|
Municipal Market Update: 2012 Outlook
One year ago, prices in the municipal market were in sharp decline as predictions of a large increase in defaults precipitated an exodus out of tax-free mutual funds, while supply surged as a result of the sunset of the Build America Bonds program. Performance for the year 2011, however, turned out to be quite different than expected. As we advised, the massive defaults failed to materialize and issuance fell over 30% year over year. Further, these positive trends seem set to continue into the new year. Read Full Commentary > |
|
|
Mid-Summer Course Verification: "Steady As You Go" August 2011
The month of August has already reaffirmed its tradition of wicked events. At mid-summer, the concern over the U.S. economy and the rising threat of the Eurozone financial crisis have helped the fianacial markets arrive at price objectives previously discussed in our quarterly Investment Commentary - namely, the 10-year U.S. Treasury broaching the December 2008 low of 2.10% and the price of gold in US dollars broaching $1,800/oz. These factors considered, our strategic course command is "steady as you go", with our bond/bullion construct to guide the portfolio ship through the next 15 months until elections. Read Full Press Release > |
|
