Transitioning from Turbulence to Opportunity: Municipal Portfolio Notes

Yields across the municipal curve have largely priced in these hikes in our view. . . From a valuation perspective, municipals are now attractive relative to USTs

Review and
Outlook

May 2022

“The Q1 GDP report released at the end of April shocked markets expecting a slowdown to +1.0% by contracting 1.4%. While the headline figure sparked talk of recession, the details of the GDP report were somewhat stronger.”

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April 2022

“As expected, the Federal Reserve hiked short term rates for the first time this cycle at their March meeting. The median dot plot was more hawkish than expected, showing seven hikes vs. the market’s expectation of six, although there is little cost to the Fed setting aggressive expectations.”

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March 2022

“Geopolitical turmoil took center stage in February when Russia invaded Ukraine on the 24th.”

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February 2022

“We feel that by the second half of the year the case for continuing beyond an initial few hikes will have weakened.”

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Economic and
Market Commentary

05.10.2022

Transitioning from Turbulence to Opportunity: Municipal Portfolio Notes

“Yields across the municipal curve have largely priced in these hikes in our view. . . From a valuation perspective, municipals are now attractive relative to USTs”

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02.28.2022

Portfolio Implications of the Russia-Ukraine Crisis

“The situation in Ukraine is of grave concern from a humanitarian perspective. Our thoughts are with all those affected. As investors, we also need to assess portfolio implications and prepared a short brief concerning the investment grade fixed income markets.”

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01.10.2022

2022 Municipal Sector Outlook

“The past year revealed a major shift in sentiment for many sectors of the municipal market. As we move into 2022, all of our sector outlooks have improved from the prior year with one exception.”

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12.01.2021

Is it Time to Kick the Kickers? A Look at Portfolio Tradeoffs and Considerations

“At face value, “kicker” bond yields are appealing, yet we urge advisors and investors to be cognizant of risks and recognize that these bonds will not trade like non-callable issues when rates turn…We see no need to punt on “kickers” unconditionally yet feel that investors ought to take a close look at what they own.”

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Quarterly
Perspectives

Q1 2022

The Gift of Giving

“The war in Ukraine is a tragedy on many dimensions, and along with our sympathies and concern for all those impacted, we offer a few wealth management and financial planning thoughts.”

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Q4 2021

Reframing Perceptions of Portfolio Risk

“Thinking about risk a bit differently can be revealing. Individual interpretations vary which is why applying traditional investment techniques and individualized approaches are both essential parts of the equation.”

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Q3 2021

Breaking Through Behavioral Barriers in Personal Financial Planning

“Despite a tendency to think of personal finance in quantitative terms…we believe the best financial planning advice also considers an element of psychology.”

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Q2 2021

Practical Reflections on Inflation

“For the sake of argument, let’s accept that inflation could be a risk. If so, how might this impact asset allocation strategy?”

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Video Briefs

May 2022

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January 2022

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November 2021

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August 2021

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