flows in recent weeks, Credit ETFs are tipping their pitches, and the awareness of dealers/buy-side traders is enhancing daily price volatility. Read More
Do Androids Dream of Rising Rates?
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March 17, 2021
Rising inflation and the ballooning of government deficits have bond investors concerned about runaway Treasury yields. While investor sentiment regarding interest rates remains weak, several ancillary market signals suggest that the worst-case scenarios are improbable. Read More
Divestment or Engagement?
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March 15, 2021
For investors seeking change, which strategy is more effective, divestment or engagement? Read More
Muni ESG – Even Better Than Good
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March 11, 2021
Municipal bonds make the world go round. These altruistic securities are often issued to finance schools, roads, bridges, hospitals, and water treatment facilities, to name a few. For this former credit analyst, municipal bonds couldn’t possibly offer more. Or could they? For the discerning investor, we believe the answer is yes. Read More
525,600 Minutes
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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... Read More