It is commonplace in our industry to make comparisons to the past, mostly in hope that it can guide us to what will happen in the future and thus make our investment choices easier. Despite our attempted due diligence, there are so many variables that prognosticating the future is very difficult at best. There is a reason that documents contain the disclaimer: “Past results are not a guarantee of future performance.” Still, information is important and does contain key indicators to help formulate educated choices. There is no shortage of uncertainty in our current economic environment so recapping some important points may be helpful. We will be diving much deeper on several current topics in this week’s release of the Fixed Income Quarterly (FIQ) and in our monthly advisor Strategy Call this Thursday.
Keep things simple. Stay disciplined. Don’t fight or predict the market. Take what it gives.
To learn more about the risks and rewards of investing in fixed income, please access the Securities Industry and Financial Markets Association’s “Learn More” section of investinginbonds.com, FINRA’s “Smart Bond Investing” section of finra.org, and the Municipal Securities Rulemaking Board’s (MSRB) Electronic Municipal Market Access System (EMMA) “Education Center” section of emma.msrb.org.
The author of this material is a Trader in the Fixed Income Department of Raymond James & Associates (RJA), and is not an Analyst. Any opinions expressed may differ from opinions expressed by other departments of RJA, including our Equity Research Department, and are subject to change without notice. The data and information contained herein was obtained from sources considered to be reliable, but RJA does not guarantee its accuracy and/or completeness. Neither the information nor any opinions expressed constitute a solicitation for the purchase or sale of any security referred to herein. This material may include analysis of sectors, securities and/or derivatives that RJA may have positions, long or short, held proprietarily. RJA or its affiliates may execute transactions which may not be consistent with the report’s conclusions. RJA may also have performed investment banking services for the issuers of such securities. Investors should discuss the risks inherent in bonds with their Raymond James Financial Advisor. Risks include, but are not limited to, changes in interest rates, liquidity, credit quality, volatility, and duration. Past performance is no assurance of future results.
Commentary & Insights
March 17, 2020
COVID-19 has officially been declared a pandemic, pushing markets into bear territory. Explore timely market insights.Weekly commentary by Dr. Scott Brown