The July Letter almost didn’t make it as the same old, same old markets continued their gravity defying ways. On July 7th however, The New York Times saw fit to publish this headline as their front-page lead: “From Stocks to Farmland, All’s Booming, or Bubbling.” (more…)
Posts Tagged ‘municipal bond market’
The Mood of Municipal Bonds
When one thinks of municipal bonds, generally the next thought is…boring. Bonds are usually boring; adding municipal to the mix should make them more so. Bonds have a job to do and for most of the past several decades they have performed. Primarily we have the trend to thank. (more…)
Scratching & Clawing
My firm belief that market conditions will (eventually) change gives me the optimism to approach each day as if today is that day. Then comes my monthly Municipal Market Letter writing day and of course it seems as if nothing has changed…ever. The first quarter of 2014 is gone and what has changed? While I know that this is not altogether true, the mileposts seem to be moving hardly at all. (more…)
A Point & Click World
I found myself thinking I have lived through this time before. Stocks are at all-time highs (again), homes are being torn down for new ones (again), internet stocks and their firms are cool (or hot, again) and the idea of trading municipal bonds via point and click is not only a reality but seemingly continues to gain momentum. (more…)
The Great Wait May Be Over
The optimism, the good news, the earnings reports and everything else wonderful has culminated in the beautiful rise in stock prices. Climbing the Wall of Worry? There is no worry as this one way freight train moves only in one direction smashing all the remaining bears with it.
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Any Further Than I Can Throw Them
Crippling debt is not a problem for companies, governments, municipalities or even individuals until the day it is a problem. The power of greater leverage can be downright amazing and spectacular. But when it comes to your money I no longer believe the risks associated with leveraged issuers are worth the reward. (more…)
High Prices Be Damned
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…)
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…)
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…)
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