1. Send comments or questions.
  2. Full Name*
    Please enter your full name.
  3. Company*
    Please enter your company
  4. E-mail*
    Invalid email address.
  5. Phone #
    Invalid Input
  6. Subject*
    Please make a selection
    Invalid Input
  8. *
    Just a simple security measure to prove you are a human.
  9. * = Required

The 2001 Christmas Letter

December 21, 2001
Nick Betzold

At this time, every year, I have enjoyed a tradition originally started by a great man and leader in our industry, Clayton Brown. As Clayton used to do, either I or one of the other founders of this firm have always written a personal letter—not on behalf of the firm—but from our own hearts on the topic of Christmas.

View Full Article

Pssst…Did You Hear Where Rates Are Going?

December 21, 2001
Alex Balc III, Eric C. Brown, Paul V. Houriet

Many fixed-income portfolio managers devote a great deal of energy toward interest rate forecasting. In fact, this is often the primary determinant of portfolio positioning – if the forecast is for higher rates, the portfolio will be weighted toward shorter or adjustable rate securities, and if the forecast is for lower rates, the portfolio will instead be weighted toward longer maturities or durations.

View Full Article

Mitigating the Accounting Loss in Rates Up: The Advance Transfer Strategy

December 20, 2001
Brad Bonga, Girish Patel, Celia Wong

Part I (“Preparing for and Executing a Rates Up Strategy: Taking Losses”) of this two-part Disciplined Investor® presented a case in which the winner takes an accounting loss in rates up. We exhorted you to plan and prepare now, and then take the loss if and when the situation arises.

View Full Article

Preparing for and Executing a Rates Up Strategy: Taking Losses

December 10, 2001
Brad Bonga, Girish Patel, Celia Wong

Let’s talk about a topic that we do not like to discuss and that at first appears painful to implement. Taking losses. That is right, we all abhor taking losses in our culture because we are ingrained to want to win. We are led to believe that taking a loss means we did not win. But is that actually true? We all know the saying, “Nobody remembers who lost the , but we remember the winner.” That may be true in sports, but in the arena of investing, losses are inevitable. The ability to take small losses (before they really get out of hand) and to shift to better risk/rewards is what differentiates a winner from a loser.

View Full Article