The Bond Investor’s Dilemma: A Barron’s Q&A with Mary Ellen Stanek and Warren Pierson
In a recent Barron’s Q&A, Baird leaders Mary Ellen Stanek and Warren Pierson discuss potential impacts of the recent presidential election, the ongoing outlook for investors in a continued low interest rate environment and some recent opportunities in credits.
“People invest in bonds for stability, income or cash flow, and liquidity—not for excitement. Our investor base wants a higher-quality, more-predictable, consistent approach [using] investment-grade [bonds].”
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All investments carry some level of risk, including loss of principal and diversification does not ensure a profit or protect against loss. Fixed income is generally considered to be a more conservative investment than stocks, but bonds and other fixed income investments still carry a variety of risk such as interest rate risk, regulatory risk, credit risk, inflation risk, call risk, default risk, political risk, tax policy risk and liquidity risk. In a rising interest rate environment, the value of fixed-income securities generally decline and conversely, in a falling interest rate environment, the value of fixed income securities generally increase. Municipal securities investments are not appropriate for all investors, especially those taxed at lower rates.