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Yield Hunting | December 2022 Newsletter And Updated Sheets

Yield Hunting | December 2022 Newsletter And Updated Sheets

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Yield Hunting
Dec 01, 2022
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Yield Hunting | December 2022 Newsletter And Updated Sheets
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Summary

  • November was another good month with equities rising 5.4% while long-term bonds also rallied.  A 60/40 portfolio did extremely well with both sides working.

  • The dollar finally fell hard providing that lift.  The dollar is now the safe haven over treasuries and when it falls, money is flowing out into risk.

  • Inflation appears to have peaked and started its unwind lower.  This is providing a lift to risk but also reducing interest rates supporting bonds as well.

  • Muni CEFs appear to have some NAV momentum and look compelling here.  Most muni CEFs have cut at least once and now have wide discounts.

  • Core trades look to improve quality by selling small risk positions ARDC and KIO and adding high quality in taxable munis with NBB.

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