We are a fixed-income investment advisor with a primary focus on customized tax-exempt and taxable municipal bond portfolios. We believe this focus on the municipal market generates valuable insight and access for our clients. We serve high net worth individuals, foundations, endowments, pension funds and institutions. As an independent, employee-owned firm, we are strongly committed to excellent service and meeting our investors’ objectives, a commitment we support with continued investment in our people, systems and technology.


 
December 2009   November 2009   October 2009 -
Special Commentary
 
 
  The Great Recession has left states grappling with one of the most difficult fiscal environments in the past 100 years. The situation has induced concern that some states may impair debt, as occurred after the Panics of 1837 and 1873 and during the Great Depression.     Created as part of the American Recovery and Reinvestment Act of 2009, the QSCB program enables states and local school districts to issue bonds that provide a federal tax credit to investors in lieu of some or all interest payments.     With state and local governments under increasing financial stress, there have been a number of dire predictions of municipal defaults and bankruptcies. We have written a brief primer to provide a better understanding of the significant differences between municipal and corporate debt obligations.

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