November 14, 2017 Muni Investors: It’s Time to Quit Smoking Tobacco (Bonds) by Daryl Clements Cigarettes come with warning labels. Tobacco bonds should, too. These securities are highly volatile, and at current prices they have nowhere to go but down. There are healthier alternatives in the high-yield municipal bond market. Fixed Income, Municipals Likes 0 SHARE Bookmarks
October 31, 2017 Shadows of Tax Reform Loom over Municipals by Daryl Clements Now that talk of tax reform has taken center stage in Washington, the biggest concern for municipal investors is whether the upside of lower taxes could spell downside for their municipal bond valuations. The good news is that not every proposed change is likely to have a negative impact. Municipals, Policy & Regulation Likes 1 SHARE Bookmarks
October 16, 2017 Munis: Active or Passive? There’s No Debate by Daryl Clements Passive strategies have gained ground in some asset classes. But when it comes to municipal bonds, they don’t have a leg to stand on. In a market this complex and illiquid, an active manager is essential. Active & Passive , Fixed Income, Municipals Likes 0 SHARE Bookmarks
October 09, 2017 Why Muni Investors Shouldn’t Smoke Tobacco It’s not normal. When a fixed-income sector beats the S&P 500 over an extended period and by a meaningful amount, investors do a double take. Fixed Income, Municipals, Volatility Likes 0 SHARE Bookmarks
September 13, 2017 Rising Rates: What All Muni Investors Should Know Talk of rising rates makes many bond investors nervous, leading them to commit to what seems like a simple, easy and safe approach. But buyer beware: There’s one kind of municipal bond strategy that leaves investors’ money on the table in every kind of rate environment. Active & Passive , Fixed Income, Municipals, Rising Rates Likes 0 SHARE Bookmarks
July 05, 2017 The State of the State of Illinois Illinois’s fiscal woes, shaped by years of political gridlock, culminated in a rating downgrade to just above junk status on June 1. A downgrade to junk appears possible. But Illinois could recover its footing, should legislators muster the political will to work together. We know it can be done, because of California’s example. Fixed Income, Municipals Likes 0 SHARE Bookmarks
June 12, 2017 The Truth Behind the Passive Muni Ladder On the surface, passive municipal ladders seem like a sensible investment. Simple. Easy. Cheap. But the numbers don’t lie. Active & Passive , Fixed Income, Municipals Likes 0 SHARE Bookmarks
June 06, 2017 Premium Municipal Bonds: More Bang, Less Buck? by Daryl Clements If investors have ever wondered whether it’s worth ponying up a premium for some municipal bonds, we think the answer may often be yes. These defensive bonds seem particularly compelling today, when interest rates remain relatively low and both volatility and income are top of mind. Fixed Income, Municipals, Volatility Likes 0 SHARE Bookmarks
May 23, 2017 Healthcare Reform: Healthy for Munis? by Joseph Rosenblum It’s hard to say how healthcare reform will affect the broad municipal bond market. But any new law with the potential to cause millions to lose insurance would be a bitter pill for hospitals. Investors should tread carefully. Fixed Income, Municipals Likes 0 SHARE Bookmarks
April 11, 2017 Tax Reform Doesn’t Mean the End of Munis by Daryl Clements If tax reform moves forward, any trimming of tax-exemptions for municipal bonds would force an upward reset in yields. That reset would be a cost to municipalities—and to taxpayers. But the devil will be in the details. Fixed Income, Municipals Likes 0 SHARE Bookmarks
March 28, 2017 Munis After Trump: Impact of Tax Reform by Daryl Clements Tax reform specifics are still uncertain. But there are ways to manage around that. We believe a flexible approach to muni investing is key. Fixed Income, Municipals, Policy & Regulation Likes 0 SHARE Bookmarks
March 21, 2017 Muni Credit Plays Defense When Rates Rise As interest rates nudge higher, many municipal bond investors worry about the impact on their portfolios. Muni credit, which holds its value better when rates rise, could be the solution. Fixed Income, Municipals Likes 0 SHARE Bookmarks
March 13, 2017 Digging Deeper for Municipal Bond Income by Daryl Clements There’s a lot of uncertainty today for municipal bond investors: how do you hang onto the income you have in the face of rising rates and the potential for tax reform, and where should you look for more? We think muni credit is a good place to point the shovel. Fixed Income, Municipals Likes 0 SHARE Bookmarks