March 23, 2020—It’s been a bruising few weeks in financial markets, with virtually no asset class left unscathed. Investment-grade municipal bonds—typically thought of as a safe haven that should help weather volatility in riskier asset classes like equities—have seen a significant amount of volatility. We have taken note of a historic buying opportunity within the municipal bond market, and we have adjusted our portfolio allocations to take advantage of any price dislocations.
March 10, 2020—The stock market and economic outlooks are changing rapidly. Over the past few days we have witnessed several developments that led us to downgrade our outlook for the economy and markets and moved a 2020 recession into our base case. However, with hysteria evident everywhere from the floor of the NY Stock Exchange to the toilet paper aisle of Costco, we would encourage clients not to panic.
February 3, 2020 — The novel coronavirus originating from the populous city of Wuhan, China, continues to progress, with still-unclear implications for global economies and markets. Since our Wilmington Wire post last week discussing the topic, the number of reported cases globally has more than quadrupled to 17,489 across 24 different countries, with 362 deaths reported, at the time of writing. All but one of these deaths has occurred in China.