Muni SMA Strategies
Municipal Bonds: Local Impact
Company News
Regulator warns of interest-rate risk retail investors take with low-coupon munis - February 18, 2020
Ron Bernardi quoted in Bond Buyer article - June 10, 2019
Ron Bernardi quoted in Bond Buyer article - March 14, 2019
Ron Bernardi quoted in Bond Buyer article - June 10, 2019
Ron Bernardi quoted in Bond Buyer article - March 14, 2019
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Market Commentaries
Unapparent Risk in Municipal Bond Land
2019 municipal bond market performance has been stellar as its safe-haven status persisted in a year packed with monetary policy easing from global central banks. The Bloomberg Barclays long-term tax-exempt index is up 7.54% YTD. While 4Q information is not available, Bernardi Asset Management’s (BAM) High Income Strategy was up 6.32% at the end of the 3Q. Demand has been buoyed by…
RE: The Wall Street Journal’s “Your Stock Trades Go Free but Your Cash Is in Chains”
Jason Zweig’s October 4th article underscores that transaction costs should not be the only metric investors use to evaluate investment platforms. Additionally- and as importantly – they need to consider opportunity costs, the portfolio management process, and market access (the latter, especially with munis!).
Bond Portfolio Strategy in a Booming Market
Federal Reserve Board Member disagreement on the direction of monetary policy is a contributing factor to prevailing market uncertainty. Several members question the sensibility of our central bank following the easy monetary policy used for many years by both the Bank of Japan and European Central Bank (ECB), which has done little to spur growth or inflation in their respective economies. Nonetheless, just this morning the ECB cut rates further into negative territory in what could be a last-ditch effort to spur growth…Instead we offer these observations as to how to navigate the current volatile market dynamics.