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Not Lower For Longer

Last month’s letter highlighted the opportunity available in
managed fixed income funds. March 6th was a pivotal moment with record low US
Treasury bond yields and historically low spreads for other bonds, such as municipals,
that I believe fixed income fund performance may be negative for years to come.

The high prices for bonds on March 6th, I believe, are the
bond corollary for the record highs in stock prices in February. The dramatic
swoon down in prices in early March affected both asset classes.
Diversification between the two offered little safety.

Now, approximately six weeks from the March lows, prices
have bounced back strongly. Taking a long-term approach, … Read More