Harvesting Ripe Fruit From a Frost-Covered Tree
The U.S. economy is still on life support, but investors should not assume that equities and credit are dead money.
Authored by: Sean McLaughlin
Master Limited Partnerships
This report provides an in-depth overview of energy master limited partnerships. This evolving asset class has a number of unique features, including market niche and favorable tax treatment for taxable investors. We review the development of the asset class, investment characteristics from the perspective of both taxable and nonprofit investors, current valuations, and industry growth.
Failure to Raise the U.S. Debt Ceiling: Implications for Investors
This short piece communicates our position on the investment implications of the standoff on the US debt ceiling.
Long Muni Bonds: Unloved, Orphaned and Perhaps Safer Than You Think
Lack of structural demand and the surprise expiration of the Build America Bonds subsidy create opportunity.
Reefing the Sails Even as the Storm Clouds Lift?
U.S. equity investors, corporations, and consumers continue to exercise restraint amid signs of economic stability.
The Right Time for Natural Resources Equities?
Natural resources equities offer reasonable values today, and some shelter during future inflationary periods.
Inflation-Linked Bonds Move From the Bargain Bin to Prime Shelf Space
Investor demand for linkers has pushed down real yields, but versatile securities still have a role to play.
Lower Leverage and Fading Stimulus Present Opportunities and Risk
The removal of unprecedented stimulus brings additional risk to global markets, and the lower-leverage environment changes the playbook for investors across many asset classes.
What Happens When the Fed Becomes Sated?
Fed purchases of more than $1 trillion in government-related securities in 2009 have dominated the market, but a first quarter halt to these purchases may pressure prices.
High-Yield Bonds No Longer Compelling
Investors that favored high-yield bonds over equities have fared well over the past year, but further upside may be limited.