Apparent Risk in Municipal Bond Land In December 2019 we released Unapparent Risk in Municipal Bond Land which recapped a solid year of performance and warned investors of the underlying risks within the municipal market. We did not expect those risks to come to fruition so quickly, but they certainly became apparent three months later […]
Taxable municipal bonds (taxable at the federal – and oftentimes state – income level) have historically lacked investors’ attention due to limited supply and presence in a market dominated by investors seeking non-taxable income. Supply has skyrocketed in recent years due to aspects of the 2017 tax reform bill, low nominal interest rates and a […]
City of Black River Falls | Jackson County, Wisconsin | $2,690,000 Electric System Revenue Bonds, Series 2020A In November 2020, Black River Falls, WI issued tax-exempt bonds to provide funds for the public purpose of financing improvements and extensions to the city’s electric system. Bernardi Securities was proud to serve as the sole underwriter […]
Chicago, IL May 2020 —Bernardi Asset Management (BAM), a wholly owned subsidiary of Bernardi Securities, Inc. (BSI) has been awarded a Top Guns designation by Informa Investment Solutions’ PSN manager database, North America’s longest running database of investment managers. This award was for BAM’s High Income Municipal, Short-Term Taxable, and Intermediate-Term Taxable strategies. This is […]
Ron Bernardi was quoted in the following Investment News article: Read here
Ron Bernardi was quoted in the following Bond Buyer article: Read here
We would be remiss to not wish each of our readers and clients safety and peace of mind during these most trying times. Following Governor Pritzker’s “stay-at-home” order, we want to let you know our firm will remain open via remote access operations and lightly staffed crews in our Peru, O’Fallon, and our Chicago headquarters […]
Ron Bernardi was quoted in the following Investment News article: Read here
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.[1] While 4Q information is not available, Bernardi Asset Management’s (BAM) High Income Strategy was up 6.32% at the end of […]
Jason Zweig’s October 4th article underscores that transactions 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 for munis!). The latest news is that Schwab, TD, etc. are cutting […]