November 13, 2017
Virtually every piece of data you could look at is associated with a solid economy, and it is about to get stronger from the surge in post-hurricane rebuilding, seasonal tailwinds, and possible tax cuts. At the same time, the Fed is ratcheting rates higher and normalizing its balance sheet, spreads in most fixed-income sectors are moving to historical tights, and below investment-grade yields are likely to breach historical lows. Investors today are simply not being compensated for the risks they are taking. The question now is how to generate yield without taking on undue interest-rate or credit risk. The challenge is to avoid chasing short-term gains and maintain the discipline required for long-term investing success.
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