Eamon Capital Management

Eamon Capital Management A more disciplined approach to investment management.

Eamon Capital Management is a fee-only, registered investment advisor in Pennsylvania, providing holistic wealth and investment management services to individuals and families as well as investment management services to institutional investors, financial advisors, tax planners and other professional service providers.

05/25/2026
Indexes must hold everything, including the most overvalued and vulnerable companies. ๐—ช๐—ต๐—ฒ๐—ป ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐˜€ ๐˜๐˜‚๐—ฟ๐—ป, ๐—ฝ๐—ฎ๐˜€๐˜€๐—ถ๐˜ƒ๐—ฒ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ...
05/19/2026

Indexes must hold everything, including the most overvalued and vulnerable companies. ๐—ช๐—ต๐—ฒ๐—ป ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐˜€ ๐˜๐˜‚๐—ฟ๐—ป, ๐—ฝ๐—ฎ๐˜€๐˜€๐—ถ๐˜ƒ๐—ฒ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—ฎ๐—ฏ๐˜€๐—ผ๐—ฟ๐—ฏ ๐˜๐—ต๐—ฒ ๐—ณ๐˜‚๐—น๐—น ๐—ถ๐—บ๐—ฝ๐—ฎ๐—ฐ๐˜. ๐—”๐—ฐ๐˜๐—ถ๐˜ƒ๐—ฒ ๐—บ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—ฟ๐˜€ ๐—ฐ๐—ฎ๐—ป ๐˜€๐—ถ๐—ฑ๐—ฒ๐˜€๐˜๐—ฒ๐—ฝ ๐˜๐—ต๐—ฒ ๐˜„๐—ฒ๐—ฎ๐—ธ๐—ฒ๐˜€๐˜ ๐—ฎ๐—ฟ๐—ฒ๐—ฎ๐˜€ ๐—ฎ๐—ป๐—ฑ ๐˜๐—ถ๐—น๐˜ ๐˜๐—ผ๐˜„๐—ฎ๐—ฟ๐—ฑ ๐—พ๐˜‚๐—ฎ๐—น๐—ถ๐˜๐˜†, ๐˜€๐˜๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐˜†, ๐—ฎ๐—ป๐—ฑ ๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ฑ๐—ถ๐˜€๐—ฐ๐—ถ๐—ฝ๐—น๐—ถ๐—ป๐—ฒ.

Not all active managers do this well. A knowledgeable advisor helps identify those with true skill and repeatable processes.

๐—ง๐—ต๐—ฒ ๐—บ๐—ฎ๐˜๐—ต ๐—ถ๐˜€ ๐˜€๐—ถ๐—บ๐—ฝ๐—น๐—ฒ: ๐—ฎ ๐Ÿฏ๐Ÿฌ% ๐—น๐—ผ๐˜€๐˜€ ๐—ฟ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฟ๐—ฒ๐˜€ ๐—ฎ ๐Ÿฐ๐Ÿฏ% ๐—ด๐—ฎ๐—ถ๐—ป ๐—ท๐˜‚๐˜€๐˜ ๐˜๐—ผ ๐—ฏ๐—ฟ๐—ฒ๐—ฎ๐—ธ ๐—ฒ๐˜ƒ๐—ฒ๐—ป. A manager who limits that loss to 20% needs far l...
05/12/2026

๐—ง๐—ต๐—ฒ ๐—บ๐—ฎ๐˜๐—ต ๐—ถ๐˜€ ๐˜€๐—ถ๐—บ๐—ฝ๐—น๐—ฒ: ๐—ฎ ๐Ÿฏ๐Ÿฌ% ๐—น๐—ผ๐˜€๐˜€ ๐—ฟ๐—ฒ๐—พ๐˜‚๐—ถ๐—ฟ๐—ฒ๐˜€ ๐—ฎ ๐Ÿฐ๐Ÿฏ% ๐—ด๐—ฎ๐—ถ๐—ป ๐—ท๐˜‚๐˜€๐˜ ๐˜๐—ผ ๐—ฏ๐—ฟ๐—ฒ๐—ฎ๐—ธ ๐—ฒ๐˜ƒ๐—ฒ๐—ป. A manager who limits that loss to 20% needs far less recovery. Over multiple cycles, this compounds into meaningful outperformance.

Evaluating downside capture requires understanding a managerโ€™s philosophy, risk framework, and historical behavior โ€” something a skilled advisor is trained to analyze.

Passive portfolio management gives investors full exposure to the market, including every drawdown. ๐—”๐—ฐ๐˜๐—ถ๐˜ƒ๐—ฒ ๐—บ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—ฟ๐˜€, ๐—ฎ๐—ถ๐—บ...
05/05/2026

Passive portfolio management gives investors full exposure to the market, including every drawdown. ๐—”๐—ฐ๐˜๐—ถ๐˜ƒ๐—ฒ ๐—บ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—ฟ๐˜€, ๐—ฎ๐—ถ๐—บ ๐˜๐—ผ ๐—บ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ ๐—ฟ๐—ถ๐˜€๐—ธ ๐—ฏ๐˜† ๐—ฎ๐—ฑ๐—ท๐˜‚๐˜€๐˜๐—ถ๐—ป๐—ด ๐—ฒ๐˜…๐—ฝ๐—ผ๐˜€๐˜‚๐—ฟ๐—ฒ ๐˜๐—ผ ๐˜๐—ต๐—ฒ ๐—บ๐—ผ๐˜€๐˜ ๐˜ƒ๐˜‚๐—น๐—ป๐—ฒ๐—ฟ๐—ฎ๐—ฏ๐—น๐—ฒ ๐—ฝ๐—ฎ๐—ฟ๐˜๐˜€ ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜. This approach can help soften the effect of major market declines through lower downside capture, even if it results in capturing slightly less of the upside during strong markets.

At Eamon, we focus on identifying managers demonstrating the discipline, process, and risk controls that support more resilient outcomes across different market environments.

Strong markets can create a false sense of security. But after a multiโ€year rally, the most important question becomes:๐——...
04/28/2026

Strong markets can create a false sense of security. But after a multiโ€year rally, the most important question becomes:
๐——๐—ผ๐—ฒ๐˜€ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—ผ๐—ฟ๐˜๐—ณ๐—ผ๐—น๐—ถ๐—ผ ๐˜€๐˜๐—ถ๐—น๐—น ๐—บ๐—ฎ๐˜๐—ฐ๐—ต ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜๐—ถ๐—บ๐—ฒ ๐—ต๐—ผ๐—ฟ๐—ถ๐˜‡๐—ผ๐—ป ๐—ฎ๐—ป๐—ฑ ๐—ถ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ ๐—ป๐—ฒ๐—ฒ๐—ฑ๐˜€?

History reminds us that recoveries can take time. After the 2008 peak, it took 65 months for the market to fully recover. Investors who were drawing income during that period felt the impact more acutely than those still accumulating.

๐—™๐—ผ๐—ฟ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—ป๐—ฒ๐—ฎ๐—ฟ๐—ถ๐—ป๐—ด ๐—ฟ๐—ฒ๐˜๐—ถ๐—ฟ๐—ฒ๐—บ๐—ฒ๐—ป๐˜ โ€” ๐—ผ๐—ฟ ๐—ฎ๐—ป๐˜†๐—ผ๐—ป๐—ฒ ๐˜„๐—ต๐—ผ ๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜๐˜€ ๐˜๐—ผ ๐—ฑ๐—ฟ๐—ฎ๐˜„ ๐—ถ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ ๐—ณ๐—ฟ๐—ผ๐—บ ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—ฝ๐—ผ๐—ฟ๐˜๐—ณ๐—ผ๐—น๐—ถ๐—ผ โ€” ๐˜๐—ต๐—ถ๐˜€ ๐—ถ๐˜€ ๐˜๐—ต๐—ฒ ๐˜๐—ถ๐—บ๐—ฒ ๐˜๐—ผ:
โ€ข Reassess risk exposure
โ€ข Evaluate concentration in megaโ€‘cap tech
โ€ข Ensure income sources are durable
โ€ข Stressโ€‘test the portfolio for volatility

The goal isnโ€™t to predict the next downturn. Itโ€™s to make sure your portfolio is built to withstand one.
If you havenโ€™t revisited your allocation recently, now is the time.

๐—ง๐—ต๐—ฒ ๐—ฆ&๐—ฃ ๐Ÿฑ๐Ÿฌ๐Ÿฌโ€™๐˜€ ๐—ณ๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑ ๐—ฃ/๐—˜ ๐—ฟ๐—ฎ๐˜๐—ถ๐—ผ ๐—ป๐—ผ๐˜„ ๐˜€๐˜๐—ฎ๐—ป๐—ฑ๐˜€ ๐—ฎ๐˜ ๐Ÿฎ๐Ÿฌ.๐Ÿต, ๐˜„๐—ต๐—ถ๐—ฐ๐—ต ๐—ถ๐˜€ ๐—ฎ๐—ฏ๐—ผ๐˜ƒ๐—ฒ ๐—ฏ๐—ผ๐˜๐—ต ๐—ถ๐˜๐˜€ ๐Ÿฑโ€๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฎ๐˜ƒ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ (๐Ÿญ๐Ÿต.๐Ÿต) ๐—ฎ๐—ป๐—ฑ ๐Ÿญ๐Ÿฌโ€๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฎ๐˜ƒ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ (๐Ÿญ...
04/21/2026

๐—ง๐—ต๐—ฒ ๐—ฆ&๐—ฃ ๐Ÿฑ๐Ÿฌ๐Ÿฌโ€™๐˜€ ๐—ณ๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑ ๐—ฃ/๐—˜ ๐—ฟ๐—ฎ๐˜๐—ถ๐—ผ ๐—ป๐—ผ๐˜„ ๐˜€๐˜๐—ฎ๐—ป๐—ฑ๐˜€ ๐—ฎ๐˜ ๐Ÿฎ๐Ÿฌ.๐Ÿต, ๐˜„๐—ต๐—ถ๐—ฐ๐—ต ๐—ถ๐˜€ ๐—ฎ๐—ฏ๐—ผ๐˜ƒ๐—ฒ ๐—ฏ๐—ผ๐˜๐—ต ๐—ถ๐˜๐˜€ ๐Ÿฑโ€๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฎ๐˜ƒ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ (๐Ÿญ๐Ÿต.๐Ÿต) ๐—ฎ๐—ป๐—ฑ ๐Ÿญ๐Ÿฌโ€๐˜†๐—ฒ๐—ฎ๐—ฟ ๐—ฎ๐˜ƒ๐—ฒ๐—ฟ๐—ฎ๐—ด๐—ฒ (๐Ÿญ๐Ÿด.๐Ÿต). Elevated valuations donโ€™t automatically signal a downturn, but they do indicate that markets are pricing in a lot of optimism. When valuations stretch above longโ€‘term norms, future return potential tends to compress and sensitivity to negative surprises increases.

This is where history is instructive. After the 2008 peak, the market didnโ€™t recover until 65 months later. Investors who entered at stretched valuations had to endure a long, volatile path back to even.

For those nearing retirement, this is more than an academic point. Sequenceโ€‘ofโ€‘returns risk โ€” experiencing a major drawdown early in retirement โ€” can have a lasting impact on longโ€‘term outcomes. Elevated valuations make that risk more pronounced.

๐—ง๐—ต๐—ฒ ๐—บ๐—ผ๐˜€๐˜ ๐—ฟ๐—ฒ๐—ฐ๐—ฒ๐—ป๐˜ ๐—จ.๐—ฆ. ๐—ฒ๐—ฎ๐—ฟ๐—ป๐—ถ๐—ป๐—ด๐˜€ ๐˜€๐—ฒ๐—ฎ๐˜€๐—ผ๐—ป ๐˜„๐—ฎ๐˜€ ๐—ถ๐—บ๐—ฝ๐—ฟ๐—ฒ๐˜€๐˜€๐—ถ๐˜ƒ๐—ฒ. ๐—ง๐—ต๐—ฒ โ€œ๐— ๐—ฎ๐—ด๐—ป๐—ถ๐—ณ๐—ถ๐—ฐ๐—ฒ๐—ป๐˜ ๐Ÿณโ€ ๐—ฝ๐—ผ๐˜€๐˜๐—ฒ๐—ฑ ๐Ÿฎ๐Ÿณ%+ ๐—ฒ๐—ฎ๐—ฟ๐—ป๐—ถ๐—ป๐—ด๐˜€ ๐—ด๐—ฟ๐—ผ๐˜„๐˜๐—ต, ๐˜„๐—ต๐—ถ๐—น๐—ฒ ๐˜๐—ต๐—ฒ ๐—ผ๐˜๐—ต๐—ฒ๐—ฟ ๐Ÿฐ๐Ÿต...
04/14/2026

๐—ง๐—ต๐—ฒ ๐—บ๐—ผ๐˜€๐˜ ๐—ฟ๐—ฒ๐—ฐ๐—ฒ๐—ป๐˜ ๐—จ.๐—ฆ. ๐—ฒ๐—ฎ๐—ฟ๐—ป๐—ถ๐—ป๐—ด๐˜€ ๐˜€๐—ฒ๐—ฎ๐˜€๐—ผ๐—ป ๐˜„๐—ฎ๐˜€ ๐—ถ๐—บ๐—ฝ๐—ฟ๐—ฒ๐˜€๐˜€๐—ถ๐˜ƒ๐—ฒ. ๐—ง๐—ต๐—ฒ โ€œ๐— ๐—ฎ๐—ด๐—ป๐—ถ๐—ณ๐—ถ๐—ฐ๐—ฒ๐—ป๐˜ ๐Ÿณโ€ ๐—ฝ๐—ผ๐˜€๐˜๐—ฒ๐—ฑ ๐Ÿฎ๐Ÿณ%+ ๐—ฒ๐—ฎ๐—ฟ๐—ป๐—ถ๐—ป๐—ด๐˜€ ๐—ด๐—ฟ๐—ผ๐˜„๐˜๐—ต, ๐˜„๐—ต๐—ถ๐—น๐—ฒ ๐˜๐—ต๐—ฒ ๐—ผ๐˜๐—ต๐—ฒ๐—ฟ ๐Ÿฐ๐Ÿต๐Ÿฏ ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฎ๐—ป๐—ถ๐—ฒ๐˜€ ๐—ถ๐—ป ๐˜๐—ต๐—ฒ ๐—ฆ&๐—ฃ ๐Ÿฑ๐Ÿฌ๐Ÿฌ ๐—ด๐—ฟ๐—ฒ๐˜„ ๐—ฐ๐—น๐—ผ๐˜€๐—ฒ๐—ฟ ๐˜๐—ผ ๐Ÿญ๐Ÿฌ%. ๐—ง๐—ต๐—ฎ๐˜ ๐—ด๐—ฎ๐—ฝ ๐—บ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€.

๐—ช๐—ต๐—ฒ๐—ป ๐—น๐—ฒ๐—ฎ๐—ฑ๐—ฒ๐—ฟ๐˜€๐—ต๐—ถ๐—ฝ ๐—ป๐—ฎ๐—ฟ๐—ฟ๐—ผ๐˜„๐˜€, ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐˜€ ๐—ฏ๐—ฒ๐—ฐ๐—ผ๐—บ๐—ฒ ๐—บ๐—ผ๐—ฟ๐—ฒ ๐—ณ๐—ฟ๐—ฎ๐—ด๐—ถ๐—น๐—ฒ. A small group of companies ends up carrying the index โ€” and when those companies stumble, the entire market feels it.

๐—›๐—ถ๐˜€๐˜๐—ผ๐—ฟ๐˜† ๐—ผ๐—ณ๐—ณ๐—ฒ๐—ฟ๐˜€ ๐—ฝ๐—ฒ๐—ฟ๐˜€๐—ฝ๐—ฒ๐—ฐ๐˜๐—ถ๐˜ƒ๐—ฒ: ๐—ฎ๐—ณ๐˜๐—ฒ๐—ฟ ๐˜๐—ต๐—ฒ ๐Ÿฎ๐Ÿฌ๐Ÿฌ๐Ÿด ๐—ฐ๐—ฟ๐—ถ๐˜€๐—ถ๐˜€, ๐˜๐—ต๐—ฒ ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜ ๐—ฑ๐—ถ๐—ฑ๐—ปโ€™๐˜ ๐—ฟ๐—ฒ๐—ฐ๐—ผ๐˜ƒ๐—ฒ๐—ฟ ๐—ถ๐—ป ๐—ฎ ๐˜€๐˜๐—ฟ๐—ฎ๐—ถ๐—ด๐—ต๐˜ ๐—น๐—ถ๐—ป๐—ฒ. It took 65 months to reclaim its prior peak, and much of that journey was uneven. Concentration risk made the market more sensitive then, just as it does today.

For investors approaching retirement or depending on portfolio income, ๐˜๐—ต๐—ถ๐˜€ ๐—ถ๐˜€ ๐—ฎ ๐—ฟ๐—ฒ๐—บ๐—ถ๐—ป๐—ฑ๐—ฒ๐—ฟ ๐˜๐—ผ ๐—ฟ๐—ฒ๐—ฎ๐˜€๐˜€๐—ฒ๐˜€๐˜€ ๐˜„๐—ต๐—ฒ๐˜๐—ต๐—ฒ๐—ฟ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฎ๐—น๐—น๐—ผ๐—ฐ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐˜€๐˜๐—ถ๐—น๐—น ๐—ฟ๐—ฒ๐—ณ๐—น๐—ฒ๐—ฐ๐˜๐˜€ ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜๐—ถ๐—บ๐—ฒ ๐—ต๐—ผ๐—ฟ๐—ถ๐˜‡๐—ผ๐—ป ๐—ฎ๐—ป๐—ฑ ๐—ฟ๐—ถ๐˜€๐—ธ ๐—ฐ๐—ฎ๐—ฝ๐—ฎ๐—ฐ๐—ถ๐˜๐˜†.

๐—”๐—ณ๐˜๐—ฒ๐—ฟ ๐—ฎ 3โ€๐—ฌ๐—ฒ๐—ฎ๐—ฟ ๐— ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜ ๐—ฅ๐˜‚๐—ป-๐—จ๐—ฝ, ๐—ช๐—ต๐—ฎ๐˜ ๐—ฆ๐—ต๐—ผ๐˜‚๐—น๐—ฑ ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—˜๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜ ๐—ก๐—ฒ๐˜…๐˜?The past 3โ€“4 years have delivered exceptional market ret...
04/07/2026

๐—”๐—ณ๐˜๐—ฒ๐—ฟ ๐—ฎ 3โ€๐—ฌ๐—ฒ๐—ฎ๐—ฟ ๐— ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜ ๐—ฅ๐˜‚๐—ป-๐—จ๐—ฝ, ๐—ช๐—ต๐—ฎ๐˜ ๐—ฆ๐—ต๐—ผ๐˜‚๐—น๐—ฑ ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—˜๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜ ๐—ก๐—ฒ๐˜…๐˜?
The past 3โ€“4 years have delivered exceptional market returns. Earnings have been strong, AI has accelerated productivity, and a handful of megaโ€‘cap leaders have driven a disproportionate share of gains.

๐—•๐˜‚๐˜ ๐˜€๐˜๐—ฟ๐—ผ๐—ป๐—ด ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐˜€ ๐—ฑ๐—ผ๐—ปโ€™๐˜ ๐—ฒ๐—น๐—ถ๐—บ๐—ถ๐—ป๐—ฎ๐˜๐—ฒ ๐—ฟ๐—ถ๐˜€๐—ธ โ€” ๐˜๐—ต๐—ฒ๐˜† ๐—ผ๐—ณ๐˜๐—ฒ๐—ป ๐˜€๐—ต๐—ถ๐—ณ๐˜ ๐—ถ๐˜.

A useful reminder: after the 2008 financial crisis, it took the S&P 500 65 months โ€” more than 5ยฝ years โ€” to fully recover from peak to peak. Recoveries happen, but they can take time, especially when starting from stretched valuations.

๐—™๐—ผ๐—ฟ ๐—ถ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ผ๐—ฟ๐˜€ ๐—ป๐—ฒ๐—ฎ๐—ฟ๐—ถ๐—ป๐—ด ๐—ฟ๐—ฒ๐˜๐—ถ๐—ฟ๐—ฒ๐—บ๐—ฒ๐—ป๐˜ ๐—ผ๐—ฟ ๐—ฟ๐—ฒ๐—น๐˜†๐—ถ๐—ป๐—ด ๐—ผ๐—ป ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐—ฝ๐—ผ๐—ฟ๐˜๐—ณ๐—ผ๐—น๐—ถ๐—ผ๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—ถ๐—ป๐—ฐ๐—ผ๐—บ๐—ฒ, ๐˜๐—ต๐—ถ๐˜€ ๐—บ๐—ฎ๐˜๐˜๐—ฒ๐—ฟ๐˜€. ๐—” ๐—น๐—ผ๐—ป๐—ด ๐—ฟ๐˜‚๐—ป-๐˜‚๐—ฝ ๐—ฐ๐—ฎ๐—ป ๐—บ๐—ฎ๐˜€๐—ธ ๐˜‚๐—ป๐—ฑ๐—ฒ๐—ฟ๐—น๐˜†๐—ถ๐—ป๐—ด ๐˜ƒ๐˜‚๐—น๐—ป๐—ฒ๐—ฟ๐—ฎ๐—ฏ๐—ถ๐—น๐—ถ๐˜๐—ถ๐—ฒ๐˜€, ๐—ฎ๐—ป๐—ฑ ๐˜๐—ต๐—ฒ ๐—ป๐—ฒ๐˜…๐˜ ๐—ฑ๐—ฒ๐—ฐ๐—ฎ๐—ฑ๐—ฒ ๐—บ๐—ฎ๐˜† ๐—ป๐—ผ๐˜ ๐—น๐—ผ๐—ผ๐—ธ ๐—น๐—ถ๐—ธ๐—ฒ ๐˜๐—ต๐—ฒ ๐—น๐—ฎ๐˜€๐˜ ๐—ณ๐—ถ๐˜ƒ๐—ฒ ๐˜†๐—ฒ๐—ฎ๐—ฟ๐˜€.

The macro backdrop is shifting in ways that favor fixed income:  โ€ข Growth is moderating but remains healthy.  โ€ข Inflatio...
03/24/2026

The macro backdrop is shifting in ways that favor fixed income:
โ€ข Growth is moderating but remains healthy.
โ€ข Inflation is easing.
โ€ข The Fed is expected to continue cutting rates toward neutral.

๐—š๐—น๐—ผ๐—ฏ๐—ฎ๐—น ๐—ฐ๐—ฒ๐—ป๐˜๐—ฟ๐—ฎ๐—น ๐—ฏ๐—ฎ๐—ป๐—ธ๐˜€ ๐—ฎ๐—ฟ๐—ฒ ๐—ฑ๐—ถ๐˜ƒ๐—ฒ๐—ฟ๐—ด๐—ถ๐—ป๐—ด, ๐—ฐ๐—ฟ๐—ฒ๐—ฎ๐˜๐—ถ๐—ป๐—ด ๐—ผ๐—ฝ๐—ฝ๐—ผ๐—ฟ๐˜๐˜‚๐—ป๐—ถ๐˜๐—ถ๐—ฒ๐˜€ ๐—ฎ๐—ฐ๐—ฟ๐—ผ๐˜€๐˜€ ๐˜€๐—ผ๐˜ƒ๐—ฒ๐—ฟ๐—ฒ๐—ถ๐—ด๐—ป ๐—บ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜๐˜€.

This environment supports a constructive duration outlook and makes highโ€‘quality bonds increasingly attractive. Weโ€™re entering a phase of the cycle where bonds can contribute meaningfully to total return, not just serve as ballast.

Itโ€™s not often that bonds offer income, stability, and upside potential at the same time โ€” but thatโ€™s exactly where we a...
03/17/2026

Itโ€™s not often that bonds offer income, stability, and upside potential at the same time โ€” but thatโ€™s exactly where we are today.

Whatโ€™s changed:
Yields are high across Treasuries, investmentโ€‘grade credit, securitized โ€ข assets, and municipal markets.

โ€ข The yield curve is steepening, creating rollโ€‘down opportunities.

โ€ข Credit spreads are tight, but fundamentals remain strong.

โ€ข Shortโ€‘term, investors can lock in attractive income. Longโ€‘term, as rates drift lower, highโ€‘quality bonds may deliver capital gains on top of that income.

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