News, insights and thought leadership from the City Different team.
“If you can keep your head when all about you are losing theirs and blaming it on you...” Rudyard Kipling Yesterday, I noticed Warren Buffet was in the press quoting this Kipling piece, one of my...
If you’ve ever seen the movie A Beautiful Mind (filmed on campus while I finished my degree in economics!), you’ll remember the pickup scene in the bar. John Nash (played by Russel Crowe) stumbles...
Around age 40, my annual checkup started including additional tests. These tests are meant to keep me healthy, but they also have the ancillary effect of stressing me out while I await the results....
Sweta Singh admits that she fell into finance by chance: “You do something day in and day out, and then you fall in love with it. I think it is symbiotic — you enjoy your work, and then you pour more...
“What do you do with cash?” is an investment question as old as, well, investing. It’s rare (and usually unwise) that an investor would have the entirety of their assets or holdings actively trading...
Please fasten your seat belts and return your tray tables to the upright and locked positions — we will be landing soon.
As the end of the year approaches, investors are trying to make lemonade (tax loss harvesting) out of lemons (capital losses on investments). Investors ought to keep in mind: when managing a...
Finance is a results-driven field. Leaving women out is leaving money on the table. You all know the stereotypes about the finance industry: It’s a bunch of high-achieving types, pinstripe suits,...
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...
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...
by Chris Ryon, CFA, & Sweta Singh – Portfolio Managers
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...
Earlier this year, municipal bond investors chasing returns often found themselves over their skis on risk. In our recent call, our fixed income portfolio managers Chris Ryon and Sweta Singh explain...
The following is an excerpt from a longer article, Rechecking Our Inflation Predictions: Inflation is Here - But for How Long?
If you missed our live webinar a few weeks ago, you can now watch the replay. We were excited by the number of attendees and impressed by their questions. During the call, Connor, Chris and Sweta...
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...
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...
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.
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...
Meet the Team City Different is an investment firm led by investment managers. We’re passionate about what we do, and started our own firm so we could pursue our best ideas wherever they may lead....
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...
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...
