 |
|
|
|
|
|
 | We believe the primary purposes of a bond portfolio are to produce a secure stream of
income and to reduce portfolio risk. Therefore, we invest only in high quality issues and avoid
the junk bond market
|
| In managing bond portfolios, we focus on anticipated changes in the level and shape of the
yield curve. This determines where our investments are made
|
| We typically utilize a ladder of maturities to further reduce risk and lengthen and shorten the
center of the ladder as conditions dictate
|
| For tax-free entities, such as retirement accounts, we primarily use governments —
Treasuries and Agencies. For taxable accounts, we use high quality municipals
|
|
|
|
