Fixed Income Quarterly
BBH Fixed Income investment experts provide analysis of macroeconomic, broad fixed income, and sector strategies. We also bring you the latest economic scorecard for macroeconomic variables such as GDP, inflation, labor, consumer, manufacturing, and housing.
Perspectives in a Complex World
The following address was delivered on December 1st, 2011 at the annual BBH Banking holiday dinner. It's been said that all of us in the investment business share a common gene mutation.
The financial news these days is replete with pundits bemoaning the difficulty in investing because correlations of financial assets are so high. The argument is a relatively basic one: if everything is moving together, how can an investor outperform?
Perception and Reality In the Municipal Bond Market
Municipal bonds have long played the role of anchor tenant in the portfolios of taxable investors: they offer predictable and consistent tax-advantaged income, price stability that tempers the volatility of other securities in a portfolio, and the comfort of an asset class with a stellar record of timely payments of interest and principal.
U.S. Banking Three Years After Lehman
We have recently written about ongoing adjustments in the U.S. economy in the two sectors that were largely responsible for the 2008-09 downturn and financial crisis - imbalances in the banking sector and in household balance sheets.
This commentary will not, mercifully, detail the list of woes weighing on the U.S. economy. Uncertainty is understandably high, but investors have extrapolated much of today's gloom far into the future.
Progressing Along the Adjustment Path
Our investment process is built on a foundation of deep issuer-level research as we construct investment portfolios entirely bottom up - bond by bond. Even in the context of today's more challenged economic environment, we continue to identify a multitude of rock-solid debt issuers whose underlying operating performance bears little resemblance to the capital market volatility evidenced recently. By Jeffrey A. Schoenfeld
Broad Fixed Income Strategy View
Many fixed income participants view the summer as time to ramp up their portfolio yield and earn extra income amid muted volatility. And in some other universe, investors are probably quite satisfied with their results. By Gregory S. Steier
Analysis on U.S. Treasuries, TIPS, Investment-Grade Corporate Securities, Structured Products, and Municipal Bonds in this Sector Strategies piece. By Douglas R. Mark, James J. Evans, CFA, Neil Hohmann, PhD, and Chris Romaglino
The Economic Scorecard provides snapshot of GDP, Inflation, Labor, Consumer, Manufacturing, and Housing markets over the past 12 months.