The primary concern has been for protecting the health of our citizens. However, the focus is now shifting to protecting our citizen’s health while getting people back to work.

Selling pressure from ETF’s in the Muni market has created an opportunity for long term Muni investors.

There are many reasons to be optimistic about the economy. Nobody can predict exactly how our nation’s budgetary constraints will play out, but it is important not to lose sight of them, especially when the economy is strong.

The Fed has raised interest rates multiple times this year, leading to considerable discussion about the possibility of an inverted yield curve

All of this indicates that the Fed’s decision to keep rates low for so long could have been based on the premise that a weaker economy necessitates a lower neutral rate.

The Muni market is a good place for investors to have a positive social impact with their investment holdings. Our firm has not offered a specific ESG strategy, but we have always placed an emphasis on these types of Muni investments.

We have concerns about the rapid growth of Muni ETFs and the liquidity mismatch that exists. Investors may suffer performance drag caused by this mismatch during periods of stress in the Muni market due to negative fund flows caused by investor redemptions.

An investor who has an account at a brokerage firm is at a severe disadvantage in the Muni market.

We believe an excellent investment opportunity currently exists in the Natural Resources and Energy (such as gold and oil) markets.