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Opportunities for Short-Term Bonds in a Rising-Rate Environment

Posted on Dec 08, 2017

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Four Reasons Investors Should Consider Tactically Adding To Their Taxable Bond Weighting Diversification

Posted on Oct 24, 2016

Income and portfolio stability during challenging markets – these are all key reasons why investors have a strategic allocation to fixed income. Tactically or dynamically adjusting that allocation up or down can also make sense as an opportunistic response to changing market conditions.

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Income and portfolio stability during challenging markets – these are all key reasons why investors have a strategic allocation to fixed income. Tactically or dynamically adjusting that allocation up or down can also make sense as an opportunistic response to changing market conditions.

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Restating the Case for Lower Rates

Posted on Dec 07, 2015

We continue to believe intermediate and longer-term interest rates will remain below market expectations for a number of reasons.

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We continue to believe intermediate and longer-term interest rates will remain below market expectations for a number of reasons.

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Balance Sheet Recession

Posted on Jul 31, 2015

You would think that more than five years after the Great Recession ended, the U.S. economy would be in a much better place by now. And if it had been a typical business-cycle recession stemming from excess inventories, you would be right. But the Great Recession’s root cause was due to overleveraged balance sheets — far too much debt at both the corporate and household level. As a result the recovery has been fragile and prolonged.

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You would think that more than five years after the Great Recession ended, the U.S. economy would be in a much better place by now. And if it had been a typical business-cycle recession stemming from excess inventories, you would be right. But the Great Recession’s root cause was due to overleveraged balance sheets — far too much debt at both the corporate and household level. As a result the recovery has been fragile and prolonged.

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Greek Referendum

Posted on Jul 06, 2015

In Sunday’s referendum, the Greek people spoke clearly. Prevailing by a wide margin was the government’s view that Greece cannot stomach the harsh economic medicine prescribed by foreign creditors. Failing badly at the polls was the alternative diagnosis – that austerity within the eurozone represents a better chance for a cure to Greece’s long-term ills than self-medicating with the drachma.

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In Sunday’s referendum, the Greek people spoke clearly. Prevailing by a wide margin was the government’s view that Greece cannot stomach the harsh economic medicine prescribed by foreign creditors. Failing badly at the polls was the alternative diagnosis – that austerity within the eurozone represents a better chance for a cure to Greece’s long-term ills than self-medicating with the drachma.

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Greek Debt Crisis

Posted on Jun 30, 2015

On June 28, the European Central Bank chose to stop providing emergency loans to Greece that provided vital support to its banking system. Greece has been receiving these emergency loans for the past five years.

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On June 28, the European Central Bank chose to stop providing emergency loans to Greece that provided vital support to its banking system. Greece has been receiving these emergency loans for the past five years.

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Puerto Rico’s Muni Bonds

Posted on Jun 28, 2015

Given Puerto Rico’s combination of $72 billion in sovereign debt, persistent budgetary imbalance, stagnant economy and shrinking population, we see no obvious path to avoiding a significant debt restructuring or default.

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Given Puerto Rico’s combination of $72 billion in sovereign debt, persistent budgetary imbalance, stagnant economy and shrinking population, we see no obvious path to avoiding a significant debt restructuring or default.

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The Case for Ongoing Low Interest Rates and How Fixed Income Investors Should Be Positioned

Posted on Sep 19, 2014

You would think that more than five years after the Great Recession of 2008-2009 ended, the U.S. economy would be in a much better place by now. And if it had been a typical business-cycle recession stemming from excess inventories, you would be right.

Read this story in full

You would think that more than five years after the Great Recession of 2008-2009 ended, the U.S. economy would be in a much better place by now. And if it had been a typical business-cycle recession stemming from excess inventories, you would be right.

Read this story in full