• Blog

    Muni Nation

    July 29, 2014

    Straddling the Bermuda Triangle

    by Jim Colby, Portfolio Manager

    At the risk of overstaying my welcome on this topic, I submit that Puerto Rico continues to dominate the landscape of municipal investing in curious ways. I will try to be succinct.

     Read more
    Muni Nation

    July 11, 2014

    All Eyes on Puerto Rico

    by Jim Colby, Portfolio Manager

    It would be wrong to underestimate the value and impact of the recent upheaval in the municipal bond market caused by the declining fortunes of the Commonwealth of Puerto Rico. I wanted therefore to address some of the issues in this edition of MUNI NATION. I believe the Jul...

     Read more
    Muni Nation

    July 02, 2014

    A Rising Tide?

    by Jim Colby, Portfolio Manager

    What I want to build on is the theme I ve been noticing optimism over the U.S. economy and what I believe it might mean for municipal bond creditworthiness. Total nonfarm payroll employment rose by 217 000 in May 2014 and the unemployment rate remained unchanged at 6.3% for ...

     Read more
    Muni Nation

    June 27, 2014

    Game Changer?

    by Jim Colby, Portfolio Manager

    According to The New York Times A new law proposed by the government of Puerto Rico intends to create an organized process through which some of its debt can be cut or reduced. It would apply to at least 22 billion owed by public corporations including the electric authority...

     Read more
    Muni Nation

    June 17, 2014

    Green Grass And High Tides

    by Jim Colby, Portfolio Manager

    As we continue to ride the 2014 performance wave in the municipal bond market a colleague suggested that I address one important cause of 2013 s poor performance: defaults. I believe the price decline and outflows from municipal bond mutual funds separate accounts and ETFs w...

     Read more