Factor-based investing in fixed income

Fixed income investing can be broken down into factor-based decisions. The risks of fixed income can be described through three main factors...

Long-term secular trend in rates - A big issue

There needs to be a certain fatalism with the current long-term secular trend in real rates. Real rates  are expected to stay low after its ...

Is there value with holding international bonds?

There are a number of reasons for holding international bonds. It will be some variation on diversification, but as yields have fallen the r...

The impact of negative interest rates on the financial sector

Low interest rates have a negative effect on many financial institutions. Negative rates only make it worse and highlight some significant p...

The natural rate of interest - what is it today?

With more talk of the bond market being overvalued and when the Fed should move, it is natural to turn to what is the appropriate rate of in...