The MercadoLibre Paradox
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Over the past five years, MercadoLibre has grown both revenue and profit dramatically — yet its stock price has gone nowhere. Could this be an opportunity?
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Chris Ryon
Professional Roles: Thornburg Investment Management, Vanguard, Laventhol & Horwath Education: MBA, Drexel University Education: BS, Accounting, Villanova University Certification: Chartered Financial Analyst
The MercadoLibre Paradox
What Investing Can Teach Us About March Madness
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We've officially entered my absolute favorite time of the sports calendar year. As millions of others around the country have done this past week, I sat down to fill out my bracket for the annual Van...
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Are Treasuries Still Safe?
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Since April, I've had a lot of conversations about whether Treasuries are still a viable safe haven investment. After “Liberation Day,” 10-year Treasuries sold off by ~50 basis points, creating a...
Informed Investor: Total Return
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Why we focus on ‘total return’ (and what that means for your portfolio) When evaluating the performance of our strategies from our fixed income desk, we focus on total return. In our view, it’s the...
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Memorial Day Default Madness
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It’s the Friday before Memorial Day, a national holiday honoring all those who died while serving in the U.S. military. It’s also seven days before the United States hits the default wall. The...
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The Risk is Mutual: Mutual Funds in a Rising Rate Environment
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I saw this headline on Bloomberg today: "I Put Faith in These Guys: Vanguard Clients Decry Tax Debacle." It got me thinking about the risks embedded in fixed income mutual funds — especially...
3 Reasons Not to Go It Alone: Benefits of Partnering with a Financial Advisor
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Financial markets continue to oscillate, testing investors’ nerves and patience. As professional investors with decades of experience — including investing through bear markets and full interest rate...
Is it time to get into the fixed income market?
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Since opening our doors at City Different Investments, it is finally time to say— segments of the fixed income market are starting to get interesting! The fixed income markets have endured a...
The End of an Era of Free Money & the Impact on Fixed Income Markets
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by Chris Ryon, CFA, & Sweta Singh – Portfolio Managers
Headlines and Hype: Are Tax Hikes Distracting Municipal Bond Investors?
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In 2021, investors poured a record amount of cash into the municipal bond market, hoping to seek shelter from tax hikes expected as part of President Biden’s “Build Back Better” social spending and...
Money Market Funds vs. Short-Term Municipals: Time and Yield Work in Investors’ Favor, If They Have the Time and Yield
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Some of our clients are concerned with the stock market's valuation and are searching for lower-risk options for protecting their gains.
Inflation is Here: Bribing Workers to Return
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The following is an excerpt from a longer article, Rechecking Our Inflation Predictions: Inflation is Here - But for How Long?
Remember, Remember, the Third of November
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On November 3, the Federal Reserve Bank announced it will begin tapering bond purchases later this month – reducing monthly Treasury purchases by $10B and mortgage-backed securities by $5B. While the...
Inflation Prep: 4 Steps That Fixed Income Investors Can Take Now
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It’s probably time to worry about inflation for real. But as someone who’s run two bond desks (Thornburg and Vanguard) through thick and thin, and currently manages muni and other fixed income SMA...
Alert: The Hidden Risks That Might Be Lurking in Muni Bond Mutual Funds
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If you invest in municipal bond mutual funds, some odd quirks about the way mutual funds work could have a big impact on your risk.
There’s More to Muni Bonds Than Taxes
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Municipal bond investors are spending a lot of time talking about taxes. They worry the Manchin and Sanders wings in Congress will finally reach a compromise on the infrastructure and reconciliation...
A View from the City Different Bond Desk
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Based on historical measures, tax exempt municipal bonds are rich to just about every other fixed income asset class! The three examples below illustrate how tax exempt municipal bond yields compare...
Should We Be Worried About Inflation?
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Preparing your Fixed Income Portfolio for Inflation Should investors worry about inflation? We believe so. Does that mean investors should abandon the fixed income markets? No. A balanced portfolio...