by Brian Jacobs | Nov 21, 2025 | Blog, Investment Concepts
Private credit has become the industry’s favorite shiny object, recently surpassing the entire market for listed high-yield corporate bonds with $1.7 trillion in assets per Preqin. The yield looks great, the line on the chart looks smooth, and the marketing is...
by Brian Jacobs | Nov 6, 2025 | Blog, Investment Concepts
Why ETFs Deserve the Flow of New Money Mutual funds distribute gains that investors may not have realized themselves ETFs can defer or avoid those gains through in-kind redemptions Deferral enhances after-tax compounding, especially in taxable accounts New...
by Brian Jacobs | Oct 31, 2025 | Blog, Investment Concepts
At today’s levels, we think high-yield credit offers little value to investors. The yield of the Bloomberg U.S. Corporate High Yield Index sits at just 2.6% above Treasuries of similar duration, within spitting distance of the all-time narrow level of 2.3%. The last...
by Brian Jacobs | Oct 24, 2025 | Blog, Investment Concepts
As our resident “trend guy,” I sometimes get pulled into conversations with advisors about trend-following strategies. While we as a firm are strictly strategic at the allocation level, we do incorporate trend as a component in some of our funds. I figured I’d...
by Brian Jacobs | Sep 17, 2025 | Blog, Investment Concepts
Some investors still view dividends and coupons as more “real” than selling shares for cash. That made sense decades ago, when trading costs were high. Today, transaction costs are negligible. When the underlying economics are the same, there is little difference...
by Brian Jacobs | Sep 8, 2025 | Blog, Investment Concepts
Over the past two decades, ETFs have become the vehicle of choice for investors. They are liquid, transparent, low-cost, and viewed (often correctly) as highly tax-efficient compared to mutual funds. The secret has always been the in-kind creation and redemption...
