The Core of the Modern Bond Strategy: Go Global

“Keep Calm and Carry On” reads a popular World War II–era British motivational poster. We think the first half of the slogan is good advice for bond investors in today’s uncertain markets, but we’d substitute the second with “Go Global.”

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What to Think About in a Bond-Market Reboot

US interest rates are likely to head up gradually over the next several years, now that the long tailwind from a three-decade-long rate decline has subsided. With bonds still an important part of many portfolios, what should investors be thinking about?

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Will New Greek Drama Threaten European Periphery?

Darren Williams (pictured) and Dennis Shen Markets are reacting badly to Greek plans to exit its bailout program early. Uncertainties are being heightened by the prospect of early general elections. The end-result has been a sharp sell-off in Greek sovereign bonds, which has raised fresh concerns about the potential for spillover from Greek risks to [...]

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Five Ways to Keep Out of the Bond Liquidity Trap

Bond investors are used to managing interest-rate risk and credit risk. But the financial crisis should have taught us that there are times when liquidity risk can be just as important to manage. Now is one of those times.

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Five Ways to Keep Out of the Bond Liquidity Trap

Bond investors are used to managing interest-rate risk and credit risk. But the financial crisis should have taught us that there are times when liquidity risk can be just as important to manage. Now is one of those times.

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Investing for Tax-Efficient Portfolio Income

Tara Thompson Popernik (pictured) and Robert Dietz With tax-exempt income from US municipal bond portfolios still near historic lows, investors spending from their portfolios can no longer get the income they need by simply increasing their allocation to high-quality, intermediate-duration bonds. As a result, many investors today are chasing yield into dangerous territory.

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Investing for Tax-Efficient Portfolio Income

Tara Thompson Popernik (pictured) and Robert Dietz With tax-exempt income from US municipal bond portfolios still near historic lows, investors spending from their portfolios can no longer get the income they need by simply increasing their allocation to high-quality, intermediate-duration bonds. As a result, many investors today are chasing yield into dangerous territory.

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High Yield’s September Sell-Off Doesn’t Change the Story

By Ivan Rudolph-Shabinsky (pictured) and Gershon Distenfeld of AllianceBernstein (NYSE: AB) The recent sell-off in high-yield bonds has many investors wondering whether this is another big buying opportunity—like prior sell-offs have been—or the start of something more ominous. 

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The Liquidity Illusion: Pension Funds Should Rethink Fixed Income

Pension fund managers, like many investors, have historically paid a premium for liquidity. Lately they’ve started to realize that liquidity can be an illusion—but it can also be an opportunity.

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The Liquidity Illusion: Pension Funds Should Rethink Fixed Income

Pension fund managers, like many investors, have historically paid a premium for liquidity. Lately they’ve started to realize that liquidity can be an illusion—but it can also be an opportunity.

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