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The 2000 Christmas Letter: Counting Our Relational Blessings

December 21, 2000
Nicholas W. Betzold, Jr.

This year’s BBIM Christmas Letter comes right here at the end of the second millennium. It is certainly a time of reflection on the past, but also a time when we look into our future and wonder what it brings, personally, relationally and professionally. As the nature of this letter has always been more personal than our other writings, I would like to share a few things many of my friends & I, here at the firm, are thankful about, giving some examples from my own experience…

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Notes from the Desk

December 19, 2000
Michael Coogan

The strength of the recent bond market rally has surprised many portfolio managers. Back in June, declining market values pressured portfolio managers. As you may recall, Fed Funds had gone to 6-1/2% in May, and many expected that rate to go higher. Market rates on five-year bullets approached 7-3/4%. Longer-term munis were available at 5-3/4%. One thing has not changed over the past six months - Fed Funds are still at 6-1/2%. Now, the expectation is for the Fed to eventually lower that rate. Five-year bullets are now at 6-3/8%. Longer munis are just a touch over 5%. Needless to say, market values are no longer the issue they once were. Income at market, however, is not quite so attractive.

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A Call to Action Part 2:A Unique Leverage Opportunity or Declare Victory, You Decide.

December 14, 2000
Brad Bonga

It is now possible to buy a 5-year PAC and fund it with a floating rate advance without picking up any spread!

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A Call to Action Part 1: It's Easier Than Ever To Dump Your Junk

December 5, 2000
Brad Bonga

We have consistently asserted that callable agency bonds are not good risk-rewards. Before automatically tuning this out as a refrain that you are tired of hearing from us, please take three minutes to read this article and determine for yourself if we are presenting new information.

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An EFFICIENT Market?

December 1, 2000
Christopher J. Carney, Jason A. Elder

A few years ago a well-known Professor of finance was walking across the cold, windy University of Chicago campus discussing the efficient market theory with one of his students. The professor was a staunch advocate of market efficiency, and was giving the young protégé some of his best evidence to support the theory. Suddenly, the pair stumbled upon a twenty-dollar bill, stuck fast to the frosty ground. As the student bent to pick it up, the professor stopped him and said “No, don’t pick it up, this has to be a mirage or hallucination of some kind, since we know that in an efficient market no one would leave a twenty dollar bill lying on the ground …”

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