Municipal bonds have been in the press more often lately. The Federal Reserve recently published a report on defaults in the municipal market precipitating arguments as to what constitutes a default as well as what constitutes a municipal bond. Such arguments bolster our position that while municipal bonds in the aggregate total almost $4 trillion, the marketplace is highly fragmented and the marketplace is a collection of tens of thousands of unique financial instruments too numerous to count. (more…)
Municipal Market Newsletter Archive
Bankruptcy: When The Can No Longer Can Be Kicked
As the financial crisis enters its sixth year we find municipalities and their bonds increasingly in the news. Municipal woes appear to be on the rise. Therefore it is important to realize how unique each municipality is as well as how unique all of their municipal bonds can truly be. There is no such thing as a generic municipality nor is there any such thing as a generic municipal bond. Every municipality is different. Every municipal bond is different and therein lies the opportunity for you, the municipal bond investor.
Another Milestone Crossed
Summer is in full swing and things are heating up. Oil prices, any way you measure them, are down thirty percent from their highs in March. The last time oil fell thirty percent, the S&P promptly lost fifty percent of its market value in less than eight months. The narrative is not important. Keeping your assets safe and intact amidst the growing storm is our goal. (more…)
Tell Me You Are Not Surprised
Behold, Helicopter Ben Bernanke’s best laid plans are coming up short. Asset prices are no longer rising, nor are they holding. Asset prices are falling and the US Dollar is rising. Think this is just temporary? Asset prices peaked a year ago and once again they are moving in the direction of the long-term trend: down. The sound you now hear from the Federal Reserve is uh oh; the next sound we may hear is oh… (more…)
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