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A Call to Action: Assets, Liabilities, and Shape Management

June 26, 2001
Craig Johnson

Earlier this week Mike wrote about the relative valuation of the municipal market and suggested leverage. Offense, either alone or in combination with defense, creates compelling shapes when compared to specific liabilities. We especially like the 3-Year advance.

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A Call to Action: Municipals : Lost in the Current Rally

June 20, 2001
Mike Coogan

As rates have fallen, defensive shapes have intrigued us much more than offensive shapes. This is in sharp contrast to most of 2000, when offensive securities proved more interesting. Therefore, a majority of portfolio allocation this year has been directed towards defensive footprints. This includes Price Insulators™ and premium collateral with “friction.” From a shape management perspective, most of us have utilized the math to posture for increased liquidity should rates rise in the future. In other words, we have been purchasing defense.

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Shedding Light on Change

June 8, 2001
Nick Betzold

We are pleased to announce a new corporate name for both our NASD member broker/dealer (BBNH) and our SEC registered advisory firm (BBIM)…

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Opportunistic Investors, A Review

June 6, 2001
Tory Houriet

The end of April marked the “passing” of a new issue callable agency security that was celebrated in the Wall Street Journal (WSJ) on October 12th, 1998. Let me quote extensively from the WSJ. For those of you who are long-term readers of the B.A.L.L. (predecessor to The Disciplined Investor™), this will refresh your memory. For those of you who are newer readers (within the last two years) to our Disciplined Investor, this will be very interesting and could be quite amazing.

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Change in the Freddie Mac Prepayment Cycle

June 1, 2001
Mark Bodett

The July payment on Freddie Mac single family and ARM mortgage pools issued since September 1, 1995 and CMOs backed by those pools will include 30 days of interest and 45 days of principal prepayment. This is a one-time event, with the August payment; they will revert to 30 days of interest and principal prepayment per month. This will put Freddie Mac on the same accounting cycle as Fannie Mae and Ginnie Mae. The change was made to save Freddie Mac some money; however it may cost you money.

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A Call to Action: Sell Short Bullet (or Bullet-like) Securities

June 1, 2001
Brad Bonga

In the interest of saving time we will not outline the basics here but feel free to call the office for the basic primer if you need it. What we are going to do is highlight two trades that we made for customers last month because we think that more customers should take advantage of this opportunity.

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