The Harsh Realities of Individual Bond Investing

Spend any time working in the kitchen of a restaurant and you will think of restaurants very differently going forward.  Following a short experience in a restaurant kitchen during college, I’ve never once sent a meal back for being undercooked, overcooked, or even the entirely wrong order.  Use your imagination and we can just leave [...]

Q4 2016 Investment Commentary: Planning vs. Prognosticating

Last Friday here in Atlanta, local businesses closed, restaurants shut their doors by late afternoon, school activities were cancelled, and the Atlanta metro region went under a State of Emergency in anticipation of a debilitating storm.  Meteorologists unanimously predicted 2-5 inches of snowfall later that evening – an obviously dire amount of snowfall by southern [...]

The Fallacies of Rising Interest Rates

Buckle up, America.  Higher interest rates are coming.  Forget that we have collectively observed this erroneous warning a dozen times or so over the past decade.  We also had 13 Triple Crown attempts since Affirmed in 1978 and consider what happened recently to that lengthy streak of failed expectations. For the first time since June 2006, [...]

Projecting Bond Returns Over the Next Decade and the Practical Implications

Much has been said or written over the past decade about the future direction of interest rates.  Nearly everyone has an opinion on the subject including professional investment managers, CNBC correspondents, your golfing partner, and the person who cuts your hair. We like to make investment and financial planning decisions based on what is known [...]