For some things in life, the price is the price. You must pay it because you have to or you need to pay it. With one son in college and another on his way next year, I know all about prices one must pay. Some people look at investing the same way: the cost is the price one must pay. (more…)
Archive for the ‘Municipal Market Letter’ Category
Great Success
The financial markets spent most of October peaking so why should I add my usual dose of downer? Instead, in the spirit of thanks and Thanksgiving, why not look back at some of our successes and revisit why we choose the path we do. (more…)
The Fed Chooses To Punt
The Federal Reserve Board chose to do more of the same in September and will continue to buy bonds at a $1 Trillion annual pace. All that hub-bub earlier in the summer about pulling back, now coined as tapering, well you can just forget that. The Stock market is at recovery highs and why rock the boat? (more…)
Exceptional Exceptions
In a world that includes dozens of US Treasury bond issues (but just one credit) or hundreds of Corporate bond issuers, Municipal bonds offer tens of thousands of different credits, terms and conditions. It is these differences, rather than their similarities, between issuers and issuances that account for the robustness of the municipal bond market. (more…)
Detroit and You
Contrary to popular opinion, things do actually happen in the municipal bond market. Sometimes we wait years, even decades, before taking action, but actions do happen, eventually. Municipal bankruptcies have occurred, will occur, and are getting bigger. (more…)
Joining The Fray
Bond market performance has gone from bad to worse. The month of May was bad; June even worse. Prices of longer-term bond funds have plunged, primarily in the past eight weeks, leaving municipal bond dealers and longer-term municipal bond portfolios down about ten percent for the period. (more…)
On The Right Track
In an era of seemingly low to no interest rates, we see an increase in opportunities in municipal bonds. Despite continuing Quantitative Easing by the Federal Reserve, asset prices are weakening, yields are rising and long-term assumptions should be questioned. (more…)
Watch The Markets, Not The Fed
The Federal Reserve, along with most Central Banks around the world, are creating Cash and Credit at an unprecedented pace in the most ambitious economic experiment of all time. Yet despite Central Bankers attempts to create Cash and Credit (and hence inflation), the price of Gold fell from over $1900 to almost $1300. (more…)
A Liability for Every Asset
One of my strengths (and weaknesses) is that I was trained as an accountant. Double entry accounting follows specific rules. The rules of accounting, like other endeavors, do ebb and flow over time but Assets are always the sum of Liabilities and Equity. (more…)
Wash, Rinse, Repeat
Stocks are cheap! Compared to Bonds, Stocks are cheap, but then again, everything is cheap compared to Bonds. This is the narrative driving Stock prices to multi-year and even all-time highs. Enjoy while you can but this narrative has no legs, despite the desires of all the central banks on the planet. (more…)
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