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HIGHLIGHTS

  • A strong correction is possible if bond mutual fund investors all sell at once
  • Major US banks reduce inventory and buying power for bonds
  • High Yield Bonds continue to move higher but may sell off.
  • Puerto Rico puts forth legislation cutting free certain enterprises to renegotiate their debt and insulates the General Obligation bonds.
  • BRICS Countries form a new development bank
  • Structured Notes have selective value
  • Our Diversified High Yield Portfolio yield target is dropped to 5.75%


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HIGHLIGHTS

  • US Deficit is becoming manageable
  • The Fed reins in bond purchases but keeps low interest rate promise
  • We view interest rates as remaining stable
  • Emerging markets currency rates continue to offer opportunities to dollar cost average down, and zero coupons could be highly rewarding
  • “Held to Maturity” vs “Held for Sale” approaches are discussed
  • Puerto Rico gets stop gap funding but has hired restructuring consultants and the market could rally
  • High Yield bonds continue to rise
  • Target Portfolio Purchase Yield is dropped .25% to 6.75%


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HIGHLIGHTS

  • Congress passes a budget putting the country on better footing
  • The Fed continues to fight deflation creating a very modest inflationary environment
  • We view interest rates as mostly stable, staying at similar levels or rising slightly in the near to mid term
  • Emerging markets currency rates offer opportunities to dollar cost average down as well as big advantages in zero coupon bonds
  • In the muni markets Puerto Rico has potential to roil them while California is supportive
  • Gold and Silver have reached attractive prices
  • Free subscription to Oxford World Financial Digest
  • Target Portfolio Purchase Yield is maintained at 7.00%


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HIGHLIGHTS

  • Congress shuts down the government for 16 days and sets up a prioritization scenario for entitlements while appropriating funds for basic and critical government services.
  • The economy appears soft and rates seem poised to decline a bit.
  • BRIC countries form a fund and currency prices may have turned a corner.
  • The Detroit Bankruptcy turns a frantic media spotlight on Puerto Rico; we recommend a Hold.
  • Target Portfolio Purchase Yield is maintained at 7.00%

 


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HIGHLIGHTS

  • Markets fall worldwide on nervousness about higher US interest rates
  • Housing continues to recover, but may be slowing due to higher rates
  • Hold bond positions as interest rate increases may be mild
  • Seek opportunities to put cash to work at higher rates
  • Municipals may be coming to the value forefront
  • Gold continues its decline, and silver reaches investment value
  • Foreign governments are putting a floor under their currencies
  • Target Portfolio Purchase Yield is increased from 6.50% to 7.00%

 


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to download the full review.

 

 

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