January 18, 2019 By: Matthew P. Bernardi There are many facets and varieties of our active management approach to municipal bond portfolios. Credit analysis, ladder positioning, strategies offered, and tax-loss harvesting to name a few. Another important aspect of active management is the allocation to (and avoidance of) specific geographies relative to the benchmark. Considering […]
Below please find the our portfolio management team’s Fall 2018 Municipal Market Review. This provides an overview of current market conditions and information about our total return and goals-based strategies. If you would like additional information about our process or specific strategies, please let us know. 2018 Fall – Bernardi Municipal Market Review
October 10, 2018 By Matthew P. Bernardi The U.S. economy is firing on all cylinders right now. Small business confidence has reached all-time highs, jobless claims are near 49 year lows, while household net worth continues to climb into record territory. Federal Reserve Bank of New York President, John Williams, recently noted the economy is […]
Six months after the sweeping tax-reform package that cut corporate and individual rates rattled the $3.7 trillion municipal bond market, financial advisers say the fallout has proven to be a good thing for investors… Read more here
July 5, 2018 By Matthew P. Bernardi “[Avoid] likewise the accumulation of debt”. – George Washington Since the financial crisis, municipal bonded debt outstanding has increased at a snail’s pace of 0.51% per year.[1] With corporate debt growing at an annual pace of 5.33% and Treasuries at 10.18%, it appears the average municipal government has […]
Below please find the our portfolio management team’s Spring 2018 Municipal Market Review. This provides an overview of current market conditions and information about our total return and goals-based strategies. If you would like additional information about our process or specific strategies, please let us know. 2018 Spring – Bernardi Market Review
There are two possible ways an investor pays to access the municipal bond market and portfolio management services for a separately managed account: One-time transaction cost model (markup/down) Annual fee model As a hybrid-firm (broker-dealer & registered investment advisor), Bernardi Securities (BSI) offers a choice of fee-only and one-time transaction platforms to our portfolio management […]
Warren Buffett’s annual letter is one of the best insights into the mind of perhaps the greatest stock picker in history. His letters offer a great window into how he built a $500 billion conglomerate of businesses from a mere, mid-size textile manufacturing company. Today, Berkshire Hathaway intersects with our lives in myriad ways from auto insurance to underpants to home brokerage services. The man, however, is not without his biases as it pertains to financial markets and asset allocation, including a distaste for active stock management, investment bankers, and bonds.
Tax reform largely left the municipal bond market intact, though a bit squeezed, and it remains an attractive space for individual investors. We are satisfied with the outcome and are also grateful as American citizens and taxpayers that Congress largely left the market unhindered in its ability to fund the bulk (~75%) of our nation’s infrastructure.