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Market Commentary

The Current Investment Environment

Low Yield Environment:

• We believe the developed world is in a de-levering, slow-growth, low interest rate environment, which the market believes will endure for the next half-decade
• A massive increase in public borrowing and expansion of the Fed's balance sheet has occurred, which should affect secular change in the character of the US fixed income market and risk assets globally
• We believe the "Off-The-Run" tax-free market - not rated high yield tax-exempt bonds - is currently very attractive, offering significantly enhanced yield (6%-8%), transparency, control, and recourse to the assets not offered through the G.O. market
• With the aging population, clients are likely to need income, and traditional solutions may not be effective