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Our municipal bond trading and research activities enable us to identify and evaluate opportunities and then to execute transactions on behalf of our clients at favorable prices (and corresponding yields). For our fee-based clients, we act as agent, which means that our purchase cost (or sale proceeds) equals that of our client - i.e. there is no mark-up (or mark-down). Our style is really a process that begins with and centers upon balancing
the client’s income needs and yield goals with that client’s
market value volatility tolerance. Once the appropriate maturity and duration
framework is determined, we select individual bonds for purchase (or sale)
by focusing on relative value and by endeavoring to exploit opportunities
created by bond market inefficiencies. We do not attempt to time the market
or make interest rate calls.
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