A Historical Perspective No, not bonds versus stocks – nor the long-standing Chicago bar. Stocks and bonds are complementary asset classes, not competing ones. In fact, traditional portfolio theory emphasizes combining them through asset allocation to balance risk and return. In J.P. Morgan’s recent Guide to the Markets (always worth a read), they noted a […]
In Memoriam Edward Bernardi Founder & Chairman Emeritus June 24, 1930 ~ March 21, 2026 (age 95) Edward Piacentini Bernardi built Bernardi Securities with conviction, discipline, and a deep belief in the long-term value of integrity, hard work, and service. His leadership helped shape a successful municipal bond firm and left a lasting imprint on the people, […]
March is an unpredictable time of the year in Chicagoland. A 70 degree day followed by hail and 30 degree temperatures. The fickle nature of weather this month has its literal green shoots, however, as daffodils and tulips start rearing their heads. The municipal market often moves in similar fashion at this time of the […]
Northfield, IL February 18, 2026 — Bernardi Asset Management’s (BAM) Intermediate Taxable strategy achieved “Top Guns” status within Zephyr’s PSN manager database 1-Year category. This means that BAM’s Intermediate taxable strategy had one of the top ten returns for the one-year period in their respective group. This follows up BAM’s taxable strategies recent “Top Guns” achievement for […]
Happy New Year! Thank you for your continued confidence in our team of municipal bond specialists. As we close out another year, we are pleased about how we navigated the volatility of 2025 and remain focused on positioning client portfolios to capitalize on market opportunities ahead in 2026. While much has changed over the past […]
Northfield, IL 3Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database 1-Year category. This means that BAM taxable strategies were among the top ten performers within one or more peer groups reporting to PSN. This follows up BAM’s taxable strategies recent “Top Guns” achievement for 2Q2025. […]
Now that it’s officially October—and finally a justifiable time to break out the Halloween decorations—municipal supply remains elevated and on pace to reach record annual levels. In 2024, issuance reached a record $460 billion, but this year is projected to far surpass it, with an estimated $580 billion in total issuance.[1] The market experienced intermittent […]
Northfield, IL 2Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database 1-Year category. This means that BAM taxable strategies were among the top ten performers within one or more peer groups reporting to PSN. This follows up BAM’s taxable strategies recent “Top Guns” achievement for 1Q2025. The […]
Northfield, IL 1Q 2025 — Bernardi Asset Management’s (BAM) Intermediate Taxable and Short Taxable strategies achieved “Top Guns” status within Zephyr’s PSN manager database for Q1 2025 and 1 Year. PSN Top Guns performance rankings are tabulated for thousands of strategies across 75 peer groups subdivided by increasingly rigorous screens and reported in various ascending […]
An illiquidity drought has swept through financial markets leading to spiking treasury and municipal yields. Yesterday’s announcement about a tariff pause may alleviate market conditions, but municipal yields are now at 14-year highs. The Bloomberg 10-year AAA rated benchmark ticked to 3.80% yesterday, which is over 6% taxable equivalent at the 37% bracket. The 10-year […]