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    Muni Nation

    March 23, 2012

    Positive Finish For Munis

    by Jim Colby, Portfolio Manager

    After suffering under the recent pressure of significant new-issue supply the muni market recovered its footing and ended this week with a positive finish. Demand is being driven by arbitrageurs ( arbs ) who are attracted to the intermediate part of the yield curve where the...

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    Muni Nation

    March 20, 2012

    The Good “D” Word: Diversification

    by Jim Colby, Portfolio Manager

    Markets go up and down and money is made and lost as the ebbs and flows of opportunities coincide or diverge. Great fortunes can be made by placing risky bets. However the probability of achieving such success is fairly small which leads to an age-old question: How can prude...

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    Muni Nation

    March 14, 2012

    The Dreaded “D” Word

    by Jim Colby, Portfolio Manager

    We have seen and heard the term default brought into play for the municipal bond market in a significant way over the past 18 months but never more so than in the six months subsequent to Meredith Whitney s pronouncements from her December 19 2011 appearance on 60 Minutes . ...

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    Muni Nation

    March 07, 2012

    Leave Well Enough Alone

    by Jim Colby, Portfolio Manager

    Municipal bonds are Main Street investments with an estimated 73% of the 3.7 trillion in outstanding principal owned by households or mutual funds 1 . On the other hand municipal bonds are traded in an over-the-counter (OTC) market where dealers create liquidity. Main Street...

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    Muni Nation

    February 29, 2012

    Reward For Risk

    by Jim Colby, Portfolio Manager

    Municipal high yields thus far in 2012 continue to be priced at attractive spreads.... Looking forward I believe that investment grade municipals will remain fairly stable given the Federal Reserve s stance. However given the type of issuers that dominate the muni high yield...

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