Shape of the Markets-November 2025 The Great Cash Carve-Out: Making Room for Bonds This Thanksgiving Download the PDF Cash parked in money-market funds is now at record levels, with an estimated $7.5 trillion in money markets.1It’s not hard to fathom why investors may be parked in cash, whether it be fear, or inertia. The S&P […]
SHAPE MANAGEMENT IN PRACTICE Shape of the Markets Download the PDF We had the pleasure of welcoming a handful of clients and advisors to Chicago last month for our “Bond University,” where we provide a deep-dive analysis into Shape Management and why we invest the way we do. We start our time together by diving […]
Fixed Income Insights Volatility Creates Opportunity Download the PDF Global bond markets have experienced notable volatility to start 2025, particularly following President Trump’s tariff announcements on Liberation Day. Concerns around the fiscal deficit and inflation expectations have led to continued volatility, even as tariff negotiations occur. This volatility has created attractive opportunities for bond investors, […]
THE GO-FORWARD OPPORTUNITY IN BONDS Shape of the Markets Download the PDF In March 2020, the Covid-19 pandemic led to mass quarantines, travel bans, and business shutdowns. Fears of deflation and a global recession, or even depression, led to market panic. The S&P 500 fell 34%.1 The VIX spiked to record levels. 1 There was […]
Muni Market Insights Download the PDF Executive Summary The recent passage of the House Ways and Means Committee tax reconciliation bill has preserved the tax exemption for municipal bonds and provided some certainty for government issuers planning long-term capital projects. We examine the potential risks stemming from the proposed federal cuts to Medicaid funding and […]
Portfolio Manager Q&A Download the PDF What is your take on Trumps tariff announcement and the potential market impact? Plaiss: I believe there’s two ways to interpret this. One theory is that he does believe in implementing reciprocal tariffs. Mainstream economic thought is that tariffs are a tax on trade. When you tax something, you […]
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