Latest / Views from 6,230 / Is it Time to Stop Overlooking Municipal Bonds?
Transcript
- 0:12Go
- 0:19Ryan Nauman Market Strategist Zephyr: Hello
- 0:19Ryan Nauman Market Strategist Zephyr: everyone
- 0:20Ryan Nauman Market Strategist Zephyr: and
- 0:20Ryan Nauman Market Strategist Zephyr: welcome
- 0:20Ryan Nauman Market Strategist Zephyr: to
- 0:20Ryan Nauman Market Strategist Zephyr: Zephyr's
- 0:21Ryan Nauman Market Strategist Zephyr: Adjusted
- 0:22Ryan Nauman Market Strategist Zephyr: Risk
- 0:22Ryan Nauman Market Strategist Zephyr: Podcast
- 0:23Ryan Nauman Market Strategist Zephyr: from
- 0:23Ryan Nauman Market Strategist Zephyr: the
- 0:23Ryan Nauman Market Strategist Zephyr: shores
- 0:23Ryan Nauman Market Strategist Zephyr: of
- 0:24Ryan Nauman Market Strategist Zephyr: Lake
- 0:24Ryan Nauman Market Strategist Zephyr: Tahoe.
- 0:25Ryan Nauman Market Strategist Zephyr: Fixed
- 0:25Ryan Nauman Market Strategist Zephyr: income
- 0:26Ryan Nauman Market Strategist Zephyr: has
- 0:26Ryan Nauman Market Strategist Zephyr: been
- 0:26Ryan Nauman Market Strategist Zephyr: a
- 0:26Ryan Nauman Market Strategist Zephyr: staple
- 0:27Ryan Nauman Market Strategist Zephyr: in
- 0:27Ryan Nauman Market Strategist Zephyr: investment
- 0:28Ryan Nauman Market Strategist Zephyr: portfolios
- 0:29Ryan Nauman Market Strategist Zephyr: however,
- 0:30Ryan Nauman Market Strategist Zephyr: the
- 0:30Ryan Nauman Market Strategist Zephyr: fixed
- 0:30Ryan Nauman Market Strategist Zephyr: income
- 0:31Ryan Nauman Market Strategist Zephyr: space
- 0:31Ryan Nauman Market Strategist Zephyr: is
- 0:31Ryan Nauman Market Strategist Zephyr: vast
- 0:32Ryan Nauman Market Strategist Zephyr: with
- 0:32Ryan Nauman Market Strategist Zephyr: different
- 0:33Ryan Nauman Market Strategist Zephyr: asset
- 0:33Ryan Nauman Market Strategist Zephyr: classes
- 0:34Ryan Nauman Market Strategist Zephyr: to
- 0:34Ryan Nauman Market Strategist Zephyr: choose
- 0:34Ryan Nauman Market Strategist Zephyr: from.
- 0:35Ryan Nauman Market Strategist Zephyr: In
- 0:35Ryan Nauman Market Strategist Zephyr: fact,
- 0:35Ryan Nauman Market Strategist Zephyr: the
- 0:35Ryan Nauman Market Strategist Zephyr: fixed
- 0:36Ryan Nauman Market Strategist Zephyr: income
- 0:36Ryan Nauman Market Strategist Zephyr: space
- 0:36Ryan Nauman Market Strategist Zephyr: is
- 0:37Ryan Nauman Market Strategist Zephyr: a
- 0:37Ryan Nauman Market Strategist Zephyr: lot
- 0:37Ryan Nauman Market Strategist Zephyr: larger
- 0:37Ryan Nauman Market Strategist Zephyr: than
- 0:38Ryan Nauman Market Strategist Zephyr: the
- 0:38Ryan Nauman Market Strategist Zephyr: equity
- 0:38Ryan Nauman Market Strategist Zephyr: space,
- 0:39Ryan Nauman Market Strategist Zephyr: so
- 0:39Ryan Nauman Market Strategist Zephyr: it
- 0:39Ryan Nauman Market Strategist Zephyr: can
- 0:40Ryan Nauman Market Strategist Zephyr: pose
- 0:40Ryan Nauman Market Strategist Zephyr: some
- 0:40Ryan Nauman Market Strategist Zephyr: challenges
- 0:41Ryan Nauman Market Strategist Zephyr: for
- 0:42Ryan Nauman Market Strategist Zephyr: building.
- 0:43Ryan Nauman Market Strategist Zephyr: Investment
- 0:44Ryan Nauman Market Strategist Zephyr: portfolios
- 0:44Ryan Nauman Market Strategist Zephyr: and
- 0:45Ryan Nauman Market Strategist Zephyr: incorporating
- 0:46Ryan Nauman Market Strategist Zephyr: fixed
- 0:46Ryan Nauman Market Strategist Zephyr: income
- 0:47Ryan Nauman Market Strategist Zephyr: into
- 0:47Ryan Nauman Market Strategist Zephyr: those
- 0:48Ryan Nauman Market Strategist Zephyr: portfolios.
- 0:49Ryan Nauman Market Strategist Zephyr: My
- 0:49Ryan Nauman Market Strategist Zephyr: next
- 0:50Ryan Nauman Market Strategist Zephyr: guess
- 0:50Ryan Nauman Market Strategist Zephyr: is
- 0:50Ryan Nauman Market Strategist Zephyr: an
- 0:50Ryan Nauman Market Strategist Zephyr: industry
- 0:51Ryan Nauman Market Strategist Zephyr: expert
- 0:52Ryan Nauman Market Strategist Zephyr: who
- 0:52Ryan Nauman Market Strategist Zephyr: is
- 0:52Ryan Nauman Market Strategist Zephyr: gonna
- 0:52Ryan Nauman Market Strategist Zephyr: talk
- 0:53Ryan Nauman Market Strategist Zephyr: about
- 0:54Ryan Nauman Market Strategist Zephyr: a
- 0:54Ryan Nauman Market Strategist Zephyr: fixed
- 0:54Ryan Nauman Market Strategist Zephyr: income
- 0:55Ryan Nauman Market Strategist Zephyr: asset
- 0:55Ryan Nauman Market Strategist Zephyr: class
- 0:56Ryan Nauman Market Strategist Zephyr: that
- 0:56Ryan Nauman Market Strategist Zephyr: is
- 0:56Ryan Nauman Market Strategist Zephyr: often
- 0:56Ryan Nauman Market Strategist Zephyr: overlooked,
- 0:58Ryan Nauman Market Strategist Zephyr: but
- 0:58Ryan Nauman Market Strategist Zephyr: offers
- 0:58Ryan Nauman Market Strategist Zephyr: a
- 0:59Ryan Nauman Market Strategist Zephyr: lot
- 0:59Ryan Nauman Market Strategist Zephyr: of
- 0:59Ryan Nauman Market Strategist Zephyr: benefits
- 1:00Ryan Nauman Market Strategist Zephyr: to
- 1:00Ryan Nauman Market Strategist Zephyr: portfolio
- 1:01Ryan Nauman Market Strategist Zephyr: construction.
- 1:02Ryan Nauman Market Strategist Zephyr: But
- 1:03Ryan Nauman Market Strategist Zephyr: first,
- 1:03Ryan Nauman Market Strategist Zephyr: this
- 1:03Ryan Nauman Market Strategist Zephyr: episode
- 1:04Ryan Nauman Market Strategist Zephyr: is
- 1:04Ryan Nauman Market Strategist Zephyr: sponsored
- 1:04Ryan Nauman Market Strategist Zephyr: by
- 1:05Ryan Nauman Market Strategist Zephyr: the
- 1:05Ryan Nauman Market Strategist Zephyr: award-winning
- 1:05Ryan Nauman Market Strategist Zephyr: Zephyr,
- 1:06Ryan Nauman Market Strategist Zephyr: which
- 1:06Ryan Nauman Market Strategist Zephyr: helps
- 1:07Ryan Nauman Market Strategist Zephyr: investment
- 1:07Ryan Nauman Market Strategist Zephyr: professionals
- 1:08Ryan Nauman Market Strategist Zephyr: make
- 1:09Ryan Nauman Market Strategist Zephyr: more
- 1:09Ryan Nauman Market Strategist Zephyr: informed
- 1:10Ryan Nauman Market Strategist Zephyr: investment
- 1:10Ryan Nauman Market Strategist Zephyr: decisions.
- 1:11Ryan Nauman Market Strategist Zephyr: On
- 1:11Ryan Nauman Market Strategist Zephyr: behalf
- 1:12Ryan Nauman Market Strategist Zephyr: of
- 1:12Ryan Nauman Market Strategist Zephyr: their
- 1:12Ryan Nauman Market Strategist Zephyr: clients.
- 1:13Ryan Nauman Market Strategist Zephyr: Alright,
- 1:13Ryan Nauman Market Strategist Zephyr: enough
- 1:14Ryan Nauman Market Strategist Zephyr: for
- 1:14Ryan Nauman Market Strategist Zephyr: me.
- 1:14Ryan Nauman Market Strategist Zephyr: I've
- 1:14Ryan Nauman Market Strategist Zephyr: already
- 1:15Ryan Nauman Market Strategist Zephyr: talked
- 1:15Ryan Nauman Market Strategist Zephyr: enough.
- 1:16Ryan Nauman Market Strategist Zephyr: Let's
- 1:16Ryan Nauman Market Strategist Zephyr: go
- 1:16Ryan Nauman Market Strategist Zephyr: ahead
- 1:17Ryan Nauman Market Strategist Zephyr: and
- 1:17Ryan Nauman Market Strategist Zephyr: bring
- 1:17Ryan Nauman Market Strategist Zephyr: on
- 1:18Ryan Nauman Market Strategist Zephyr: the
- 1:18Ryan Nauman Market Strategist Zephyr: star
- 1:18Ryan Nauman Market Strategist Zephyr: of
- 1:18Ryan Nauman Market Strategist Zephyr: the
- 1:18Ryan Nauman Market Strategist Zephyr: show.
- 1:19Ryan Nauman Market Strategist Zephyr: I'd
- 1:20Ryan Nauman Market Strategist Zephyr: like
- 1:20Ryan Nauman Market Strategist Zephyr: to
- 1:20Ryan Nauman Market Strategist Zephyr: give
- 1:20Ryan Nauman Market Strategist Zephyr: a
- 1:20Ryan Nauman Market Strategist Zephyr: very
- 1:21Ryan Nauman Market Strategist Zephyr: warm
- 1:21Ryan Nauman Market Strategist Zephyr: welcome
- 1:22Ryan Nauman Market Strategist Zephyr: to
- 1:22Ryan Nauman Market Strategist Zephyr: Eric
- 1:23Ryan Nauman Market Strategist Zephyr: Kazaki.
- 1:24Ryan Nauman Market Strategist Zephyr: Eric
- 1:25Ryan Nauman Market Strategist Zephyr: is
- 1:25Ryan Nauman Market Strategist Zephyr: the
- 1:26Ryan Nauman Market Strategist Zephyr: client
- 1:26Ryan Nauman Market Strategist Zephyr: portfolio
- 1:27Ryan Nauman Market Strategist Zephyr: manager
- 1:28Ryan Nauman Market Strategist Zephyr: at
- 1:28Ryan Nauman Market Strategist Zephyr: Mackay
- 1:29Ryan Nauman Market Strategist Zephyr: Municipal
- 1:30Ryan Nauman Market Strategist Zephyr: Managers.
- 1:31Ryan Nauman Market Strategist Zephyr: Eric.
- 1:33Ryan Nauman Market Strategist Zephyr: you
- 1:33Ryan Nauman Market Strategist Zephyr: so
- 1:33Ryan Nauman Market Strategist Zephyr: much
- 1:33Ryan Nauman Market Strategist Zephyr: for
- 1:33Ryan Nauman Market Strategist Zephyr: coming
- 1:34Ryan Nauman Market Strategist Zephyr: on
- 1:34Ryan Nauman Market Strategist Zephyr: the
- 1:34Ryan Nauman Market Strategist Zephyr: show.
- 1:34Ryan Nauman Market Strategist Zephyr: It's
- 1:34Ryan Nauman Market Strategist Zephyr: an
- 1:35Ryan Nauman Market Strategist Zephyr: honor
- 1:35Ryan Nauman Market Strategist Zephyr: to
- 1:35Ryan Nauman Market Strategist Zephyr: have
- 1:35Ryan Nauman Market Strategist Zephyr: you
- 1:35Ryan Nauman Market Strategist Zephyr: on
- 1:36Ryan Nauman Market Strategist Zephyr: really
- 1:36Ryan Nauman Market Strategist Zephyr: excited
- 1:37Ryan Nauman Market Strategist Zephyr: about
- 1:37Ryan Nauman Market Strategist Zephyr: this
- 1:37Ryan Nauman Market Strategist Zephyr: conversation.
- 1:38Ryan Nauman Market Strategist Zephyr: Like
- 1:38Ryan Nauman Market Strategist Zephyr: I
- 1:38Ryan Nauman Market Strategist Zephyr: was
- 1:38Ryan Nauman Market Strategist Zephyr: telling
- 1:39Ryan Nauman Market Strategist Zephyr: you
- 1:39Ryan Nauman Market Strategist Zephyr: before,
- 1:40Ryan Nauman Market Strategist Zephyr: I
- 1:40Ryan Nauman Market Strategist Zephyr: don't
- 1:40Ryan Nauman Market Strategist Zephyr: have
- 1:41Ryan Nauman Market Strategist Zephyr: many
- 1:41Ryan Nauman Market Strategist Zephyr: conversations,
- 1:42Ryan Nauman Market Strategist Zephyr: surprisingly
- 1:43Ryan Nauman Market Strategist Zephyr: on
- 1:44Ryan Nauman Market Strategist Zephyr: municipal,
- 1:44Ryan Nauman Market Strategist Zephyr: so
- 1:45Ryan Nauman Market Strategist Zephyr: really
- 1:45Ryan Nauman Market Strategist Zephyr: looking
- 1:45Ryan Nauman Market Strategist Zephyr: forward
- 1:46Ryan Nauman Market Strategist Zephyr: to
- 1:46Ryan Nauman Market Strategist Zephyr: this
- 1:46Ryan Nauman Market Strategist Zephyr: one.
- 1:47Ryan Nauman Market Strategist Zephyr: Can
- 1:47Ryan Nauman Market Strategist Zephyr: you
- 1:47Ryan Nauman Market Strategist Zephyr: tell
- 1:47Ryan Nauman Market Strategist Zephyr: us
- 1:47Ryan Nauman Market Strategist Zephyr: a
- 1:47Ryan Nauman Market Strategist Zephyr: little
- 1:47Ryan Nauman Market Strategist Zephyr: bit
- 1:48Ryan Nauman Market Strategist Zephyr: more
- 1:48Ryan Nauman Market Strategist Zephyr: about
- 1:48Ryan Nauman Market Strategist Zephyr: yourself
- 1:49Ryan Nauman Market Strategist Zephyr: and
- 1:49Ryan Nauman Market Strategist Zephyr: Mackay
- 1:50Ryan Nauman Market Strategist Zephyr: Municipal
- 1:50Ryan Nauman Market Strategist Zephyr: Managers?
- 1:52Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: Absolutely
- 1:52Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: first
- 1:52Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: off
- 1:53Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: thanks
- 1:53Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: Ryan
- 1:53Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: for
- 1:53Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: having
- 1:53Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: us
- 1:54Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: on
- 1:54Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 1:54Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: we're
- 1:54Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: always
- 1:55Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: happy
- 1:55Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: to
- 1:55Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: talk
- 1:56Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: about
- 1:56Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: municipal
- 1:56Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bonds
- 1:57Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: It's
- 1:57Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: our
- 1:57Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bread
- 1:57Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 1:57Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: butter
- 1:58Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: kind
- 1:58Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: municipal
- 1:58Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: managers
- 1:59Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: $85
- 2:00Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: billion
- 2:01Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: closing
- 2:01Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: out
- 2:01Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: on
- 2:01Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: $86
- 2:02Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: billion
- 2:03Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: manager
- 2:03Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: solely
- 2:04Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: in
- 2:04Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: the
- 2:04Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: tax
- 2:05Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: exempt
- 2:05Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:05Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: taxable
- 2:06Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: immunity
- 2:06Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: space
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: so
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: that
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: really
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: is
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: our
- 2:07Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: specialty
- 2:08Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: We
- 2:09Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: have
- 2:09Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: a
- 2:09Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: suite
- 2:10Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: of
- 2:10Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: products
- 2:10Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: that
- 2:11Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: range
- 2:11Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: from
- 2:12Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: exchange
- 2:12Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: traded
- 2:13Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: funds
- 2:13Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: on
- 2:13Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: the
- 2:13Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: active
- 2:14Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: side
- 2:14Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: mutual
- 2:15Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: funds
- 2:15Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: again
- 2:15Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: actively
- 2:16Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: managed
- 2:16Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:17Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: then
- 2:17Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: we
- 2:17Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: have
- 2:17Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: interval
- 2:18Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: funds
- 2:18Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:18Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: limited
- 2:18Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: partnerships
- 2:19Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: So
- 2:19Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: all
- 2:20Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: across
- 2:20Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: the
- 2:21Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: yield
- 2:21Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: curve
- 2:21Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: all
- 2:21Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: across
- 2:22Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: the
- 2:22Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: credit
- 2:22Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: spectrum
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: you
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: know
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: we
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: try
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:23Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: provide
- 2:24Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: a
- 2:24Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: whole
- 2:24Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: host
- 2:24Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: of
- 2:24Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: solutions
- 2:25Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: as
- 2:25Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: for
- 2:26Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: myself
- 2:26Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: I'll
- 2:26Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: keep
- 2:26Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: it
- 2:26Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: really
- 2:27Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: brief
- 2:27Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: right
- 2:27Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: 25
- 2:28Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: years
- 2:28Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: in
- 2:28Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: the
- 2:28Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: muni
- 2:28Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bond
- 2:29Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: landscape
- 2:30Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: Too
- 2:30Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: long
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: if
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: you
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: talk
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: to
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: some
- 2:31Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: people
- 2:32Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: I
- 2:32Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: think
- 2:32Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: what
- 2:32Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: I
- 2:32Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: love
- 2:33Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: about
- 2:33Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: municipal
- 2:33Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bonds
- 2:34Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: is
- 2:34Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: that
- 2:34Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: I
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: could
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: drive
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: anywhere
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: with
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: my
- 2:35Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: kids
- 2:36Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:36Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: point
- 2:36Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: out
- 2:37Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: projects
- 2:37Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: that
- 2:38Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: muni
- 2:38Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bonds
- 2:38Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: have
- 2:38Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: built
- 2:39Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: whether
- 2:39Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: they're
- 2:39Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: schools
- 2:40Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: or
- 2:40Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: libraries
- 2:41Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: or
- 2:41Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: hospitals
- 2:42Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: or
- 2:42Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: toll
- 2:42Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: roads
- 2:43Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: or
- 2:43Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: bridges
- 2:44Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: or
- 2:44Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: stadiums
- 2:45Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: right
- 2:45Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: It's
- 2:45Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: all
- 2:45Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: around
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: us
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: and
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: I
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: think
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: that's
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: what
- 2:46Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: makes
- 2:47Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: it
- 2:47Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: super
- 2:47Eric Kazatsky Client Portfolio Manager MacKay Municipal Managers: interesting
- 2:48Ryan: You
- 2:48Ryan: know
- 2:48Ryan: what,
- 2:49Ryan: Eric?
- 2:49Ryan: A
- 2:49Ryan: couple
- 2:49Ryan: things
- 2:50Ryan: there.
- 2:50Ryan: Thank
- 2:51Ryan: you
- 2:51Ryan: for
- 2:51Ryan: that
- 2:51Ryan: backdrop,
- 2:52Ryan: but
- 2:52Ryan: first
- 2:53Ryan: of
- 2:53Ryan: all,
- 2:53Ryan: with
- 2:53Ryan: municipal
- 2:54Ryan: bonds,
- 2:54Ryan: I'm
- 2:54Ryan: really
- 2:55Ryan: glad
- 2:55Ryan: you
- 2:55Ryan: brought
- 2:55Ryan: that
- 2:55Ryan: up
- 2:56Ryan: because
- 2:58Ryan: and
- 2:58Ryan: we're
- 2:58Ryan: gonna
- 2:58Ryan: talk
- 2:58Ryan: about
- 2:59Ryan: it
- 2:59Ryan: more
- 2:59Ryan: in
- 2:59Ryan: a
- 2:59Ryan: little
- 3:00Ryan: bit
- 3:00Ryan: when
- 3:00Ryan: you
- 3:00Ryan: talk
- 3:00Ryan: about
- 3:01Ryan: investing,
- 3:01Ryan: it's
- 3:01Ryan: hard
- 3:02Ryan: to
- 3:02Ryan: be
- 3:02Ryan: like
- 3:02Ryan: I
- 3:02Ryan: invest
- 3:03Ryan: in
- 3:05eric kazatsky: Yeah
- 3:05Ryan: What
- 3:06Ryan: is
- 3:06Ryan: that?
- 3:07Ryan: What
- 3:07Ryan: do
- 3:07Ryan: I
- 3:07Ryan: get
- 3:07Ryan: for
- 3:08Ryan: buying
- 3:08Ryan: equity
- 3:09Ryan: in
- 3:09Ryan: Apple
- 3:09Ryan: or
- 3:10Ryan: buying
- 3:10Ryan: a
- 3:11Ryan: bond
- 3:11Ryan: in
- 3:11Ryan: Apple,
- 3:12Ryan: especially
- 3:12Ryan: if
- 3:12Ryan: you're
- 3:13Ryan: teaching
- 3:13Ryan: kids
- 3:14Ryan: how
- 3:14Ryan: to
- 3:14Ryan: invest,
- 3:15Ryan: I'm
- 3:15Ryan: big
- 3:15Ryan: in
- 3:15Ryan: the
- 3:15Ryan: education,
- 3:16Ryan: but
- 3:16Ryan: if
- 3:16Ryan: it's
- 3:17Ryan: you
- 3:17Ryan: know
- 3:17Ryan: what?
- 3:17Ryan: My
- 3:17Ryan: money,
- 3:18Ryan: I
- 3:18Ryan: invested
- 3:18Ryan: in
- 3:19Ryan: that
- 3:19Ryan: bond,
- 3:20Ryan: which
- 3:20Ryan: helped
- 3:20Ryan: build
- 3:21Ryan: that
- 3:21Ryan: stadium
- 3:22Ryan: for
- 3:22Ryan: that
- 3:22Ryan: team,
- 3:22Ryan: it's
- 3:22Ryan: much
- 3:23Ryan: more
- 3:23Ryan: tangible.
- 3:24Ryan: And
- 3:24Ryan: we're
- 3:24Ryan: gonna
- 3:24Ryan: talk
- 3:25Ryan: about
- 3:25Ryan: that
- 3:25Ryan: shortly.
- 3:26Ryan: But
- 3:26Ryan: another
- 3:27Ryan: thing
- 3:27Ryan: that
- 3:27Ryan: really
- 3:28Ryan: caught
- 3:28Ryan: my
- 3:28Ryan: attention.
- 3:30Ryan: With
- 3:30Ryan: maka,
- 3:30Ryan: you
- 3:31Ryan: guys
- 3:31Ryan: offer
- 3:32Ryan: interval
- 3:32Ryan: funds.
- 3:33Ryan: Usually
- 3:34Ryan: when
- 3:34Ryan: we
- 3:34Ryan: think
- 3:34Ryan: of
- 3:35Ryan: interval
- 3:35Ryan: funds,
- 3:35Ryan: we're
- 3:36Ryan: thinking
- 3:36Ryan: of
- 3:36Ryan: private
- 3:37Ryan: credit.
- 3:38Ryan: Is
- 3:38Ryan: that
- 3:38Ryan: what
- 3:39Ryan: is
- 3:39Ryan: wrapped
- 3:39Ryan: up
- 3:39Ryan: into
- 3:40Ryan: your
- 3:40Ryan: interval
- 3:40Ryan: funds
- 3:41Ryan: or
- 3:41Ryan: do
- 3:41Ryan: you
- 3:42Ryan: have
- 3:42Ryan: municipals
- 3:43Ryan: that
- 3:43Ryan: are
- 3:43Ryan: in
- 3:43Ryan: interval
- 3:44Ryan: funds
- 3:44Ryan: and
- 3:45Ryan: that
- 3:45Ryan: wrapper.
- 3:46eric kazatsky: Yeah
- 3:46eric kazatsky: no
- 3:47eric kazatsky: everything
- 3:47eric kazatsky: is
- 3:47eric kazatsky: investment
- 3:48eric kazatsky: grade
- 3:48eric kazatsky: or
- 3:48eric kazatsky: high
- 3:49eric kazatsky: yield
- 3:49eric kazatsky: in
- 3:50eric kazatsky: the
- 3:50eric kazatsky: municipal
- 3:50eric kazatsky: space
- 3:51eric kazatsky: So
- 3:51eric kazatsky: no
- 3:51eric kazatsky: private
- 3:51eric kazatsky: credit
- 3:52eric kazatsky: no
- 3:52eric kazatsky: BDCs
- 3:53eric kazatsky: anything
- 3:53eric kazatsky: like
- 3:53eric kazatsky: that
- 3:54eric kazatsky: in
- 3:54eric kazatsky: our
- 3:54eric kazatsky: interval
- 3:54eric kazatsky: funds
- 3:55eric kazatsky: specifically
- 3:55eric kazatsky: it's
- 3:56eric kazatsky: gonna
- 3:56eric kazatsky: lean
- 3:56eric kazatsky: more
- 3:56eric kazatsky: towards
- 3:57eric kazatsky: investment
- 3:57eric kazatsky: grade
- 3:57eric kazatsky: and
- 3:58eric kazatsky: its
- 3:58eric kazatsky: nature
- 3:59eric kazatsky: And
- 3:59eric kazatsky: you
- 3:59eric kazatsky: know
- 3:59eric kazatsky: from
- 3:59eric kazatsky: a
- 3:59eric kazatsky: tax
- 4:00eric kazatsky: efficiency
- 4:00eric kazatsky: standpoint
- 4:01eric kazatsky: you
- 4:01eric kazatsky: know
- 4:01eric kazatsky: we're
- 4:01eric kazatsky: trying
- 4:01eric kazatsky: to
- 4:01eric kazatsky: pass
- 4:02eric kazatsky: through
- 4:02eric kazatsky: losses
- 4:02eric kazatsky: make
- 4:03eric kazatsky: it
- 4:03eric kazatsky: as
- 4:03eric kazatsky: tax
- 4:03eric kazatsky: efficient
- 4:04eric kazatsky: as
- 4:04eric kazatsky: possible
- 4:04eric kazatsky: and
- 4:04eric kazatsky: for
- 4:05eric kazatsky: investors
- 4:05eric kazatsky: in
- 4:05eric kazatsky: that
- 4:05eric kazatsky: fund
- 4:06eric kazatsky: they're
- 4:06eric kazatsky: getting
- 4:06eric kazatsky: those
- 4:06eric kazatsky: losses
- 4:07eric kazatsky: via
- 4:07eric kazatsky: 1099
- 4:08eric kazatsky: at
- 4:08eric kazatsky: the
- 4:08eric kazatsky: end
- 4:08eric kazatsky: of
- 4:08eric kazatsky: the
- 4:08eric kazatsky: year
- 4:09eric kazatsky: And
- 4:09eric kazatsky: look
- 4:09eric kazatsky: it's
- 4:10eric kazatsky: an
- 4:10eric kazatsky: interesting
- 4:10eric kazatsky: vehicle
- 4:11eric kazatsky: you're
- 4:11eric kazatsky: seeing
- 4:11eric kazatsky: more
- 4:11eric kazatsky: of
- 4:11eric kazatsky: a
- 4:11eric kazatsky: demand
- 4:12eric kazatsky: for
- 4:12eric kazatsky: it
- 4:12eric kazatsky: these
- 4:12eric kazatsky: days
- 4:13eric kazatsky: as
- 4:13eric kazatsky: people
- 4:13eric kazatsky: are
- 4:13eric kazatsky: you
- 4:13eric kazatsky: know
- 4:14eric kazatsky: demanding
- 4:14eric kazatsky: more
- 4:14eric kazatsky: tax
- 4:15eric kazatsky: efficiency
- 4:16eric kazatsky: you
- 4:16eric kazatsky: know
- 4:16eric kazatsky: in
- 4:16eric kazatsky: my
- 4:17eric kazatsky: mind
- 4:17eric kazatsky: the
- 4:18eric kazatsky: best
- 4:18eric kazatsky: mousetrap
- 4:18eric kazatsky: is
- 4:18eric kazatsky: probably
- 4:19eric kazatsky: still
- 4:19eric kazatsky: the
- 4:19eric kazatsky: co-mingled
- 4:20eric kazatsky: mutual
- 4:20eric kazatsky: fund
- 4:20eric kazatsky: products
- 4:21eric kazatsky: shift
- 4:21eric kazatsky: in
- 4:21eric kazatsky: their
- 4:21eric kazatsky: popularity
- 4:22eric kazatsky: as
- 4:22eric kazatsky: we
- 4:22eric kazatsky: go
- 4:22eric kazatsky: through
- 4:22eric kazatsky: time
- 4:23eric kazatsky: right
- 4:24Ryan: Yeah.
- 4:24Ryan: Perfect.
- 4:25Ryan: Thank
- 4:25Ryan: you
- 4:25Ryan: for
- 4:25Ryan: that.
- 4:26Ryan: It
- 4:26Ryan: was
- 4:26Ryan: just
- 4:26Ryan: interesting
- 4:27Ryan: that
- 4:27Ryan: you
- 4:27Ryan: brought
- 4:27Ryan: up.
- 4:28Ryan: Of
- 4:28Ryan: funds,
- 4:28Ryan: and
- 4:28Ryan: most
- 4:28Ryan: people
- 4:29eric kazatsky: Yeah
- 4:30Ryan: interval
- 4:30Ryan: funds
- 4:30Ryan: with
- 4:31Ryan: private
- 4:31Ryan: credit,
- 4:32eric kazatsky: Absolutely
- 4:32Ryan: eric,
- 4:33Ryan: we
- 4:33Ryan: cannot
- 4:34Ryan: have
- 4:34Ryan: this
- 4:34Ryan: conversation
- 4:35Ryan: about
- 4:35Ryan: fixed
- 4:35Ryan: income
- 4:36Ryan: without
- 4:36Ryan: talking
- 4:36Ryan: about
- 4:37Ryan: the
- 4:37Ryan: macro
- 4:38Ryan: environment.
- 4:39Ryan: Lot
- 4:39Ryan: to
- 4:40Ryan: unpack
- 4:40Ryan: there
- 4:40Ryan: on
- 4:41Ryan: the
- 4:41Ryan: macro
- 4:41Ryan: environment
- 4:42Ryan: and
- 4:42Ryan: the
- 4:42Ryan: impact
- 4:43Ryan: it
- 4:43Ryan: has
- 4:43Ryan: on
- 4:43Ryan: inflation
- 4:45Ryan: rates,
- 4:45Ryan: you
- 4:46eric kazatsky: Yeah
- 4:46Ryan: So
- 4:46Ryan: let's
- 4:47Ryan: start
- 4:47Ryan: there.
- 4:48Ryan: Investors
- 4:48Ryan: are
- 4:48Ryan: faced
- 4:49Ryan: with
- 4:49Ryan: a
- 4:49Ryan: lot
- 4:50Ryan: of
- 4:50Ryan: uncertainties.
- 4:51Ryan: We
- 4:51Ryan: have
- 4:51Ryan: the
- 4:51Ryan: Orion
- 4:52Ryan: conflict
- 4:52Ryan: or
- 4:52Ryan: war
- 4:53Ryan: oil
- 4:54Ryan: prices,
- 4:54Ryan: cracks
- 4:55Ryan: in
- 4:55Ryan: the
- 4:55Ryan: labor
- 4:55Ryan: market.
- 4:56Ryan: New
- 4:56Ryan: fed
- 4:56Ryan: chair,
- 4:57Ryan: we
- 4:57Ryan: could
- 4:57Ryan: have
- 4:57Ryan: a
- 4:58Ryan: whole
- 4:58Ryan: conversation
- 4:58Ryan: on
- 4:59Ryan: this.
- 4:59Ryan: Eric,
- 5:00Ryan: can
- 5:00Ryan: you
- 5:00Ryan: provide
- 5:01Ryan: us
- 5:01Ryan: with
- 5:01Ryan: a
- 5:01Ryan: little
- 5:02Ryan: overview
- 5:02Ryan: of
- 5:02Ryan: the
- 5:03Ryan: primary
- 5:03Ryan: macro
- 5:04Ryan: drivers
- 5:05Ryan: right
- 5:05Ryan: now
- 5:05Ryan: that
- 5:06Ryan: you're
- 5:06Ryan: watching?
- 5:07eric kazatsky: I
- 5:07eric kazatsky: think
- 5:07eric kazatsky: you
- 5:07eric kazatsky: hit
- 5:07eric kazatsky: on
- 5:08eric kazatsky: all
- 5:08eric kazatsky: the
- 5:08eric kazatsky: things
- 5:08eric kazatsky: that
- 5:08eric kazatsky: we're
- 5:09eric kazatsky: watching
- 5:09eric kazatsky: that
- 5:09eric kazatsky: we
- 5:09eric kazatsky: weren't
- 5:10eric kazatsky: watching
- 5:10eric kazatsky: to
- 5:11eric kazatsky: start
- 5:11eric kazatsky: the
- 5:11eric kazatsky: year
- 5:11eric kazatsky: None
- 5:12eric kazatsky: of
- 5:12eric kazatsky: this
- 5:12eric kazatsky: was
- 5:13eric kazatsky: on
- 5:13eric kazatsky: any
- 5:13eric kazatsky: strategist's
- 5:14eric kazatsky: radar
- 5:15eric kazatsky: except
- 5:15eric kazatsky: for
- 5:15eric kazatsky: the
- 5:15eric kazatsky: fact
- 5:15eric kazatsky: that
- 5:16eric kazatsky: inflation
- 5:16eric kazatsky: was
- 5:16eric kazatsky: still
- 5:16eric kazatsky: a
- 5:16eric kazatsky: little
- 5:16eric kazatsky: sticky
- 5:17eric kazatsky: coming
- 5:17eric kazatsky: into
- 5:17eric kazatsky: the
- 5:18eric kazatsky: start
- 5:18eric kazatsky: of
- 5:18eric kazatsky: this
- 5:18eric kazatsky: year
- 5:19eric kazatsky: But
- 5:19eric kazatsky: I
- 5:19eric kazatsky: think
- 5:20eric kazatsky: that
- 5:20eric kazatsky: this
- 5:20eric kazatsky: is
- 5:20eric kazatsky: the
- 5:20eric kazatsky: environment
- 5:21eric kazatsky: where
- 5:21eric kazatsky: municipals
- 5:22eric kazatsky: really
- 5:22eric kazatsky: shine
- 5:23eric kazatsky: They're
- 5:23eric kazatsky: an
- 5:23eric kazatsky: uncorrelated
- 5:24eric kazatsky: asset
- 5:25eric kazatsky: class
- 5:25eric kazatsky: You
- 5:25eric kazatsky: know
- 5:26eric kazatsky: when
- 5:26eric kazatsky: I
- 5:26eric kazatsky: say
- 5:26eric kazatsky: that
- 5:26eric kazatsky: they
- 5:26eric kazatsky: have
- 5:27eric kazatsky: different
- 5:27eric kazatsky: behavioral
- 5:28eric kazatsky: characteristics
- 5:29eric kazatsky: in
- 5:29eric kazatsky: a
- 5:29eric kazatsky: higher
- 5:29eric kazatsky: volatility
- 5:30eric kazatsky: environment
- 5:31eric kazatsky: to
- 5:31eric kazatsky: the
- 5:31eric kazatsky: benefit
- 5:32eric kazatsky: of
- 5:32eric kazatsky: investors
- 5:32eric kazatsky: They're
- 5:33eric kazatsky: zigging
- 5:33eric kazatsky: when
- 5:33eric kazatsky: other
- 5:34eric kazatsky: asset
- 5:34eric kazatsky: classes
- 5:34eric kazatsky: are
- 5:34eric kazatsky: zagging
- 5:35eric kazatsky: and
- 5:35eric kazatsky: that's
- 5:35eric kazatsky: what
- 5:35eric kazatsky: you
- 5:36eric kazatsky: want
- 5:36eric kazatsky: to
- 5:36eric kazatsky: balance
- 5:36eric kazatsky: the
- 5:36eric kazatsky: risk
- 5:37eric kazatsky: in
- 5:37eric kazatsky: any
- 5:37eric kazatsky: sort
- 5:38eric kazatsky: of
- 5:38eric kazatsky: portfolio
- 5:39eric kazatsky: that
- 5:39eric kazatsky: has
- 5:39eric kazatsky: equities
- 5:39eric kazatsky: in
- 5:39eric kazatsky: other
- 5:40eric kazatsky: areas
- 5:40eric kazatsky: of
- 5:40eric kazatsky: fixed
- 5:40eric kazatsky: income
- 5:41eric kazatsky: but
- 5:41eric kazatsky: yes
- 5:42eric kazatsky: we
- 5:42eric kazatsky: are
- 5:42eric kazatsky: keeping
- 5:42eric kazatsky: an
- 5:42eric kazatsky: eye
- 5:43eric kazatsky: on
- 5:43eric kazatsky: sort
- 5:43eric kazatsky: of
- 5:43eric kazatsky: the
- 5:43eric kazatsky: direction
- 5:44eric kazatsky: of
- 5:44eric kazatsky: rates
- 5:44eric kazatsky: although
- 5:45eric kazatsky: we
- 5:45eric kazatsky: tend
- 5:45eric kazatsky: to
- 5:45eric kazatsky: run
- 5:45eric kazatsky: our
- 5:46eric kazatsky: strategies
- 5:46eric kazatsky: as
- 5:46eric kazatsky: duration
- 5:47eric kazatsky: neutral
- 5:47eric kazatsky: But
- 5:48eric kazatsky: you
- 5:48eric kazatsky: know
- 5:48eric kazatsky: as
- 5:48eric kazatsky: relative
- 5:49eric kazatsky: value
- 5:49eric kazatsky: managers
- 5:50eric kazatsky: we
- 5:50eric kazatsky: wanna
- 5:50eric kazatsky: be
- 5:50eric kazatsky: buying
- 5:51eric kazatsky: areas
- 5:51eric kazatsky: of
- 5:51eric kazatsky: the
- 5:51eric kazatsky: curve
- 5:52eric kazatsky: that
- 5:52eric kazatsky: are
- 5:52eric kazatsky: continually
- 5:53eric kazatsky: the
- 5:53eric kazatsky: cheapest
- 5:53eric kazatsky: to
- 5:54eric kazatsky: have
- 5:54eric kazatsky: the
- 5:54eric kazatsky: best
- 5:54eric kazatsky: total
- 5:55eric kazatsky: return
- 5:55eric kazatsky: possibilities
- 5:56eric kazatsky: So
- 5:56eric kazatsky: obviously
- 5:57eric kazatsky: the
- 5:57eric kazatsky: direction
- 5:58eric kazatsky: of
- 5:58eric kazatsky: rates
- 5:58eric kazatsky: and
- 5:58eric kazatsky: the
- 5:59eric kazatsky: steepness
- 5:59eric kazatsky: of
- 5:59eric kazatsky: the
- 6:00eric kazatsky: yield
- 6:00eric kazatsky: curve
- 6:00eric kazatsky: are
- 6:00eric kazatsky: two
- 6:00eric kazatsky: things
- 6:01eric kazatsky: that
- 6:01eric kazatsky: factor
- 6:01eric kazatsky: into
- 6:01eric kazatsky: that
- 6:02Ryan: Yeah,
- 6:03Ryan: no,
- 6:03Ryan: you're
- 6:03Ryan: exactly
- 6:04Ryan: right.
- 6:04Ryan: And
- 6:05Ryan: it's
- 6:05Ryan: a
- 6:06Ryan: primary
- 6:06Ryan: talking
- 6:07Ryan: point
- 6:07Ryan: whenever
- 6:07Ryan: you're
- 6:07Ryan: talking
- 6:08Ryan: about
- 6:08Ryan: fixed
- 6:08Ryan: income,
- 6:09Ryan: the
- 6:09Ryan: direction
- 6:10Ryan: of
- 6:10Ryan: rates,
- 6:10Ryan: the
- 6:10Ryan: yield
- 6:11Ryan: curve,
- 6:11Ryan: whether
- 6:12eric kazatsky: Yeah
- 6:12Ryan: not
- 6:13Ryan: gonna,
- 6:13Ryan: I'm
- 6:13Ryan: not
- 6:13Ryan: in
- 6:13Ryan: the
- 6:14Ryan: position
- 6:14Ryan: to
- 6:14Ryan: predict
- 6:15Ryan: or
- 6:15Ryan: even
- 6:16Ryan: want
- 6:16Ryan: to
- 6:16Ryan: predict
- 6:17Ryan: where
- 6:17Ryan: those
- 6:18Ryan: are
- 6:18Ryan: going.
- 6:19eric kazatsky: Exactly
- 6:19eric kazatsky: But
- 6:20eric kazatsky: look
- 6:20eric kazatsky: I
- 6:20eric kazatsky: think
- 6:21eric kazatsky: the
- 6:21eric kazatsky: things
- 6:21eric kazatsky: that
- 6:21eric kazatsky: we
- 6:22eric kazatsky: have
- 6:22eric kazatsky: in
- 6:22eric kazatsky: our
- 6:23eric kazatsky: you
- 6:23eric kazatsky: know
- 6:23eric kazatsky: front
- 6:23eric kazatsky: window
- 6:24eric kazatsky: looking
- 6:24eric kazatsky: forward
- 6:25eric kazatsky: over
- 6:25eric kazatsky: the
- 6:25eric kazatsky: next
- 6:25eric kazatsky: several
- 6:25eric kazatsky: months
- 6:26eric kazatsky: is
- 6:26eric kazatsky: just
- 6:26eric kazatsky: being
- 6:26eric kazatsky: in
- 6:26eric kazatsky: a
- 6:27eric kazatsky: more
- 6:27eric kazatsky: defensive
- 6:27eric kazatsky: posture
- 6:28eric kazatsky: playing
- 6:28eric kazatsky: with
- 6:28eric kazatsky: structure
- 6:29eric kazatsky: and
- 6:29eric kazatsky: that's
- 6:29eric kazatsky: what
- 6:29eric kazatsky: makes
- 6:29eric kazatsky: the
- 6:29eric kazatsky: muni
- 6:30eric kazatsky: market
- 6:30eric kazatsky: so
- 6:30eric kazatsky: great
- 6:31eric kazatsky: that
- 6:31eric kazatsky: it
- 6:31eric kazatsky: has
- 6:31eric kazatsky: convexity
- 6:32eric kazatsky: and
- 6:32eric kazatsky: structure
- 6:32eric kazatsky: that
- 6:32eric kazatsky: you
- 6:32eric kazatsky: could
- 6:33eric kazatsky: pull
- 6:33eric kazatsky: different
- 6:33eric kazatsky: levers
- 6:34eric kazatsky: than
- 6:34eric kazatsky: you
- 6:34eric kazatsky: can
- 6:34eric kazatsky: in
- 6:34eric kazatsky: just
- 6:35eric kazatsky: corporate
- 6:35eric kazatsky: world
- 6:36eric kazatsky: for
- 6:36eric kazatsky: instance
- 6:36eric kazatsky: you
- 6:36eric kazatsky: know
- 6:36eric kazatsky: from
- 6:37eric kazatsky: a
- 6:37eric kazatsky: couponing
- 6:37eric kazatsky: standpoint
- 6:38eric kazatsky: you
- 6:38eric kazatsky: know
- 6:38eric kazatsky: we
- 6:38eric kazatsky: were
- 6:38eric kazatsky: selling
- 6:39eric kazatsky: you
- 6:39eric kazatsky: know
- 6:39eric kazatsky: smaller
- 6:40eric kazatsky: coupons
- 6:40eric kazatsky: at
- 6:40eric kazatsky: the
- 6:41eric kazatsky: end
- 6:41eric kazatsky: of
- 6:41eric kazatsky: last
- 6:41eric kazatsky: year
- 6:41eric kazatsky: and
- 6:41eric kazatsky: the
- 6:41eric kazatsky: beginning
- 6:42eric kazatsky: of
- 6:42eric kazatsky: this
- 6:42eric kazatsky: year
- 6:42eric kazatsky: and
- 6:42eric kazatsky: buying
- 6:43eric kazatsky: higher
- 6:43eric kazatsky: coupons
- 6:44eric kazatsky: more
- 6:44eric kazatsky: defensive
- 6:44eric kazatsky: in
- 6:44eric kazatsky: a
- 6:44eric kazatsky: higher
- 6:45eric kazatsky: rate
- 6:45eric kazatsky: environment
- 6:46eric kazatsky: Obviously
- 6:46eric kazatsky: we
- 6:46eric kazatsky: didn't
- 6:46eric kazatsky: know
- 6:46eric kazatsky: where
- 6:47eric kazatsky: rates
- 6:47eric kazatsky: were
- 6:47eric kazatsky: gonna
- 6:47eric kazatsky: go
- 6:48eric kazatsky: coming
- 6:48eric kazatsky: into
- 6:48eric kazatsky: this
- 6:48eric kazatsky: year
- 6:49eric kazatsky: with
- 6:49eric kazatsky: the
- 6:49eric kazatsky: volatility
- 6:49eric kazatsky: but
- 6:50eric kazatsky: it
- 6:50eric kazatsky: proved
- 6:50eric kazatsky: to
- 6:50eric kazatsky: be
- 6:50eric kazatsky: the
- 6:50eric kazatsky: right
- 6:51eric kazatsky: move
- 6:52Ryan: Yeah,
- 6:53Ryan: exactly.
- 6:53Ryan: And
- 6:53Ryan: we're
- 6:53Ryan: gonna
- 6:53Ryan: talk
- 6:54Ryan: shortly
- 6:54Ryan: about
- 6:55Ryan: the
- 6:55Ryan: impact
- 6:55Ryan: municipals
- 6:56Ryan: have
- 6:57Ryan: on
- 6:57Ryan: an
- 6:57Ryan: investment
- 6:57Ryan: portfolio.
- 6:58Ryan: You
- 6:59Ryan: talked
- 6:59Ryan: about
- 7:00Ryan: increased
- 7:00Ryan: diversification,
- 7:01Ryan: that
- 7:01Ryan: lower
- 7:02Ryan: correlation,
- 7:02Ryan: which
- 7:03Ryan: as
- 7:03Ryan: we
- 7:03Ryan: know
- 7:03Ryan: is
- 7:04Ryan: very
- 7:04Ryan: important.
- 7:05Ryan: But
- 7:05Ryan: let's
- 7:05Ryan: talk
- 7:05Ryan: real
- 7:06Ryan: quick,
- 7:06Ryan: continue
- 7:07Ryan: this
- 7:07Ryan: yield
- 7:07Ryan: curve
- 7:08Ryan: discussion.
- 7:08Ryan: You
- 7:08Ryan: talked
- 7:09Ryan: about
- 7:09Ryan: your
- 7:09Ryan: very.
- 7:10Ryan: Duration
- 7:10Ryan: neutral.
- 7:11Ryan: And
- 7:12Ryan: so
- 7:12Ryan: is
- 7:12Ryan: there
- 7:13Ryan: a
- 7:13Ryan: certain
- 7:13Ryan: part
- 7:13Ryan: of
- 7:13Ryan: the
- 7:14Ryan: yield
- 7:14Ryan: curve
- 7:14Ryan: that
- 7:14Ryan: you
- 7:14Ryan: and
- 7:15Ryan: your
- 7:15Ryan: team
- 7:15Ryan: believe
- 7:15Ryan: is
- 7:16Ryan: most
- 7:16Ryan: attractive?
- 7:16Ryan: Or
- 7:17Ryan: do
- 7:17Ryan: you
- 7:17Ryan: just
- 7:17Ryan: go
- 7:17Ryan: across
- 7:18Ryan: the
- 7:18Ryan: whole
- 7:18Ryan: yield
- 7:18Ryan: curve?
- 7:19Ryan: Is
- 7:19Ryan: that
- 7:19Ryan: something
- 7:20Ryan: you
- 7:20Ryan: don't
- 7:20Ryan: really
- 7:20Ryan: play
- 7:21Ryan: into
- 7:21Ryan: since
- 7:21Ryan: you're,
- 7:22Ryan: more
- 7:22Ryan: duration
- 7:23Ryan: neutral?
- 7:23eric kazatsky: So
- 7:24eric kazatsky: we
- 7:24eric kazatsky: do
- 7:24eric kazatsky: top
- 7:24eric kazatsky: five
- 7:25eric kazatsky: insights
- 7:25eric kazatsky: each
- 7:26eric kazatsky: and
- 7:26eric kazatsky: every
- 7:27eric kazatsky: December
- 7:27eric kazatsky: comes
- 7:28eric kazatsky: out
- 7:28eric kazatsky: in
- 7:28eric kazatsky: the
- 7:28eric kazatsky: beginning
- 7:28eric kazatsky: of
- 7:28eric kazatsky: January
- 7:29eric kazatsky: and
- 7:29eric kazatsky: it's
- 7:29eric kazatsky: really
- 7:29eric kazatsky: a
- 7:30eric kazatsky: guidepost
- 7:30eric kazatsky: for
- 7:31eric kazatsky: what
- 7:31eric kazatsky: we're
- 7:31eric kazatsky: thinking
- 7:31eric kazatsky: about
- 7:32eric kazatsky: our
- 7:32eric kazatsky: portfolios
- 7:33eric kazatsky: you
- 7:33eric kazatsky: know
- 7:33eric kazatsky: across
- 7:34eric kazatsky: the
- 7:34eric kazatsky: spectrum
- 7:34eric kazatsky: for
- 7:34eric kazatsky: the
- 7:34eric kazatsky: following
- 7:35eric kazatsky: year
- 7:35eric kazatsky: And
- 7:36eric kazatsky: a
- 7:36eric kazatsky: second
- 7:36eric kazatsky: insight
- 7:37eric kazatsky: this
- 7:37eric kazatsky: year
- 7:37eric kazatsky: was
- 7:37eric kazatsky: really
- 7:37eric kazatsky: focused
- 7:38eric kazatsky: on
- 7:38eric kazatsky: where
- 7:38eric kazatsky: on
- 7:38eric kazatsky: the
- 7:38eric kazatsky: yield
- 7:39eric kazatsky: curve
- 7:39eric kazatsky: we
- 7:39eric kazatsky: thought
- 7:40eric kazatsky: that
- 7:40eric kazatsky: the
- 7:40eric kazatsky: most
- 7:40eric kazatsky: relative
- 7:40eric kazatsky: value
- 7:41eric kazatsky: was
- 7:42eric kazatsky: And
- 7:42eric kazatsky: that
- 7:42eric kazatsky: really
- 7:42eric kazatsky: for
- 7:43eric kazatsky: us
- 7:43eric kazatsky: was
- 7:43eric kazatsky: you
- 7:43eric kazatsky: know
- 7:44eric kazatsky: a
- 7:44eric kazatsky: little
- 7:44eric kazatsky: bit
- 7:44eric kazatsky: longer
- 7:44eric kazatsky: between
- 7:45eric kazatsky: 17
- 7:45eric kazatsky: to
- 7:45eric kazatsky: 22
- 7:46eric kazatsky: years
- 7:46eric kazatsky: on
- 7:46eric kazatsky: the
- 7:46eric kazatsky: curve
- 7:47eric kazatsky: it's
- 7:47eric kazatsky: where
- 7:47eric kazatsky: the
- 7:47eric kazatsky: yield
- 7:47eric kazatsky: curve
- 7:48eric kazatsky: on
- 7:48eric kazatsky: the
- 7:48eric kazatsky: municipal
- 7:48eric kazatsky: side
- 7:48eric kazatsky: is
- 7:48eric kazatsky: the
- 7:49eric kazatsky: steepest
- 7:49eric kazatsky: So
- 7:49eric kazatsky: you're
- 7:50eric kazatsky: getting
- 7:50eric kazatsky: the
- 7:50eric kazatsky: most
- 7:50eric kazatsky: rolled
- 7:50eric kazatsky: down
- 7:51eric kazatsky: most
- 7:51eric kazatsky: income
- 7:51eric kazatsky: coming
- 7:52eric kazatsky: into
- 7:52eric kazatsky: portfolios
- 7:53eric kazatsky: but
- 7:53eric kazatsky: on
- 7:53eric kazatsky: a
- 7:53eric kazatsky: ratio
- 7:54eric kazatsky: basis
- 7:54eric kazatsky: which
- 7:54eric kazatsky: is
- 7:54eric kazatsky: how
- 7:54eric kazatsky: munis
- 7:55eric kazatsky: are
- 7:55eric kazatsky: often
- 7:55eric kazatsky: looked
- 7:56eric kazatsky: at
- 7:56eric kazatsky: from
- 7:56eric kazatsky: a
- 7:56eric kazatsky: value
- 7:56eric kazatsky: standpoint
- 7:57eric kazatsky: they
- 7:58eric kazatsky: tend
- 7:58eric kazatsky: to
- 7:58eric kazatsky: have
- 7:58eric kazatsky: the
- 7:58eric kazatsky: highest
- 7:59eric kazatsky: ratios
- 7:59eric kazatsky: meaning
- 7:59eric kazatsky: they're
- 7:59eric kazatsky: the
- 7:59eric kazatsky: cheapest
- 8:00eric kazatsky: so
- 8:01eric kazatsky: for
- 8:01eric kazatsky: us
- 8:01eric kazatsky: it
- 8:01eric kazatsky: continues
- 8:02eric kazatsky: to
- 8:02eric kazatsky: be
- 8:02eric kazatsky: a
- 8:02eric kazatsky: higher
- 8:02eric kazatsky: conviction
- 8:02eric kazatsky: idea
- 8:03eric kazatsky: and
- 8:03eric kazatsky: it's
- 8:03eric kazatsky: interesting
- 8:04eric kazatsky: You
- 8:04eric kazatsky: see
- 8:04eric kazatsky: a
- 8:04eric kazatsky: lot
- 8:05eric kazatsky: of
- 8:05eric kazatsky: the
- 8:05eric kazatsky: fund
- 8:05eric kazatsky: flows
- 8:05eric kazatsky: coming
- 8:06eric kazatsky: into
- 8:06eric kazatsky: our
- 8:06eric kazatsky: space
- 8:06eric kazatsky: aggregating
- 8:07eric kazatsky: in
- 8:08eric kazatsky: 10
- 8:08eric kazatsky: years
- 8:08eric kazatsky: and
- 8:08eric kazatsky: in
- 8:08eric kazatsky: on
- 8:08eric kazatsky: the
- 8:09eric kazatsky: curve
- 8:09eric kazatsky: and
- 8:10eric kazatsky: they're
- 8:10eric kazatsky: distorting
- 8:10eric kazatsky: the
- 8:10eric kazatsky: value
- 8:11eric kazatsky: there
- 8:11eric kazatsky: which
- 8:11eric kazatsky: you
- 8:11eric kazatsky: know
- 8:11eric kazatsky: in
- 8:12eric kazatsky: our
- 8:12eric kazatsky: opinion
- 8:12eric kazatsky: makes
- 8:12eric kazatsky: the
- 8:12eric kazatsky: long
- 8:13eric kazatsky: end
- 8:13eric kazatsky: even
- 8:13eric kazatsky: more
- 8:14eric kazatsky: attractive
- 8:16Ryan: So
- 8:16Ryan: how
- 8:17Ryan: does,
- 8:18Ryan: I
- 8:18Ryan: was
- 8:18Ryan: gonna
- 8:18Ryan: ask,
- 8:19Ryan: you
- 8:19Ryan: set
- 8:19Ryan: those
- 8:20Ryan: viewpoints
- 8:21Ryan: at
- 8:21Ryan: the
- 8:21Ryan: beginning
- 8:21Ryan: of
- 8:22Ryan: the
- 8:22Ryan: year,
- 8:22Ryan: like
- 8:22Ryan: you
- 8:22Ryan: said,
- 8:23Ryan: at
- 8:23Ryan: the
- 8:23Ryan: beginning
- 8:23Ryan: of
- 8:23Ryan: the
- 8:24Ryan: year.
- 8:24Ryan: We
- 8:24Ryan: didn't
- 8:24Ryan: have
- 8:24Ryan: the
- 8:24Ryan: issues
- 8:25Ryan: that
- 8:25Ryan: we
- 8:25Ryan: have
- 8:25Ryan: today.
- 8:27eric kazatsky: Absolutely
- 8:27Ryan: in,
- 8:27Ryan: five
- 8:28Ryan: months
- 8:28Ryan: in,
- 8:29Ryan: how
- 8:29Ryan: did
- 8:30Ryan: geopolitical
- 8:31Ryan: issues
- 8:32Ryan: impact
- 8:33Ryan: municipals
- 8:34Ryan: as
- 8:34Ryan: much
- 8:34Ryan: as
- 8:35Ryan: like
- 8:35Ryan: they
- 8:35Ryan: might
- 8:35Ryan: just
- 8:36Ryan: impact
- 8:36Ryan: credit
- 8:37Ryan: or
- 8:37Ryan: obviously
- 8:38Ryan: treasuries
- 8:39Ryan: and
- 8:39Ryan: governments,
- 8:40Ryan: are
- 8:40Ryan: they
- 8:41Ryan: a
- 8:41Ryan: little
- 8:41Ryan: bit
- 8:41Ryan: more
- 8:41Ryan: shielded
- 8:42Ryan: from
- 8:42Ryan: the
- 8:43Ryan: geopolitical
- 8:44Ryan: chaos?
- 8:45eric kazatsky: Yeah
- 8:46eric kazatsky: because
- 8:46eric kazatsky: we're
- 8:46eric kazatsky: a
- 8:46eric kazatsky: domestic
- 8:47eric kazatsky: based
- 8:47eric kazatsky: product
- 8:48eric kazatsky: right
- 8:48eric kazatsky: So
- 8:48eric kazatsky: they
- 8:48eric kazatsky: have
- 8:49eric kazatsky: their
- 8:49eric kazatsky: own
- 8:49eric kazatsky: issues
- 8:49eric kazatsky: to
- 8:49eric kazatsky: contend
- 8:50eric kazatsky: with
- 8:50eric kazatsky: And
- 8:50eric kazatsky: when
- 8:50eric kazatsky: I
- 8:50eric kazatsky: speak
- 8:51eric kazatsky: about
- 8:51eric kazatsky: those
- 8:51eric kazatsky: issues
- 8:51eric kazatsky: in
- 8:51eric kazatsky: particular
- 8:52eric kazatsky: you
- 8:52eric kazatsky: have
- 8:53eric kazatsky: the
- 8:53eric kazatsky: pandemic
- 8:53eric kazatsky: money
- 8:54eric kazatsky: rolling
- 8:54eric kazatsky: off
- 8:54eric kazatsky: state
- 8:55eric kazatsky: and
- 8:55eric kazatsky: local
- 8:55eric kazatsky: government
- 8:55eric kazatsky: balance
- 8:56eric kazatsky: sheets
- 8:57eric kazatsky: you
- 8:57eric kazatsky: have
- 8:57eric kazatsky: you
- 8:57eric kazatsky: know
- 8:58eric kazatsky: cuts
- 8:58eric kazatsky: to
- 8:58eric kazatsky: federal
- 8:59eric kazatsky: funding
- 8:59eric kazatsky: trickling
- 9:00eric kazatsky: down
- 9:00eric kazatsky: to
- 9:00eric kazatsky: the
- 9:01eric kazatsky: local
- 9:01eric kazatsky: level
- 9:02eric kazatsky: you
- 9:02eric kazatsky: have
- 9:02eric kazatsky: the
- 9:02eric kazatsky: tax
- 9:02eric kazatsky: bill
- 9:02eric kazatsky: that
- 9:03eric kazatsky: was
- 9:03eric kazatsky: passed
- 9:03eric kazatsky: last
- 9:03eric kazatsky: year
- 9:04eric kazatsky: that
- 9:04eric kazatsky: you
- 9:04eric kazatsky: know
- 9:05eric kazatsky: on
- 9:05eric kazatsky: the
- 9:05eric kazatsky: margin
- 9:05eric kazatsky: impacted
- 9:06eric kazatsky: you
- 9:06eric kazatsky: know
- 9:06eric kazatsky: some
- 9:07eric kazatsky: areas
- 9:07eric kazatsky: of
- 9:07eric kazatsky: healthcare
- 9:08eric kazatsky: and
- 9:08eric kazatsky: you
- 9:08eric kazatsky: just
- 9:08eric kazatsky: have
- 9:09eric kazatsky: shifts
- 9:09eric kazatsky: in
- 9:09eric kazatsky: value
- 9:09eric kazatsky: proposition
- 9:10eric kazatsky: of
- 9:10eric kazatsky: the
- 9:10eric kazatsky: higher
- 9:11eric kazatsky: ed
- 9:11eric kazatsky: model
- 9:11eric kazatsky: in
- 9:11eric kazatsky: general
- 9:12eric kazatsky: So
- 9:12eric kazatsky: munis
- 9:13eric kazatsky: definitely
- 9:13eric kazatsky: have
- 9:13eric kazatsky: their
- 9:13eric kazatsky: own
- 9:13eric kazatsky: sort
- 9:14eric kazatsky: of
- 9:14eric kazatsky: issues
- 9:14eric kazatsky: that
- 9:14eric kazatsky: they're
- 9:14eric kazatsky: dealing
- 9:15eric kazatsky: with
- 9:15eric kazatsky: domestically
- 9:16eric kazatsky: but
- 9:16eric kazatsky: they
- 9:16eric kazatsky: are
- 9:16eric kazatsky: at
- 9:17eric kazatsky: the
- 9:17eric kazatsky: end
- 9:17eric kazatsky: of
- 9:17eric kazatsky: the
- 9:17eric kazatsky: day
- 9:18eric kazatsky: you
- 9:18eric kazatsky: know
- 9:18eric kazatsky: directionally
- 9:18eric kazatsky: pulled
- 9:19eric kazatsky: by
- 9:20eric kazatsky: the
- 9:20eric kazatsky: treasury
- 9:20eric kazatsky: market
- 9:21eric kazatsky: and
- 9:21eric kazatsky: where
- 9:21eric kazatsky: that's
- 9:21eric kazatsky: going
- 9:22eric kazatsky: which
- 9:22eric kazatsky: is
- 9:22eric kazatsky: influenced
- 9:23eric kazatsky: you
- 9:23eric kazatsky: know
- 9:23eric kazatsky: by
- 9:23eric kazatsky: geopolitical
- 9:24eric kazatsky: issues
- 9:25eric kazatsky: you
- 9:25eric kazatsky: know
- 9:25eric kazatsky: we
- 9:25eric kazatsky: don't
- 9:25eric kazatsky: move
- 9:25eric kazatsky: on
- 9:26eric kazatsky: a
- 9:26eric kazatsky: one-to-one
- 9:26eric kazatsky: basis
- 9:27eric kazatsky: but
- 9:27eric kazatsky: directionally
- 9:27eric kazatsky: we
- 9:28eric kazatsky: tend
- 9:28eric kazatsky: to
- 9:28eric kazatsky: follow
- 9:29eric kazatsky: just
- 9:29eric kazatsky: maybe
- 9:29eric kazatsky: on
- 9:29eric kazatsky: a
- 9:29eric kazatsky: lag
- 9:29eric kazatsky: basis
- 9:30eric kazatsky: or
- 9:30eric kazatsky: you
- 9:30eric kazatsky: know
- 9:31eric kazatsky: where
- 9:31eric kazatsky: we
- 9:31eric kazatsky: tend
- 9:31eric kazatsky: to
- 9:31eric kazatsky: be
- 9:32eric kazatsky: a
- 9:32eric kazatsky: little
- 9:32eric kazatsky: bit
- 9:32eric kazatsky: ahead
- 9:32eric kazatsky: of
- 9:32eric kazatsky: them
- 9:33eric kazatsky: I
- 9:33eric kazatsky: think
- 9:33eric kazatsky: that
- 9:33eric kazatsky: again
- 9:33eric kazatsky: that's
- 9:33eric kazatsky: the
- 9:34eric kazatsky: beauty
- 9:34eric kazatsky: of
- 9:34eric kazatsky: the
- 9:34eric kazatsky: muni
- 9:35eric kazatsky: market
- 9:35eric kazatsky: is
- 9:35eric kazatsky: that
- 9:35eric kazatsky: to
- 9:35eric kazatsky: some
- 9:36eric kazatsky: degree
- 9:36eric kazatsky: we
- 9:36eric kazatsky: march
- 9:37eric kazatsky: to
- 9:37eric kazatsky: our
- 9:37eric kazatsky: own
- 9:37eric kazatsky: drum
- 9:37eric kazatsky: we're
- 9:38eric kazatsky: the
- 9:38eric kazatsky: treasury
- 9:39eric kazatsky: market
- 9:39eric kazatsky: with
- 9:39eric kazatsky: a
- 9:39eric kazatsky: credit
- 9:39eric kazatsky: component
- 9:41Ryan: Very
- 9:41Ryan: good
- 9:42Ryan: point.
- 9:42Ryan: And
- 9:43Ryan: like
- 9:44Ryan: you,
- 9:44Ryan: we
- 9:44Ryan: said
- 9:45Ryan: too,
- 9:45Ryan: inflation's
- 9:46Ryan: a
- 9:46Ryan: problem
- 9:46Ryan: and
- 9:47Ryan: inflation
- 9:47Ryan: obviously
- 9:48Ryan: is
- 9:48Ryan: gonna
- 9:48Ryan: impact
- 9:49Ryan: all
- 9:50Ryan: fixed
- 9:50Ryan: income
- 9:50Ryan: products.
- 9:52eric kazatsky: Yeah
- 9:52eric kazatsky: and
- 9:52eric kazatsky: I
- 9:52eric kazatsky: really
- 9:52eric kazatsky: think
- 9:53eric kazatsky: it's
- 9:53eric kazatsky: inflation
- 9:53eric kazatsky: coupled
- 9:54eric kazatsky: with
- 9:54eric kazatsky: how
- 9:54eric kazatsky: the
- 9:54eric kazatsky: new
- 9:55eric kazatsky: Fed
- 9:55eric kazatsky: share
- 9:55eric kazatsky: when
- 9:55eric kazatsky: he
- 9:56eric kazatsky: finally
- 9:56eric kazatsky: you
- 9:56eric kazatsky: know
- 9:56eric kazatsky: takes
- 9:57eric kazatsky: the
- 9:57eric kazatsky: reins
- 9:57eric kazatsky: is
- 9:58eric kazatsky: gonna
- 9:58eric kazatsky: tackle
- 9:58eric kazatsky: that
- 9:58eric kazatsky: problem
- 9:59eric kazatsky: you
- 9:59eric kazatsky: know
- 9:59eric kazatsky: you
- 10:00eric kazatsky: certainly
- 10:00eric kazatsky: came
- 10:00eric kazatsky: into
- 10:00eric kazatsky: the
- 10:00eric kazatsky: year
- 10:01eric kazatsky: with
- 10:01eric kazatsky: the
- 10:01eric kazatsky: expectation
- 10:02eric kazatsky: of
- 10:02eric kazatsky: several
- 10:02eric kazatsky: cuts
- 10:03eric kazatsky: and
- 10:03eric kazatsky: then
- 10:03eric kazatsky: that
- 10:03eric kazatsky: went
- 10:04eric kazatsky: away
- 10:04eric kazatsky: pretty
- 10:04eric kazatsky: quickly
- 10:04eric kazatsky: but
- 10:05eric kazatsky: you
- 10:05eric kazatsky: know
- 10:06eric kazatsky: I
- 10:06eric kazatsky: think
- 10:06eric kazatsky: that
- 10:07eric kazatsky: the
- 10:07eric kazatsky: administration's
- 10:08eric kazatsky: current
- 10:09eric kazatsky: focus
- 10:09eric kazatsky: is
- 10:09eric kazatsky: to
- 10:09eric kazatsky: try
- 10:10eric kazatsky: and
- 10:10eric kazatsky: get
- 10:10eric kazatsky: interest
- 10:11eric kazatsky: rate
- 10:11eric kazatsky: costs
- 10:11eric kazatsky: lower
- 10:12eric kazatsky: right
- 10:12eric kazatsky: Roll
- 10:13eric kazatsky: over
- 10:13eric kazatsky: treasuries
- 10:13eric kazatsky: in
- 10:14eric kazatsky: a
- 10:14eric kazatsky: lower
- 10:14eric kazatsky: rate
- 10:14eric kazatsky: environment
- 10:15eric kazatsky: also
- 10:15eric kazatsky: make
- 10:15eric kazatsky: having
- 10:16eric kazatsky: housing
- 10:16eric kazatsky: more
- 10:16eric kazatsky: affordable
- 10:17eric kazatsky: but
- 10:17eric kazatsky: I
- 10:17eric kazatsky: think
- 10:18eric kazatsky: there
- 10:18eric kazatsky: is
- 10:18eric kazatsky: generally
- 10:18eric kazatsky: a
- 10:18eric kazatsky: misunderstanding
- 10:19eric kazatsky: that
- 10:19eric kazatsky: the
- 10:20eric kazatsky: administration
- 10:20eric kazatsky: wants
- 10:20eric kazatsky: you
- 10:20eric kazatsky: know
- 10:21eric kazatsky: more
- 10:21eric kazatsky: compressed
- 10:22eric kazatsky: housing
- 10:22eric kazatsky: spreads
- 10:23eric kazatsky: and
- 10:23eric kazatsky: they
- 10:23eric kazatsky: conflate
- 10:24eric kazatsky: that
- 10:24eric kazatsky: with
- 10:24eric kazatsky: interest
- 10:24eric kazatsky: rate
- 10:24eric kazatsky: costs
- 10:25eric kazatsky: So
- 10:26eric kazatsky: you
- 10:26eric kazatsky: know
- 10:26eric kazatsky: they
- 10:26eric kazatsky: have
- 10:26eric kazatsky: a
- 10:26eric kazatsky: couple
- 10:26eric kazatsky: problems
- 10:26eric kazatsky: that
- 10:27eric kazatsky: they
- 10:27eric kazatsky: need
- 10:27eric kazatsky: to
- 10:27eric kazatsky: solve
- 10:27eric kazatsky: this
- 10:27eric kazatsky: year
- 10:29Ryan: Very
- 10:29Ryan: good
- 10:29Ryan: point,
- 10:29Ryan: Eric.
- 10:30Ryan: So
- 10:31Ryan: talk,
- 10:32Ryan: focus
- 10:32Ryan: more
- 10:32Ryan: on
- 10:33Ryan: Munis
- 10:34Ryan: here.
- 10:34Ryan: Why
- 10:34Ryan: do
- 10:35Ryan: you
- 10:35Ryan: think
- 10:36Ryan: they're
- 10:36Ryan: attractive
- 10:37Ryan: and
- 10:37Ryan: they're
- 10:37Ryan: an
- 10:37Ryan: attractive
- 10:38Ryan: investment
- 10:38Ryan: given
- 10:39Ryan: this
- 10:40Ryan: current
- 10:40Ryan: macro
- 10:41Ryan: environment
- 10:42Ryan: that
- 10:42Ryan: we're
- 10:42eric kazatsky: Yeah
- 10:42Ryan: with?
- 10:44eric kazatsky: I
- 10:44eric kazatsky: mean
- 10:44eric kazatsky: you
- 10:44eric kazatsky: highlighted
- 10:45eric kazatsky: it
- 10:45eric kazatsky: that
- 10:45eric kazatsky: there's
- 10:46eric kazatsky: the
- 10:46eric kazatsky: lack
- 10:46eric kazatsky: of
- 10:46eric kazatsky: correlation
- 10:47eric kazatsky: the
- 10:47eric kazatsky: diversity
- 10:48eric kazatsky: in
- 10:48eric kazatsky: a
- 10:48eric kazatsky: portfolio
- 10:49eric kazatsky: you
- 10:50eric kazatsky: know
- 10:50eric kazatsky: take
- 10:50eric kazatsky: taxable
- 10:51eric kazatsky: munis
- 10:51eric kazatsky: for
- 10:51eric kazatsky: instance
- 10:52eric kazatsky: If
- 10:52eric kazatsky: perfect
- 10:53eric kazatsky: satellite
- 10:53eric kazatsky: addition
- 10:54eric kazatsky: to
- 10:54eric kazatsky: someone
- 10:54eric kazatsky: who's
- 10:54eric kazatsky: running
- 10:55eric kazatsky: a
- 10:55eric kazatsky: core
- 10:55eric kazatsky: plus
- 10:55eric kazatsky: strategy
- 10:56eric kazatsky: you
- 10:56eric kazatsky: know
- 10:57eric kazatsky: if
- 10:57eric kazatsky: you
- 10:57eric kazatsky: do
- 10:57eric kazatsky: a
- 10:57eric kazatsky: bolt-on
- 10:58eric kazatsky: edition
- 10:59eric kazatsky: of
- 10:59eric kazatsky: taxable
- 10:59eric kazatsky: muni
- 10:59eric kazatsky: sleeve
- 11:00eric kazatsky: if
- 11:00eric kazatsky: you're
- 11:00eric kazatsky: bringing
- 11:00eric kazatsky: down
- 11:00eric kazatsky: the
- 11:00eric kazatsky: standard
- 11:01eric kazatsky: deviation
- 11:01eric kazatsky: of
- 11:01eric kazatsky: risk
- 11:02eric kazatsky: across
- 11:02eric kazatsky: that
- 11:03eric kazatsky: account
- 11:03eric kazatsky: and
- 11:04eric kazatsky: that's
- 11:04eric kazatsky: really
- 11:04eric kazatsky: what
- 11:04eric kazatsky: you
- 11:04eric kazatsky: wanna
- 11:05eric kazatsky: do
- 11:05eric kazatsky: from
- 11:06eric kazatsky: a
- 11:06eric kazatsky: portfolio
- 11:06eric kazatsky: management
- 11:07eric kazatsky: standpoint
- 11:07eric kazatsky: and
- 11:07eric kazatsky: add
- 11:07eric kazatsky: alpha
- 11:08eric kazatsky: along
- 11:08eric kazatsky: the
- 11:08eric kazatsky: way
- 11:08eric kazatsky: right
- 11:09eric kazatsky: Because
- 11:09eric kazatsky: you
- 11:09eric kazatsky: are
- 11:09eric kazatsky: getting
- 11:09eric kazatsky: a
- 11:09eric kazatsky: little
- 11:10eric kazatsky: bit
- 11:10eric kazatsky: more
- 11:10eric kazatsky: spread
- 11:10eric kazatsky: for
- 11:10eric kazatsky: the
- 11:11eric kazatsky: taxable
- 11:11eric kazatsky: munis
- 11:11eric kazatsky: than
- 11:11eric kazatsky: you
- 11:11eric kazatsky: are
- 11:11eric kazatsky: on
- 11:12eric kazatsky: the
- 11:12eric kazatsky: corporate
- 11:12eric kazatsky: side
- 11:12eric kazatsky: and
- 11:13eric kazatsky: in
- 11:13eric kazatsky: a
- 11:13eric kazatsky: low
- 11:13eric kazatsky: spread
- 11:14eric kazatsky: environment
- 11:14eric kazatsky: that's
- 11:14eric kazatsky: always
- 11:14eric kazatsky: a
- 11:15eric kazatsky: positive
- 11:15eric kazatsky: I
- 11:16eric kazatsky: do
- 11:16eric kazatsky: think
- 11:16eric kazatsky: munis
- 11:17eric kazatsky: you
- 11:17eric kazatsky: know
- 11:17eric kazatsky: we
- 11:17eric kazatsky: know
- 11:17eric kazatsky: how
- 11:17eric kazatsky: they
- 11:18eric kazatsky: behave
- 11:18eric kazatsky: in
- 11:19eric kazatsky: you
- 11:19eric kazatsky: know
- 11:19eric kazatsky: down
- 11:19eric kazatsky: economic
- 11:20eric kazatsky: cycles
- 11:20eric kazatsky: We
- 11:20eric kazatsky: have
- 11:21eric kazatsky: a
- 11:21eric kazatsky: guidepost
- 11:21eric kazatsky: you
- 11:21eric kazatsky: know
- 11:21eric kazatsky: obviously
- 11:22eric kazatsky: 2020
- 11:23eric kazatsky: 2008
- 11:24eric kazatsky: 2009
- 11:24eric kazatsky: and
- 11:25eric kazatsky: you
- 11:25eric kazatsky: know
- 11:25eric kazatsky: they
- 11:25eric kazatsky: tend
- 11:26eric kazatsky: to
- 11:26eric kazatsky: rally
- 11:26eric kazatsky: pretty
- 11:27eric kazatsky: strong
- 11:27eric kazatsky: following
- 11:28eric kazatsky: those
- 11:28eric kazatsky: downturns
- 11:28eric kazatsky: So
- 11:28eric kazatsky: again
- 11:29eric kazatsky: we
- 11:29eric kazatsky: have
- 11:29eric kazatsky: a
- 11:29eric kazatsky: playbook
- 11:30eric kazatsky: at
- 11:30eric kazatsky: hand
- 11:31eric kazatsky: for
- 11:31eric kazatsky: forward
- 11:32eric kazatsky: performance
- 11:32eric kazatsky: and
- 11:32eric kazatsky: it's
- 11:33eric kazatsky: you
- 11:33eric kazatsky: know
- 11:33eric kazatsky: looking
- 11:34eric kazatsky: pretty
- 11:34eric kazatsky: good
- 11:35Ryan: Yeah,
- 11:36Ryan: great.
- 11:37Ryan: They're,
- 11:37Ryan: the
- 11:37Ryan: benefits.
- 11:38Ryan: Correlation.
- 11:40Ryan: Real
- 11:40Ryan: quickly,
- 11:40Ryan: let's
- 11:41Ryan: go
- 11:41Ryan: back
- 11:41Ryan: and
- 11:41Ryan: all
- 11:42Ryan: over
- 11:42Ryan: the
- 11:42Ryan: place
- 11:42Ryan: here,
- 11:43Ryan: Erica,
- 11:43Ryan: I
- 11:43Ryan: have
- 11:43Ryan: so
- 11:43Ryan: much
- 11:44Ryan: to
- 11:44Ryan: comment
- 11:44Ryan: on,
- 11:44Ryan: but
- 11:45eric kazatsky: Great
- 11:46Ryan: There's
- 11:46Ryan: taxable
- 11:47Ryan: munis
- 11:47Ryan: and
- 11:47Ryan: tax-free
- 11:48Ryan: munis.
- 11:49eric kazatsky: Correct
- 11:49Ryan: think
- 11:50Ryan: a
- 11:50Ryan: lot
- 11:50Ryan: of
- 11:50Ryan: people
- 11:50Ryan: forget
- 11:51Ryan: about.
- 11:51Ryan: There's
- 11:52Ryan: taxable
- 11:52Ryan: munis
- 11:53Ryan: and
- 11:53Ryan: maybe
- 11:53Ryan: some
- 11:53Ryan: of
- 11:53Ryan: the
- 11:53Ryan: benefits
- 11:54Ryan: they
- 11:54Ryan: offer,
- 11:55Ryan: and
- 11:55Ryan: we
- 11:55Ryan: always
- 11:55Ryan: just
- 11:55Ryan: focus
- 11:56Ryan: on
- 11:57Ryan: the
- 11:57Ryan: tax
- 11:57Ryan: free
- 11:58Ryan: benefits
- 11:58Ryan: of
- 11:59Ryan: Munis,
- 11:59Ryan: which
- 11:59Ryan: obviously
- 12:00Ryan: is
- 12:00Ryan: very
- 12:00Ryan: important.
- 12:02Ryan: there's
- 12:03Ryan: other
- 12:03Ryan: benefits
- 12:03Ryan: to
- 12:04Ryan: the
- 12:04Ryan: taxable.
- 12:06eric kazatsky: I
- 12:06eric kazatsky: have
- 12:06eric kazatsky: five
- 12:07eric kazatsky: minutes
- 12:07eric kazatsky: with
- 12:07eric kazatsky: an
- 12:07eric kazatsky: advisor
- 12:08eric kazatsky: and
- 12:09eric kazatsky: their
- 12:09eric kazatsky: question
- 12:09eric kazatsky: is
- 12:09eric kazatsky: what
- 12:10eric kazatsky: do
- 12:10eric kazatsky: you
- 12:10eric kazatsky: love
- 12:10eric kazatsky: the
- 12:10eric kazatsky: most
- 12:11eric kazatsky: this
- 12:11eric kazatsky: year
- 12:11eric kazatsky: What
- 12:11eric kazatsky: are
- 12:11eric kazatsky: your
- 12:11eric kazatsky: best
- 12:11eric kazatsky: ideas
- 12:12eric kazatsky: I'm
- 12:12eric kazatsky: coming
- 12:13eric kazatsky: at
- 12:13eric kazatsky: them
- 12:13eric kazatsky: with
- 12:13eric kazatsky: two
- 12:13eric kazatsky: of
- 12:13eric kazatsky: the
- 12:14eric kazatsky: products
- 12:14eric kazatsky: that
- 12:14eric kazatsky: we
- 12:14eric kazatsky: have
- 12:14eric kazatsky: that
- 12:15eric kazatsky: are
- 12:15eric kazatsky: just
- 12:15eric kazatsky: very
- 12:15eric kazatsky: unique
- 12:16eric kazatsky: One
- 12:16eric kazatsky: is
- 12:17eric kazatsky: you
- 12:17eric kazatsky: know
- 12:17eric kazatsky: our
- 12:17eric kazatsky: insured
- 12:18Ryan: I.
- 12:18eric kazatsky: bond
- 12:19eric kazatsky: ETF
- 12:19eric kazatsky: because
- 12:20eric kazatsky: we
- 12:20eric kazatsky: see
- 12:20eric kazatsky: a
- 12:20eric kazatsky: lot
- 12:20eric kazatsky: of
- 12:20eric kazatsky: value
- 12:21eric kazatsky: in
- 12:21eric kazatsky: insurance
- 12:21eric kazatsky: on
- 12:22eric kazatsky: the
- 12:22eric kazatsky: you
- 12:22eric kazatsky: know
- 12:23eric kazatsky: as
- 12:23eric kazatsky: part
- 12:23eric kazatsky: of
- 12:23eric kazatsky: that
- 12:23eric kazatsky: wrapper
- 12:24eric kazatsky: but
- 12:24eric kazatsky: I'm
- 12:24eric kazatsky: also
- 12:24eric kazatsky: talking
- 12:25eric kazatsky: to
- 12:25eric kazatsky: them
- 12:25eric kazatsky: about
- 12:25eric kazatsky: our
- 12:25eric kazatsky: taxable
- 12:25eric kazatsky: muni
- 12:26eric kazatsky: fund
- 12:26eric kazatsky: and
- 12:26eric kazatsky: they're
- 12:27eric kazatsky: inevitably
- 12:27eric kazatsky: the
- 12:28eric kazatsky: question
- 12:28eric kazatsky: comes
- 12:28eric kazatsky: up
- 12:28eric kazatsky: why
- 12:28eric kazatsky: do
- 12:28eric kazatsky: these
- 12:29eric kazatsky: even
- 12:29eric kazatsky: exist
- 12:30eric kazatsky: And
- 12:30eric kazatsky: obviously
- 12:30eric kazatsky: it's
- 12:30eric kazatsky: a
- 12:30eric kazatsky: function
- 12:31eric kazatsky: of
- 12:31eric kazatsky: tax
- 12:31eric kazatsky: law
- 12:31eric kazatsky: right
- 12:32eric kazatsky: There
- 12:32eric kazatsky: are
- 12:32eric kazatsky: a
- 12:32eric kazatsky: lot
- 12:32eric kazatsky: of
- 12:32eric kazatsky: issuers
- 12:33eric kazatsky: in
- 12:33eric kazatsky: the
- 12:34eric kazatsky: municipal
- 12:34eric kazatsky: space
- 12:34eric kazatsky: who
- 12:35eric kazatsky: wanna
- 12:35eric kazatsky: do
- 12:35eric kazatsky: financing
- 12:35eric kazatsky: that
- 12:36eric kazatsky: just
- 12:36eric kazatsky: doesn't
- 12:36eric kazatsky: pass
- 12:37eric kazatsky: the
- 12:37eric kazatsky: sniff
- 12:37eric kazatsky: test
- 12:37eric kazatsky: with
- 12:37eric kazatsky: the
- 12:38eric kazatsky: IRS
- 12:38eric kazatsky: to
- 12:39eric kazatsky: have
- 12:39eric kazatsky: tax
- 12:39eric kazatsky: exemption
- 12:40eric kazatsky: And
- 12:40eric kazatsky: so
- 12:40eric kazatsky: a
- 12:40eric kazatsky: lot
- 12:41eric kazatsky: of
- 12:41eric kazatsky: those
- 12:41eric kazatsky: issues
- 12:41eric kazatsky: fall
- 12:42eric kazatsky: into
- 12:42eric kazatsky: the
- 12:42eric kazatsky: taxable
- 12:42eric kazatsky: muni
- 12:43eric kazatsky: side
- 12:43eric kazatsky: of
- 12:43eric kazatsky: the
- 12:43eric kazatsky: market
- 12:43eric kazatsky: And
- 12:44eric kazatsky: some
- 12:44eric kazatsky: of
- 12:44eric kazatsky: those
- 12:44eric kazatsky: issuers
- 12:45eric kazatsky: are
- 12:45eric kazatsky: pretty
- 12:45eric kazatsky: large
- 12:46eric kazatsky: household
- 12:46eric kazatsky: names
- 12:46eric kazatsky: right
- 12:47eric kazatsky: Like
- 12:47eric kazatsky: the
- 12:47eric kazatsky: Harvards
- 12:47eric kazatsky: of
- 12:47eric kazatsky: the
- 12:47eric kazatsky: world
- 12:48eric kazatsky: Duke
- 12:48eric kazatsky: Universities
- 12:49eric kazatsky: Stanford
- 12:50eric kazatsky: University
- 12:51eric kazatsky: large
- 12:51eric kazatsky: healthcare
- 12:51eric kazatsky: systems
- 12:52eric kazatsky: in
- 12:52eric kazatsky: a
- 12:52eric kazatsky: multi-state
- 12:53eric kazatsky: scenario
- 12:54eric kazatsky: where
- 12:55eric kazatsky: you
- 12:55eric kazatsky: have
- 12:56eric kazatsky: the
- 12:56eric kazatsky: willingness
- 12:57eric kazatsky: of
- 12:57eric kazatsky: non-traditional
- 12:57eric kazatsky: buyers
- 12:58eric kazatsky: to
- 12:58eric kazatsky: do
- 12:58eric kazatsky: credit
- 12:58eric kazatsky: work
- 12:59eric kazatsky: there
- 12:59eric kazatsky: You
- 12:59eric kazatsky: know
- 13:00eric kazatsky: you're
- 13:00eric kazatsky: not
- 13:00eric kazatsky: really
- 13:00eric kazatsky: talking
- 13:00eric kazatsky: about
- 13:01eric kazatsky: a
- 13:01eric kazatsky: $10
- 13:01eric kazatsky: million
- 13:01eric kazatsky: school
- 13:01eric kazatsky: district
- 13:02eric kazatsky: deal
- 13:02eric kazatsky: in
- 13:02eric kazatsky: the
- 13:02eric kazatsky: middle
- 13:02eric kazatsky: of
- 13:02eric kazatsky: Pennsylvania
- 13:03eric kazatsky: You
- 13:04eric kazatsky: know
- 13:04eric kazatsky: I
- 13:04eric kazatsky: think
- 13:04eric kazatsky: that
- 13:05eric kazatsky: they
- 13:05eric kazatsky: almost
- 13:05eric kazatsky: have
- 13:06eric kazatsky: an
- 13:06eric kazatsky: institutional
- 13:06eric kazatsky: like
- 13:07eric kazatsky: attraction
- 13:07eric kazatsky: there
- 13:08eric kazatsky: because
- 13:08eric kazatsky: of
- 13:08eric kazatsky: the
- 13:08eric kazatsky: size
- 13:09eric kazatsky: and
- 13:09eric kazatsky: that
- 13:09eric kazatsky: has
- 13:09eric kazatsky: really
- 13:10eric kazatsky: helped
- 13:10eric kazatsky: with
- 13:10eric kazatsky: adoption
- 13:11eric kazatsky: of
- 13:11eric kazatsky: that
- 13:11eric kazatsky: side
- 13:11eric kazatsky: of
- 13:11eric kazatsky: the
- 13:12eric kazatsky: market
- 13:12eric kazatsky: in
- 13:12eric kazatsky: the
- 13:12eric kazatsky: last
- 13:12eric kazatsky: several
- 13:12eric kazatsky: years
- 13:14Ryan: Because
- 13:14Ryan: I'll
- 13:14Ryan: be
- 13:15Ryan: honest
- 13:15Ryan: with
- 13:15Ryan: Jerry
- 13:15Ryan: I'm
- 13:16Ryan: a,
- 13:16Ryan: I
- 13:17Ryan: often
- 13:17Ryan: forget
- 13:17Ryan: about
- 13:18Ryan: it
- 13:18Ryan: too.
- 13:18Ryan: And
- 13:18Ryan: the
- 13:18eric kazatsky: Yeah
- 13:19Ryan: when?
- 13:19eric kazatsky: don't
- 13:20eric kazatsky: blame
- 13:20eric kazatsky: you
- 13:20eric kazatsky: Most
- 13:21eric kazatsky: do
- 13:22Ryan: Okay,
- 13:23Ryan: good.
- 13:23Ryan: So
- 13:23Ryan: I'm
- 13:23Ryan: not
- 13:23Ryan: the
- 13:24eric kazatsky: Yeah
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- 13:24Ryan: not
- 13:24Ryan: the
- 13:25Ryan: only
- 13:25Ryan: one
- 13:25Ryan: that.
- 13:25eric kazatsky: A
- 13:26eric kazatsky: lot
- 13:26eric kazatsky: of
- 13:26eric kazatsky: the
- 13:26eric kazatsky: questions
- 13:26eric kazatsky: we
- 13:26eric kazatsky: get
- 13:26eric kazatsky: are
- 13:26eric kazatsky: why
- 13:27eric kazatsky: do
- 13:27eric kazatsky: these
- 13:27eric kazatsky: even
- 13:27eric kazatsky: exist
- 13:28eric kazatsky: And
- 13:28eric kazatsky: I'm
- 13:28eric kazatsky: like
- 13:28eric kazatsky: It's
- 13:28eric kazatsky: a
- 13:28eric kazatsky: fair
- 13:28eric kazatsky: question
- 13:29eric kazatsky: so
- 13:29eric kazatsky: we
- 13:29eric kazatsky: walk
- 13:30eric kazatsky: them
- 13:30eric kazatsky: through
- 13:30eric kazatsky: you
- 13:30eric kazatsky: know
- 13:31eric kazatsky: why
- 13:31eric kazatsky: taxable
- 13:32eric kazatsky: munies
- 13:32eric kazatsky: exist
- 13:32eric kazatsky: and
- 13:32eric kazatsky: what
- 13:32eric kazatsky: the
- 13:32eric kazatsky: benefits
- 13:33eric kazatsky: are
- 13:33eric kazatsky: Look
- 13:33eric kazatsky: you're
- 13:34eric kazatsky: getting
- 13:34eric kazatsky: all
- 13:35eric kazatsky: of
- 13:35eric kazatsky: the
- 13:35eric kazatsky: benefits
- 13:36eric kazatsky: of
- 13:36eric kazatsky: the
- 13:36eric kazatsky: credit
- 13:36eric kazatsky: side
- 13:37eric kazatsky: of
- 13:37eric kazatsky: the
- 13:37eric kazatsky: muni
- 13:37eric kazatsky: market
- 13:38eric kazatsky: right
- 13:38eric kazatsky: That
- 13:38eric kazatsky: low
- 13:38eric kazatsky: correlation
- 13:39eric kazatsky: very
- 13:39eric kazatsky: statistically
- 13:40eric kazatsky: low
- 13:40eric kazatsky: historical
- 13:40eric kazatsky: default
- 13:41eric kazatsky: rate
- 13:41eric kazatsky: just
- 13:41eric kazatsky: in
- 13:41eric kazatsky: a
- 13:41eric kazatsky: taxable
- 13:42eric kazatsky: wrapper
- 13:44Ryan: fantastic.
- 13:45Ryan: We've
- 13:46Ryan: talked
- 13:46Ryan: already
- 13:46Ryan: about
- 13:47Ryan: the
- 13:47Ryan: benefits
- 13:47Ryan: of
- 13:47Ryan: Munis,
- 13:48Ryan: right?
- 13:49Ryan: Correlation,
- 13:49Ryan: whether
- 13:50Ryan: it's
- 13:50Ryan: part
- 13:50Ryan: of
- 13:50Ryan: the
- 13:51Ryan: portfolio,
- 13:52Ryan: investment
- 13:52Ryan: portfolio,
- 13:53Ryan: the
- 13:53Ryan: role
- 13:53Ryan: they
- 13:53Ryan: play.
- 13:55Ryan: But
- 13:55Ryan: also
- 13:55Ryan: in
- 13:55Ryan: terms
- 13:56Ryan: of
- 13:56Ryan: just
- 13:56Ryan: the
- 13:56Ryan: macro
- 13:57Ryan: environment.
- 13:58Ryan: So
- 13:58Ryan: why
- 13:58Ryan: do
- 13:58Ryan: you
- 13:58Ryan: believe
- 13:59Ryan: munis
- 13:59Ryan: are
- 13:59Ryan: often
- 14:00Ryan: forgotten
- 14:00Ryan: about?
- 14:01Ryan: Whenever
- 14:01Ryan: we
- 14:01Ryan: think
- 14:01Ryan: fixed
- 14:02Ryan: income,
- 14:02Ryan: we
- 14:02Ryan: think
- 14:02Ryan: high
- 14:03Ryan: yield.
- 14:03Ryan: We
- 14:03Ryan: think
- 14:03Ryan: credit.
- 14:04Ryan: We
- 14:04Ryan: think
- 14:05Ryan: governments
- 14:06Ryan: now
- 14:06Ryan: even
- 14:06Ryan: emerging
- 14:07Ryan: market
- 14:07Ryan: debt.
- 14:08Ryan: Why
- 14:09Ryan: do
- 14:09Ryan: we
- 14:09Ryan: forget
- 14:10Ryan: about
- 14:10Ryan: Munis?
- 14:11eric kazatsky: Because
- 14:11eric kazatsky: Sleep
- 14:11eric kazatsky: At
- 14:11eric kazatsky: Night
- 14:12eric kazatsky: really
- 14:12eric kazatsky: isn't
- 14:13eric kazatsky: sexy
- 14:13eric kazatsky: for
- 14:13eric kazatsky: a
- 14:13eric kazatsky: lot
- 14:13eric kazatsky: of
- 14:13eric kazatsky: people
- 14:14eric kazatsky: right
- 14:14eric kazatsky: And
- 14:14eric kazatsky: at
- 14:14eric kazatsky: the
- 14:14eric kazatsky: end
- 14:14eric kazatsky: of
- 14:15eric kazatsky: the
- 14:16eric kazatsky: day
- 14:16eric kazatsky: you
- 14:16eric kazatsky: have
- 14:17eric kazatsky: a
- 14:17eric kazatsky: lot
- 14:17eric kazatsky: of
- 14:17eric kazatsky: investment
- 14:17eric kazatsky: options
- 14:18eric kazatsky: that
- 14:19eric kazatsky: are
- 14:19eric kazatsky: generating
- 14:20eric kazatsky: fixed
- 14:20eric kazatsky: income
- 14:20eric kazatsky: especially
- 14:21eric kazatsky: on
- 14:21eric kazatsky: the
- 14:21eric kazatsky: private
- 14:22eric kazatsky: side
- 14:22eric kazatsky: of
- 14:22eric kazatsky: the
- 14:22eric kazatsky: fence
- 14:23eric kazatsky: or
- 14:23eric kazatsky: on
- 14:23eric kazatsky: the
- 14:23eric kazatsky: alternative
- 14:23eric kazatsky: investment
- 14:24eric kazatsky: platforms
- 14:25eric kazatsky: that
- 14:25eric kazatsky: have
- 14:25eric kazatsky: very
- 14:26eric kazatsky: high
- 14:26eric kazatsky: yields
- 14:26eric kazatsky: But
- 14:27eric kazatsky: I
- 14:27eric kazatsky: remember
- 14:27eric kazatsky: when
- 14:27eric kazatsky: I
- 14:27eric kazatsky: was
- 14:28eric kazatsky: starting
- 14:28eric kazatsky: off
- 14:28eric kazatsky: my
- 14:28eric kazatsky: career
- 14:29eric kazatsky: you
- 14:29eric kazatsky: know
- 14:29eric kazatsky: we
- 14:29eric kazatsky: had
- 14:30eric kazatsky: a
- 14:30eric kazatsky: strategist
- 14:30eric kazatsky: on
- 14:30eric kazatsky: our
- 14:30eric kazatsky: desk
- 14:30eric kazatsky: who
- 14:31eric kazatsky: was
- 14:31eric kazatsky: wrote
- 14:31eric kazatsky: a
- 14:32eric kazatsky: piece
- 14:32eric kazatsky: and
- 14:32eric kazatsky: it
- 14:32eric kazatsky: was
- 14:32eric kazatsky: basically
- 14:33eric kazatsky: there's
- 14:33eric kazatsky: no
- 14:33eric kazatsky: such
- 14:33eric kazatsky: thing
- 14:33eric kazatsky: as
- 14:34eric kazatsky: a
- 14:34eric kazatsky: free
- 14:34eric kazatsky: launch
- 14:34eric kazatsky: And
- 14:35eric kazatsky: it's
- 14:35eric kazatsky: really
- 14:35eric kazatsky: true
- 14:35eric kazatsky: in
- 14:35eric kazatsky: fixed
- 14:36eric kazatsky: income
- 14:36eric kazatsky: You
- 14:36eric kazatsky: cannot
- 14:37eric kazatsky: have
- 14:37eric kazatsky: 10
- 14:37eric kazatsky: 11
- 14:37eric kazatsky: 12
- 14:38eric kazatsky: yields
- 14:39eric kazatsky: without
- 14:39eric kazatsky: taking
- 14:39eric kazatsky: on
- 14:40eric kazatsky: some
- 14:40eric kazatsky: model
- 14:40eric kazatsky: of
- 14:40eric kazatsky: risk
- 14:41eric kazatsky: And
- 14:41eric kazatsky: so
- 14:42eric kazatsky: I
- 14:42eric kazatsky: think
- 14:42eric kazatsky: that
- 14:43eric kazatsky: you
- 14:43eric kazatsky: know
- 14:43eric kazatsky: if
- 14:43eric kazatsky: you're
- 14:43eric kazatsky: willing
- 14:44eric kazatsky: to
- 14:44eric kazatsky: look
- 14:44eric kazatsky: optically
- 14:44eric kazatsky: at
- 14:45eric kazatsky: what
- 14:45eric kazatsky: munis
- 14:45eric kazatsky: are
- 14:46eric kazatsky: that
- 14:46eric kazatsky: safe
- 14:46eric kazatsky: portion
- 14:47eric kazatsky: of
- 14:47eric kazatsky: your
- 14:47eric kazatsky: portfolio
- 14:48eric kazatsky: where
- 14:48eric kazatsky: you
- 14:48eric kazatsky: can
- 14:48eric kazatsky: get
- 14:48eric kazatsky: very
- 14:49eric kazatsky: attractive
- 14:49eric kazatsky: tax
- 14:49eric kazatsky: equivalent
- 14:50eric kazatsky: yields
- 14:50eric kazatsky: right
- 14:50eric kazatsky: now
- 14:51eric kazatsky: given
- 14:51eric kazatsky: where
- 14:52eric kazatsky: absolute
- 14:52eric kazatsky: rates
- 14:52eric kazatsky: are
- 14:53eric kazatsky: they
- 14:53eric kazatsky: make
- 14:53eric kazatsky: a
- 14:53eric kazatsky: lot
- 14:53eric kazatsky: of
- 14:53eric kazatsky: sense
- 14:54eric kazatsky: I
- 14:54eric kazatsky: think
- 14:55eric kazatsky: it's
- 14:55eric kazatsky: just
- 14:55eric kazatsky: bringing
- 14:55eric kazatsky: them
- 14:55eric kazatsky: to
- 14:56eric kazatsky: investors
- 14:56eric kazatsky: attention
- 14:57eric kazatsky: I'll
- 14:57eric kazatsky: give
- 14:57eric kazatsky: you
- 14:57eric kazatsky: a
- 14:57eric kazatsky: perfect
- 14:58eric kazatsky: example
- 14:58eric kazatsky: right
- 14:59eric kazatsky: The
- 14:59eric kazatsky: New
- 14:59eric kazatsky: York
- 14:59eric kazatsky: City
- 14:59eric kazatsky: general
- 15:00eric kazatsky: obligation
- 15:00eric kazatsky: bond
- 15:01eric kazatsky: priced
- 15:01eric kazatsky: about
- 15:01eric kazatsky: two
- 15:01eric kazatsky: or
- 15:01eric kazatsky: three
- 15:01eric kazatsky: weeks
- 15:02eric kazatsky: ago
- 15:02eric kazatsky: at
- 15:02eric kazatsky: this
- 15:02eric kazatsky: point
- 15:03eric kazatsky: but
- 15:03eric kazatsky: if
- 15:03eric kazatsky: you
- 15:04eric kazatsky: were
- 15:04eric kazatsky: a
- 15:04eric kazatsky: Manhattan
- 15:05eric kazatsky: resident
- 15:05eric kazatsky: so
- 15:05eric kazatsky: you're
- 15:05eric kazatsky: talking
- 15:06eric kazatsky: the
- 15:06eric kazatsky: highest
- 15:06eric kazatsky: tax
- 15:06eric kazatsky: rate
- 15:07eric kazatsky: in
- 15:07eric kazatsky: the
- 15:07eric kazatsky: state
- 15:07eric kazatsky: and
- 15:08eric kazatsky: then
- 15:08eric kazatsky: the
- 15:08eric kazatsky: city
- 15:08eric kazatsky: tax
- 15:08eric kazatsky: on
- 15:09eric kazatsky: top
- 15:09eric kazatsky: of
- 15:09eric kazatsky: it
- 15:09eric kazatsky: close
- 15:10eric kazatsky: to
- 15:10eric kazatsky: a
- 15:10eric kazatsky: 55
- 15:11eric kazatsky: all
- 15:11eric kazatsky: in
- 15:11eric kazatsky: rate
- 15:11eric kazatsky: if
- 15:12eric kazatsky: you
- 15:12eric kazatsky: bought
- 15:12eric kazatsky: bonds
- 15:12eric kazatsky: in
- 15:13eric kazatsky: the
- 15:13eric kazatsky: long
- 15:13eric kazatsky: end
- 15:13eric kazatsky: of
- 15:13eric kazatsky: that
- 15:13eric kazatsky: curve
- 15:14eric kazatsky: you
- 15:14eric kazatsky: were
- 15:14eric kazatsky: probably
- 15:14eric kazatsky: close
- 15:15eric kazatsky: to
- 15:15eric kazatsky: a
- 15:15eric kazatsky: 10
- 15:15eric kazatsky: tax
- 15:16eric kazatsky: equivalent
- 15:16eric kazatsky: yield
- 15:17eric kazatsky: Now
- 15:17eric kazatsky: think
- 15:17eric kazatsky: about
- 15:18eric kazatsky: the
- 15:18eric kazatsky: equivalent
- 15:19eric kazatsky: risk
- 15:19eric kazatsky: you'd
- 15:19eric kazatsky: have
- 15:19eric kazatsky: to
- 15:19eric kazatsky: take
- 15:20eric kazatsky: outside
- 15:20eric kazatsky: of
- 15:20eric kazatsky: the
- 15:20eric kazatsky: muni
- 15:21eric kazatsky: market
- 15:21eric kazatsky: to
- 15:22eric kazatsky: get
- 15:22eric kazatsky: something
- 15:22eric kazatsky: for
- 15:22eric kazatsky: 10
- 15:24eric kazatsky: I
- 15:24eric kazatsky: you
- 15:24eric kazatsky: know
- 15:25eric kazatsky: that's
- 15:25eric kazatsky: the
- 15:25eric kazatsky: conversations
- 15:26eric kazatsky: we're
- 15:26eric kazatsky: having
- 15:26eric kazatsky: a
- 15:26eric kazatsky: lot
- 15:26eric kazatsky: more
- 15:27eric kazatsky: of
- 15:28Ryan: Yeah,
- 15:28Ryan: that's
- 15:28Ryan: a
- 15:29Ryan: great
- 15:29Ryan: example
- 15:29Ryan: because
- 15:30Ryan: I
- 15:31Ryan: think
- 15:31Ryan: when
- 15:31Ryan: you
- 15:31Ryan: throw
- 15:31Ryan: numbers
- 15:32Ryan: at
- 15:32Ryan: it
- 15:32Ryan: like
- 15:32Ryan: that
- 15:33Ryan: and
- 15:33Ryan: you
- 15:34Ryan: put
- 15:34Ryan: the
- 15:34Ryan: taxable
- 15:35Ryan: equivalent,
- 15:36Ryan: Rate
- 15:37Ryan: on
- 15:37Ryan: their
- 15:37Ryan: yield,
- 15:38eric kazatsky: Yeah
- 15:39eric kazatsky: Grant
- 15:39eric kazatsky: not
- 15:39eric kazatsky: everyone's
- 15:40eric kazatsky: in
- 15:40eric kazatsky: a
- 15:40eric kazatsky: 55
- 15:41eric kazatsky: bracket
- 15:41eric kazatsky: so
- 15:42eric kazatsky: that
- 15:42Ryan: Yeah.
- 15:43eric kazatsky: We
- 15:43eric kazatsky: have
- 15:44eric kazatsky: a
- 15:44eric kazatsky: lot
- 15:44eric kazatsky: of
- 15:44eric kazatsky: clients
- 15:44eric kazatsky: that
- 15:44eric kazatsky: are
- 15:45eric kazatsky: in
- 15:45eric kazatsky: high
- 15:45eric kazatsky: tax
- 15:45eric kazatsky: enclaves
- 15:46eric kazatsky: right
- 15:46eric kazatsky: Whether
- 15:46eric kazatsky: New
- 15:46eric kazatsky: Jersey
- 15:47eric kazatsky: Connecticut
- 15:47eric kazatsky: New
- 15:47eric kazatsky: York
- 15:48eric kazatsky: or
- 15:48eric kazatsky: California
- 15:49eric kazatsky: you
- 15:49eric kazatsky: know
- 15:49eric kazatsky: those
- 15:49eric kazatsky: tax
- 15:50eric kazatsky: bills
- 15:50eric kazatsky: are
- 15:50eric kazatsky: getting
- 15:50eric kazatsky: up
- 15:50eric kazatsky: there
- 15:51Ryan: Yeah
- 15:51Ryan: it's
- 15:52Ryan: almost
- 15:52Ryan: like
- 15:52Ryan: it,
- 15:53Ryan: we
- 15:53Ryan: talk
- 15:53Ryan: a
- 15:53Ryan: lot
- 15:54Ryan: on
- 15:54Ryan: the
- 15:54Ryan: equity
- 15:54Ryan: side.
- 15:55Ryan: It's
- 15:56Ryan: those
- 15:56Ryan: blue
- 15:57Ryan: chips,
- 15:57Ryan: those
- 15:57Ryan: high
- 15:58Ryan: dividend,
- 15:58Ryan: high
- 15:59Ryan: yielding,
- 16:01Ryan: Stocks,
- 16:01Ryan: equities,
- 16:02Ryan: they're
- 16:02Ryan: boring.
- 16:03Ryan: They're
- 16:03Ryan: not
- 16:03Ryan: sexy
- 16:04Ryan: compared
- 16:05Ryan: to
- 16:05Ryan: the
- 16:05Ryan: AI
- 16:06Ryan: shoot,
- 16:06Ryan: to
- 16:06Ryan: the
- 16:06Ryan: moon
- 16:07Ryan: stuff,
- 16:07Ryan: but
- 16:08Ryan: they
- 16:08Ryan: play
- 16:08Ryan: a
- 16:08Ryan: very
- 16:08Ryan: important
- 16:09Ryan: role
- 16:09Ryan: when
- 16:09Ryan: you're
- 16:10Ryan: talking
- 16:10Ryan: about
- 16:10Ryan: the
- 16:11Ryan: construction
- 16:11Ryan: of
- 16:11Ryan: a
- 16:11Ryan: portfolio.
- 16:13eric kazatsky: Look
- 16:13eric kazatsky: and
- 16:13eric kazatsky: here's
- 16:13eric kazatsky: something
- 16:14eric kazatsky: I
- 16:14eric kazatsky: think
- 16:14eric kazatsky: that's
- 16:14eric kazatsky: underappreciated
- 16:15eric kazatsky: too
- 16:15eric kazatsky: right
- 16:15eric kazatsky: If
- 16:15eric kazatsky: you
- 16:16eric kazatsky: just
- 16:16eric kazatsky: take
- 16:16eric kazatsky: the
- 16:16eric kazatsky: tax
- 16:17eric kazatsky: equivalent
- 16:17eric kazatsky: yield
- 16:18eric kazatsky: of
- 16:18eric kazatsky: municipals
- 16:18eric kazatsky: and
- 16:18eric kazatsky: measure
- 16:19eric kazatsky: them
- 16:19eric kazatsky: along
- 16:20eric kazatsky: with
- 16:20eric kazatsky: the
- 16:20eric kazatsky: dividend
- 16:20eric kazatsky: yield
- 16:21eric kazatsky: of
- 16:21eric kazatsky: the
- 16:21eric kazatsky: S&P
- 16:21eric kazatsky: 500
- 16:22eric kazatsky: munis
- 16:23eric kazatsky: win
- 16:23eric kazatsky: by
- 16:23eric kazatsky: a
- 16:23eric kazatsky: pretty
- 16:23eric kazatsky: wide
- 16:24eric kazatsky: margin
- 16:25eric kazatsky: So
- 16:25eric kazatsky: you
- 16:25eric kazatsky: know
- 16:25eric kazatsky: take
- 16:25eric kazatsky: capital
- 16:26eric kazatsky: appreciation
- 16:26eric kazatsky: out
- 16:26eric kazatsky: of
- 16:26eric kazatsky: the
- 16:26eric kazatsky: question
- 16:27eric kazatsky: because
- 16:27eric kazatsky: we
- 16:27eric kazatsky: don't
- 16:28eric kazatsky: know
- 16:28eric kazatsky: what
- 16:28eric kazatsky: that
- 16:28eric kazatsky: path
- 16:28eric kazatsky: looks
- 16:28eric kazatsky: like
- 16:29eric kazatsky: for
- 16:29eric kazatsky: equities
- 16:29eric kazatsky: or
- 16:29eric kazatsky: munis
- 16:30eric kazatsky: just
- 16:30eric kazatsky: income
- 16:30eric kazatsky: to
- 16:31eric kazatsky: income
- 16:31eric kazatsky: munis
- 16:32eric kazatsky: are
- 16:32eric kazatsky: the
- 16:32eric kazatsky: better
- 16:34eric kazatsky: investment
- 16:34eric kazatsky: right
- 16:34eric kazatsky: now
- 16:35eric kazatsky: to
- 16:35eric kazatsky: generate
- 16:36eric kazatsky: income
- 16:36eric kazatsky: on
- 16:36eric kazatsky: a
- 16:37eric kazatsky: basis
- 16:39Ryan: Yeah,
- 16:39Ryan: for
- 16:40Ryan: sure.
- 16:40Ryan: So
- 16:41Ryan: we
- 16:41Ryan: talked
- 16:41Ryan: a
- 16:41Ryan: little
- 16:42Ryan: bit
- 16:42Ryan: about
- 16:42Ryan: duration
- 16:43Ryan: earlier,
- 16:44Ryan: and
- 16:44Ryan: obviously
- 16:45Ryan: whenever
- 16:46Ryan: you're
- 16:46Ryan: talking
- 16:46Ryan: fixed
- 16:46Ryan: income,
- 16:47Ryan: you
- 16:47Ryan: have
- 16:47Ryan: to
- 16:47Ryan: talk
- 16:47Ryan: about
- 16:47Ryan: interest
- 16:48Ryan: rate,
- 16:48Ryan: risk,
- 16:49Ryan: and
- 16:49Ryan: volatility
- 16:50Ryan: there
- 16:51Ryan: for
- 16:51Ryan: financial
- 16:52Ryan: advisors
- 16:52Ryan: who
- 16:52Ryan: might
- 16:53Ryan: be
- 16:53Ryan: concerned
- 16:53Ryan: about.
- 16:54Ryan: Interest
- 16:55Ryan: rate
- 16:55Ryan: volatility
- 16:56Ryan: and
- 16:56Ryan: the
- 16:56Ryan: risk
- 16:57Ryan: that
- 16:58Ryan: comes
- 16:58Ryan: along
- 16:58Ryan: with
- 16:59Ryan: interest
- 16:59Ryan: rates.
- 17:00Ryan: Can
- 17:01Ryan: munis
- 17:01Ryan: be
- 17:01Ryan: a
- 17:01Ryan: little
- 17:02Ryan: duration
- 17:03Ryan: played
- 17:03Ryan: too,
- 17:03Ryan: or
- 17:04Ryan: how
- 17:04Ryan: do
- 17:04Ryan: they
- 17:04Ryan: react
- 17:05Ryan: to
- 17:05Ryan: interest
- 17:05Ryan: rate
- 17:06Ryan: moves?
- 17:06Ryan: Are
- 17:06Ryan: they
- 17:06Ryan: a
- 17:07Ryan: little
- 17:07Ryan: bit
- 17:07Ryan: more
- 17:07Ryan: muted
- 17:08Ryan: and
- 17:08Ryan: not
- 17:08Ryan: as
- 17:08Ryan: sensitive
- 17:09Ryan: as
- 17:10Ryan: credit?
- 17:11eric kazatsky: It
- 17:12eric kazatsky: really
- 17:12eric kazatsky: depends
- 17:12eric kazatsky: on
- 17:13eric kazatsky: what
- 17:13eric kazatsky: sort
- 17:13eric kazatsky: of
- 17:13eric kazatsky: wrapper
- 17:13eric kazatsky: they're
- 17:14eric kazatsky: in
- 17:14eric kazatsky: right
- 17:15eric kazatsky: you
- 17:15eric kazatsky: know
- 17:15eric kazatsky: at
- 17:15eric kazatsky: the
- 17:15eric kazatsky: end
- 17:15eric kazatsky: of
- 17:15eric kazatsky: the
- 17:15eric kazatsky: day
- 17:16eric kazatsky: municipals
- 17:17eric kazatsky: are
- 17:17eric kazatsky: still
- 17:17eric kazatsky: a
- 17:17eric kazatsky: retail
- 17:17eric kazatsky: driven
- 17:18eric kazatsky: market
- 17:18eric kazatsky: and
- 17:18eric kazatsky: there's
- 17:18eric kazatsky: some
- 17:19eric kazatsky: emotionality
- 17:20eric kazatsky: involved
- 17:20eric kazatsky: in
- 17:20eric kazatsky: that
- 17:21eric kazatsky: You
- 17:21eric kazatsky: know
- 17:21eric kazatsky: that's
- 17:22eric kazatsky: why
- 17:22eric kazatsky: when
- 17:22eric kazatsky: you
- 17:22eric kazatsky: look
- 17:22eric kazatsky: across
- 17:23eric kazatsky: the
- 17:23eric kazatsky: offerings
- 17:23eric kazatsky: that
- 17:23eric kazatsky: we
- 17:24eric kazatsky: have
- 17:24eric kazatsky: you
- 17:24eric kazatsky: know
- 17:24eric kazatsky: our
- 17:24eric kazatsky: limited
- 17:25eric kazatsky: partnerships
- 17:26eric kazatsky: you
- 17:26eric kazatsky: know
- 17:26eric kazatsky: they're
- 17:26eric kazatsky: structured
- 17:26eric kazatsky: in
- 17:27eric kazatsky: a
- 17:27eric kazatsky: way
- 17:27eric kazatsky: where
- 17:27eric kazatsky: we
- 17:27eric kazatsky: take
- 17:28eric kazatsky: the
- 17:28eric kazatsky: emotionality
- 17:29eric kazatsky: out
- 17:29eric kazatsky: of
- 17:29eric kazatsky: the
- 17:29eric kazatsky: equation
- 17:30eric kazatsky: because
- 17:30eric kazatsky: we
- 17:31eric kazatsky: have
- 17:31eric kazatsky: this
- 17:31eric kazatsky: differential
- 17:31eric kazatsky: liquidity
- 17:32eric kazatsky: structure
- 17:33eric kazatsky: where
- 17:33eric kazatsky: you
- 17:33eric kazatsky: know
- 17:34eric kazatsky: we
- 17:34eric kazatsky: don't
- 17:34eric kazatsky: have
- 17:34eric kazatsky: to
- 17:34eric kazatsky: be
- 17:34eric kazatsky: meeting
- 17:35eric kazatsky: intraday
- 17:36eric kazatsky: or
- 17:36eric kazatsky: end
- 17:36eric kazatsky: of
- 17:36eric kazatsky: day
- 17:36eric kazatsky: sort
- 17:37eric kazatsky: of
- 17:37eric kazatsky: liquidity
- 17:37eric kazatsky: needs
- 17:38eric kazatsky: So
- 17:38eric kazatsky: let's
- 17:38eric kazatsky: say
- 17:39eric kazatsky: you
- 17:39eric kazatsky: have
- 17:39eric kazatsky: a
- 17:39eric kazatsky: situation
- 17:40eric kazatsky: where
- 17:40eric kazatsky: you
- 17:40eric kazatsky: know
- 17:40eric kazatsky: you
- 17:41eric kazatsky: had
- 17:41eric kazatsky: the
- 17:41eric kazatsky: tariff
- 17:41eric kazatsky: tantrum
- 17:42eric kazatsky: in
- 17:42eric kazatsky: spring
- 17:43eric kazatsky: of
- 17:43eric kazatsky: 2025
- 17:44eric kazatsky: there
- 17:44eric kazatsky: was
- 17:44eric kazatsky: a
- 17:44eric kazatsky: lot
- 17:45eric kazatsky: of
- 17:45eric kazatsky: knee-jerk
- 17:45eric kazatsky: reaction
- 17:46eric kazatsky: from
- 17:46eric kazatsky: the
- 17:46eric kazatsky: rates
- 17:46eric kazatsky: market
- 17:47eric kazatsky: some
- 17:47eric kazatsky: sort
- 17:47eric kazatsky: of
- 17:47eric kazatsky: unnecessary
- 17:48eric kazatsky: selling
- 17:48eric kazatsky: from
- 17:48eric kazatsky: the
- 17:48eric kazatsky: muni
- 17:49eric kazatsky: side
- 17:49eric kazatsky: following
- 17:49eric kazatsky: that
- 17:50eric kazatsky: you
- 17:50eric kazatsky: know
- 17:50eric kazatsky: those
- 17:51eric kazatsky: funds
- 17:51eric kazatsky: were
- 17:51eric kazatsky: a
- 17:52eric kazatsky: little
- 17:52eric kazatsky: bit
- 17:52eric kazatsky: more
- 17:52eric kazatsky: insulated
- 17:53eric kazatsky: You
- 17:53eric kazatsky: know
- 17:53eric kazatsky: whenever
- 17:54eric kazatsky: you
- 17:54eric kazatsky: have
- 17:54eric kazatsky: high
- 17:54eric kazatsky: volatility
- 17:55eric kazatsky: moves
- 17:56eric kazatsky: you
- 17:56eric kazatsky: know
- 17:56eric kazatsky: you
- 17:56eric kazatsky: tend
- 17:56eric kazatsky: to
- 17:57eric kazatsky: you
- 17:57eric kazatsky: know
- 17:57eric kazatsky: gonna
- 17:57eric kazatsky: move
- 17:58eric kazatsky: in
- 17:58eric kazatsky: the
- 17:58eric kazatsky: same
- 17:58eric kazatsky: direction
- 17:59eric kazatsky: as
- 17:59eric kazatsky: treasuries
- 18:00eric kazatsky: you
- 18:00eric kazatsky: know
- 18:00eric kazatsky: So
- 18:00eric kazatsky: to
- 18:00eric kazatsky: say
- 18:01eric kazatsky: they're
- 18:01eric kazatsky: completely
- 18:01eric kazatsky: insulated
- 18:02eric kazatsky: no
- 18:02eric kazatsky: they
- 18:03eric kazatsky: don't
- 18:03eric kazatsky: move
- 18:03eric kazatsky: as
- 18:03eric kazatsky: sharply
- 18:04eric kazatsky: in
- 18:04eric kazatsky: either
- 18:05eric kazatsky: direction
- 18:05eric kazatsky: And
- 18:05eric kazatsky: I
- 18:05eric kazatsky: think
- 18:06eric kazatsky: that
- 18:06eric kazatsky: especially
- 18:07eric kazatsky: where
- 18:07eric kazatsky: rates
- 18:07eric kazatsky: are
- 18:07eric kazatsky: right
- 18:08eric kazatsky: now
- 18:08eric kazatsky: I
- 18:08eric kazatsky: think
- 18:08eric kazatsky: there's
- 18:09eric kazatsky: only
- 18:09eric kazatsky: so
- 18:09eric kazatsky: wide
- 18:09eric kazatsky: that
- 18:10eric kazatsky: spreads
- 18:10eric kazatsky: are
- 18:10eric kazatsky: gonna
- 18:10eric kazatsky: get
- 18:11eric kazatsky: on
- 18:11eric kazatsky: the
- 18:11eric kazatsky: muni
- 18:11eric kazatsky: side
- 18:11eric kazatsky: or
- 18:11eric kazatsky: so
- 18:12eric kazatsky: high
- 18:12eric kazatsky: yields
- 18:12eric kazatsky: are
- 18:13eric kazatsky: gonna
- 18:13eric kazatsky: get
- 18:13eric kazatsky: before
- 18:14eric kazatsky: you
- 18:14eric kazatsky: really
- 18:14eric kazatsky: have
- 18:14eric kazatsky: crossover
- 18:15eric kazatsky: buyers
- 18:15eric kazatsky: you
- 18:15eric kazatsky: know
- 18:16eric kazatsky: those
- 18:16eric kazatsky: non-traditional
- 18:17eric kazatsky: buyers
- 18:17eric kazatsky: munis
- 18:18eric kazatsky: come
- 18:18eric kazatsky: in
- 18:19eric kazatsky: and
- 18:19eric kazatsky: look
- 18:20eric kazatsky: to
- 18:20eric kazatsky: do
- 18:20eric kazatsky: more
- 18:20eric kazatsky: differentiated
- 18:21eric kazatsky: investing
- 18:22eric kazatsky: for
- 18:22eric kazatsky: their
- 18:22eric kazatsky: portfolios
- 18:24Ryan: Eric,
- 18:25Ryan: that's
- 18:25Ryan: great.
- 18:25Ryan: So
- 18:26Ryan: with
- 18:26Ryan: Muni,
- 18:27Ryan: I
- 18:27Ryan: do
- 18:28Ryan: a
- 18:28Ryan: lot
- 18:28Ryan: of
- 18:28Ryan: research
- 18:29Ryan: and
- 18:29Ryan: Zephyr,
- 18:29Ryan: because
- 18:30Ryan: that
- 18:30Ryan: it's
- 18:30Ryan: not
- 18:31Ryan: as
- 18:31Ryan: big
- 18:31Ryan: now,
- 18:31Ryan: but
- 18:32Ryan: the
- 18:32Ryan: active
- 18:32Ryan: versus
- 18:33Ryan: passive
- 18:33Ryan: debate,
- 18:34Ryan: where
- 18:35Ryan: can
- 18:35Ryan: you.
- 18:36Ryan: Get
- 18:36Ryan: some
- 18:36Ryan: asset
- 18:37Ryan: especially
- 18:37Ryan: on
- 18:37Ryan: the
- 18:37Ryan: equity
- 18:38Ryan: side.
- 18:38Ryan: Are
- 18:39Ryan: there
- 18:39Ryan: asset
- 18:39Ryan: classes
- 18:40Ryan: where
- 18:40Ryan: it's
- 18:40Ryan: better
- 18:41Ryan: just
- 18:41Ryan: to
- 18:41Ryan: go
- 18:41Ryan: passive
- 18:42Ryan: and
- 18:42Ryan: save
- 18:42Ryan: some
- 18:42Ryan: money?
- 18:43Ryan: Obviously
- 18:44Ryan: large
- 18:44Ryan: core,
- 18:46Ryan: for
- 18:46Ryan: fixed
- 18:47Ryan: income,
- 18:48Ryan: I'm
- 18:48Ryan: a
- 18:48Ryan: firm
- 18:48Ryan: believer
- 18:49Ryan: you
- 18:49Ryan: should
- 18:49Ryan: go
- 18:49Ryan: active.
- 18:50Ryan: Like
- 18:50Ryan: I
- 18:51Ryan: said
- 18:51Ryan: before,
- 18:51Ryan: there's
- 18:52Ryan: the
- 18:52Ryan: fixed
- 18:53Ryan: income
- 18:53Ryan: space
- 18:53eric kazatsky: Yeah
- 18:54Ryan: vast.
- 18:54Ryan: Is
- 18:55Ryan: that
- 18:55Ryan: the
- 18:55Ryan: same
- 18:55Ryan: with
- 18:55Ryan: Muni
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- 18:56Ryan: Do
- 18:57Ryan: you
- 18:57Ryan: feel
- 18:57Ryan: like
- 18:57Ryan: you're
- 18:57Ryan: better
- 18:57Ryan: off
- 18:58Ryan: taking
- 18:58Ryan: an
- 18:58Ryan: active
- 18:59Ryan: approach?
- 19:00Ryan: Because
- 19:00Ryan: if
- 19:00Ryan: you
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- 19:01Ryan: passive.
- 19:02Ryan: Yeah,
- 19:02Ryan: maybe
- 19:02Ryan: you're
- 19:02Ryan: saving
- 19:03Ryan: some
- 19:03Ryan: fees
- 19:04Ryan: on
- 19:04Ryan: the
- 19:04Ryan: expense
- 19:05Ryan: ratio,
- 19:05Ryan: but
- 19:05Ryan: at
- 19:05Ryan: the
- 19:05Ryan: same
- 19:06Ryan: time,
- 19:06Ryan: there's
- 19:06Ryan: so
- 19:06Ryan: many
- 19:07Ryan: elements
- 19:07Ryan: the
- 19:08Ryan: muni
- 19:08Ryan: world
- 19:09Ryan: and
- 19:09Ryan: fixed
- 19:09Ryan: income
- 19:10Ryan: space
- 19:11Ryan: that
- 19:11Ryan: you
- 19:11Ryan: wanna
- 19:12Ryan: take
- 19:12Ryan: an
- 19:12Ryan: active
- 19:12Ryan: approach
- 19:13Ryan: to.
- 19:14eric kazatsky: You
- 19:14eric kazatsky: just
- 19:14eric kazatsky: said
- 19:14eric kazatsky: it
- 19:14eric kazatsky: perfectly
- 19:15eric kazatsky: I'm
- 19:15eric kazatsky: gonna
- 19:15eric kazatsky: take
- 19:15eric kazatsky: you
- 19:15eric kazatsky: on
- 19:15eric kazatsky: my
- 19:15eric kazatsky: client
- 19:16eric kazatsky: calls
- 19:16eric kazatsky: over
- 19:16eric kazatsky: the
- 19:16eric kazatsky: next
- 19:16eric kazatsky: several
- 19:17eric kazatsky: weeks
- 19:17eric kazatsky: you
- 19:17eric kazatsky: can
- 19:17eric kazatsky: help
- 19:17eric kazatsky: me
- 19:18eric kazatsky: make
- 19:18Ryan: not,
- 19:18Ryan: Eric.
- 19:19Ryan: I'm
- 19:19Ryan: not
- 19:19Ryan: gonna
- 19:19Ryan: win
- 19:19Ryan: you
- 19:20Ryan: any
- 19:20Ryan: deals.
- 19:22eric kazatsky: yeah
- 19:22eric kazatsky: I
- 19:22eric kazatsky: mean
- 19:22eric kazatsky: look
- 19:22eric kazatsky: we're
- 19:23eric kazatsky: an
- 19:23eric kazatsky: actively
- 19:23eric kazatsky: managed
- 19:24eric kazatsky: shop
- 19:25eric kazatsky: so
- 19:25eric kazatsky: you
- 19:25eric kazatsky: know
- 19:25eric kazatsky: self-serving
- 19:26eric kazatsky: commentary
- 19:27eric kazatsky: aside
- 19:28eric kazatsky: I
- 19:28eric kazatsky: do
- 19:29eric kazatsky: believe
- 19:29eric kazatsky: that
- 19:29eric kazatsky: especially
- 19:30eric kazatsky: in
- 19:31eric kazatsky: a
- 19:31eric kazatsky: an
- 19:31eric kazatsky: area
- 19:32eric kazatsky: like
- 19:32eric kazatsky: municipals
- 19:32eric kazatsky: where
- 19:32eric kazatsky: we
- 19:32eric kazatsky: have
- 19:33eric kazatsky: you
- 19:33eric kazatsky: know
- 19:33eric kazatsky: 50,000
- 19:34eric kazatsky: different
- 19:34eric kazatsky: issuers
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- 19:36eric kazatsky: a
- 19:37eric kazatsky: active
- 19:37eric kazatsky: approach
- 19:38eric kazatsky: where
- 19:38eric kazatsky: you're
- 19:39eric kazatsky: looking
- 19:39eric kazatsky: at
- 19:39eric kazatsky: value
- 19:39eric kazatsky: on
- 19:40eric kazatsky: the
- 19:40eric kazatsky: curve
- 19:40eric kazatsky: and
- 19:40eric kazatsky: pairing
- 19:40eric kazatsky: that
- 19:41eric kazatsky: with
- 19:41eric kazatsky: better
- 19:41eric kazatsky: credit
- 19:41eric kazatsky: selection
- 19:42eric kazatsky: is
- 19:42eric kazatsky: really
- 19:43eric kazatsky: the
- 19:43eric kazatsky: way
- 19:43eric kazatsky: to
- 19:43eric kazatsky: play
- 19:43eric kazatsky: that
- 19:44eric kazatsky: market
- 19:44eric kazatsky: and
- 19:45eric kazatsky: it's
- 19:45eric kazatsky: proven
- 19:45eric kazatsky: over
- 19:45eric kazatsky: time
- 19:46eric kazatsky: right
- 19:46eric kazatsky: Now
- 19:46eric kazatsky: look
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- 19:47eric kazatsky: not
- 19:47eric kazatsky: to
- 19:47eric kazatsky: say
- 19:47eric kazatsky: that
- 19:48eric kazatsky: passive
- 19:48eric kazatsky: strategies
- 19:49eric kazatsky: and
- 19:49eric kazatsky: cheap
- 19:49eric kazatsky: beta
- 19:50eric kazatsky: options
- 19:51eric kazatsky: you
- 19:51eric kazatsky: know
- 19:51eric kazatsky: don't
- 19:51eric kazatsky: have
- 19:52eric kazatsky: suitability
- 19:52eric kazatsky: in
- 19:52eric kazatsky: portfolios
- 19:53eric kazatsky: and
- 19:53eric kazatsky: I
- 19:54eric kazatsky: understand
- 19:54eric kazatsky: the
- 19:54eric kazatsky: attractiveness
- 19:55eric kazatsky: of
- 19:56eric kazatsky: getting
- 19:56eric kazatsky: muni
- 19:56eric kazatsky: exposure
- 19:57eric kazatsky: at
- 19:57eric kazatsky: three
- 19:57eric kazatsky: basis
- 19:57eric kazatsky: points
- 19:58eric kazatsky: Totally
- 19:58eric kazatsky: understand
- 19:59eric kazatsky: it
- 19:59eric kazatsky: But
- 19:59eric kazatsky: again
- 20:00eric kazatsky: you
- 20:00eric kazatsky: know
- 20:00eric kazatsky: if
- 20:00eric kazatsky: you
- 20:01eric kazatsky: wanna
- 20:01eric kazatsky: you
- 20:01eric kazatsky: know
- 20:01eric kazatsky: have
- 20:01eric kazatsky: the
- 20:02eric kazatsky: best
- 20:02eric kazatsky: shot
- 20:03eric kazatsky: at
- 20:03eric kazatsky: outreturning
- 20:04eric kazatsky: where
- 20:04eric kazatsky: inflation
- 20:05eric kazatsky: is
- 20:05eric kazatsky: or
- 20:05eric kazatsky: where
- 20:05eric kazatsky: it's
- 20:05eric kazatsky: heading
- 20:06eric kazatsky: you
- 20:06eric kazatsky: know
- 20:07eric kazatsky: pair
- 20:07eric kazatsky: that
- 20:07eric kazatsky: cheap
- 20:07eric kazatsky: beta
- 20:08eric kazatsky: exposure
- 20:08eric kazatsky: with
- 20:09eric kazatsky: an
- 20:09eric kazatsky: active
- 20:09eric kazatsky: strategy
- 20:10eric kazatsky: as
- 20:10eric kazatsky: well
- 20:10eric kazatsky: right
- 20:11eric kazatsky: And
- 20:11eric kazatsky: you
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- 20:11eric kazatsky: the
- 20:11eric kazatsky: best
- 20:11eric kazatsky: of
- 20:11eric kazatsky: both
- 20:12eric kazatsky: worlds
- 20:13eric kazatsky: A
- 20:13eric kazatsky: perfect
- 20:13eric kazatsky: example
- 20:14eric kazatsky: when
- 20:14eric kazatsky: you
- 20:14eric kazatsky: talk
- 20:14eric kazatsky: about
- 20:14eric kazatsky: diversity
- 20:15eric kazatsky: is
- 20:15eric kazatsky: a
- 20:15eric kazatsky: lot
- 20:15eric kazatsky: of
- 20:15eric kazatsky: these
- 20:16eric kazatsky: large
- 20:17eric kazatsky: ETF
- 20:17eric kazatsky: aggregators
- 20:18eric kazatsky: that
- 20:18eric kazatsky: are
- 20:18eric kazatsky: passive
- 20:19eric kazatsky: they
- 20:19eric kazatsky: don't
- 20:19eric kazatsky: invest
- 20:20eric kazatsky: in
- 20:20eric kazatsky: the
- 20:20eric kazatsky: entirety
- 20:20eric kazatsky: of
- 20:21eric kazatsky: the
- 20:21eric kazatsky: market
- 20:21eric kazatsky: but
- 20:21eric kazatsky: they're
- 20:21eric kazatsky: really
- 20:22eric kazatsky: marketed
- 20:23eric kazatsky: as
- 20:23eric kazatsky: the
- 20:23eric kazatsky: SPY
- 20:23eric kazatsky: equivalent
- 20:24eric kazatsky: of
- 20:24eric kazatsky: the
- 20:24eric kazatsky: muni
- 20:25eric kazatsky: space
- 20:26eric kazatsky: But
- 20:26eric kazatsky: if
- 20:26eric kazatsky: you
- 20:26eric kazatsky: look
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- 20:26eric kazatsky: the
- 20:26eric kazatsky: hood
- 20:27eric kazatsky: you're
- 20:27eric kazatsky: probably
- 20:27eric kazatsky: missing
- 20:27eric kazatsky: like
- 20:28eric kazatsky: 30
- 20:28eric kazatsky: of
- 20:28eric kazatsky: the
- 20:28eric kazatsky: market
- 20:29eric kazatsky: And
- 20:29eric kazatsky: for
- 20:30eric kazatsky: us
- 20:30eric kazatsky: it's
- 20:30eric kazatsky: that
- 20:30eric kazatsky: 30
- 20:31eric kazatsky: where
- 20:31eric kazatsky: we're
- 20:31eric kazatsky: finding
- 20:31eric kazatsky: a
- 20:31eric kazatsky: lot
- 20:32eric kazatsky: of
- 20:32eric kazatsky: alpha
- 20:34Ryan: Yeah.
- 20:34Ryan: I'll
- 20:34Ryan: be
- 20:34Ryan: honest
- 20:35Ryan: with
- 20:35Ryan: you,
- 20:35Ryan: on
- 20:35Ryan: the
- 20:35Ryan: muni
- 20:35Ryan: market,
- 20:36Ryan: I
- 20:36Ryan: don't
- 20:36Ryan: do
- 20:36Ryan: a,
- 20:37Ryan: haven't
- 20:37Ryan: done
- 20:37Ryan: a
- 20:37Ryan: lot
- 20:37Ryan: of
- 20:38Ryan: research
- 20:38Ryan: in
- 20:38Ryan: terms
- 20:39Ryan: of
- 20:39Ryan: these
- 20:39Ryan: indexes.
- 20:40Ryan: And
- 20:40Ryan: what
- 20:40Ryan: their
- 20:41Ryan: Are.
- 20:41Ryan: But
- 20:42Ryan: like
- 20:42Ryan: with
- 20:42Ryan: the
- 20:42Ryan: egg,
- 20:44eric kazatsky: Yeah
- 20:44Ryan: egg
- 20:45Ryan: is,
- 20:45Ryan: if
- 20:45Ryan: you
- 20:45Ryan: just
- 20:46Ryan: go
- 20:46Ryan: passive,
- 20:47Ryan: the
- 20:47Ryan: egg,
- 20:48Ryan: ETF,
- 20:49Ryan: getting
- 20:50Ryan: a
- 20:50Ryan: huge
- 20:51Ryan: amount
- 20:51Ryan: of
- 20:52Ryan: treasuries
- 20:53Ryan: in
- 20:53Ryan: there.
- 20:53Ryan: Do
- 20:54Ryan: you
- 20:54Ryan: want
- 20:54Ryan: that
- 20:55Ryan: in
- 20:55Ryan: your
- 20:55Ryan: core
- 20:56Ryan: portfolio?
- 20:57eric kazatsky: Yeah
- 20:57eric kazatsky: so
- 20:57eric kazatsky: look
- 20:58eric kazatsky: in
- 20:58eric kazatsky: the
- 20:59eric kazatsky: Bloomberg
- 20:59eric kazatsky: ag
- 21:00eric kazatsky: right
- 21:00eric kazatsky: there
- 21:00eric kazatsky: is
- 21:01eric kazatsky: a
- 21:01eric kazatsky: small
- 21:01eric kazatsky: slice
- 21:02eric kazatsky: under
- 21:02eric kazatsky: the
- 21:02eric kazatsky: other
- 21:02eric kazatsky: industrial
- 21:03eric kazatsky: sub-bucket
- 21:04eric kazatsky: that
- 21:04eric kazatsky: actually
- 21:04eric kazatsky: has
- 21:04eric kazatsky: a
- 21:04eric kazatsky: little
- 21:04eric kazatsky: bit
- 21:04eric kazatsky: of
- 21:05eric kazatsky: taxable
- 21:05eric kazatsky: muni
- 21:05eric kazatsky: in
- 21:05eric kazatsky: there
- 21:06eric kazatsky: Most
- 21:06eric kazatsky: people
- 21:06eric kazatsky: don't
- 21:06eric kazatsky: know
- 21:06eric kazatsky: that
- 21:07eric kazatsky: So
- 21:07eric kazatsky: even
- 21:08eric kazatsky: if
- 21:08eric kazatsky: you
- 21:08eric kazatsky: just
- 21:08eric kazatsky: have
- 21:08eric kazatsky: beta
- 21:08eric kazatsky: exposure
- 21:09eric kazatsky: you
- 21:09eric kazatsky: already
- 21:09eric kazatsky: have
- 21:10eric kazatsky: a
- 21:10eric kazatsky: little
- 21:10eric kazatsky: bit
- 21:10eric kazatsky: of
- 21:10eric kazatsky: taxable
- 21:10eric kazatsky: media
- 21:11eric kazatsky: exposure
- 21:11eric kazatsky: but
- 21:12eric kazatsky: I
- 21:12eric kazatsky: think
- 21:12eric kazatsky: like
- 21:12eric kazatsky: the
- 21:12eric kazatsky: things
- 21:13eric kazatsky: that
- 21:13eric kazatsky: are
- 21:13eric kazatsky: interesting
- 21:13eric kazatsky: if
- 21:13eric kazatsky: you're
- 21:14eric kazatsky: just
- 21:14eric kazatsky: looking
- 21:14eric kazatsky: at
- 21:15eric kazatsky: just
- 21:15eric kazatsky: trying
- 21:15eric kazatsky: to
- 21:15eric kazatsky: replicate
- 21:16eric kazatsky: the
- 21:16eric kazatsky: ag
- 21:16eric kazatsky: is
- 21:16eric kazatsky: that
- 21:17eric kazatsky: you
- 21:17eric kazatsky: do
- 21:17eric kazatsky: have
- 21:17eric kazatsky: a
- 21:17eric kazatsky: lot
- 21:17eric kazatsky: of
- 21:17eric kazatsky: treasuries
- 21:18eric kazatsky: and
- 21:18eric kazatsky: you
- 21:18eric kazatsky: have
- 21:18eric kazatsky: a
- 21:18eric kazatsky: lot
- 21:18eric kazatsky: of
- 21:18eric kazatsky: securitized
- 21:19eric kazatsky: product
- 21:20eric kazatsky: that
- 21:20eric kazatsky: if
- 21:20eric kazatsky: rates
- 21:20eric kazatsky: do
- 21:20eric kazatsky: shoot
- 21:21eric kazatsky: down
- 21:21eric kazatsky: you
- 21:21eric kazatsky: know
- 21:21eric kazatsky: all
- 21:22eric kazatsky: of
- 21:22eric kazatsky: that's
- 21:22eric kazatsky: gonna
- 21:22eric kazatsky: get
- 21:22eric kazatsky: refied
- 21:23eric kazatsky: right
- 21:23eric kazatsky: And
- 21:23eric kazatsky: you
- 21:23eric kazatsky: have
- 21:23eric kazatsky: some
- 21:23eric kazatsky: repricing
- 21:24eric kazatsky: risk
- 21:24eric kazatsky: built
- 21:24eric kazatsky: in
- 21:24eric kazatsky: there
- 21:25eric kazatsky: again
- 21:26eric kazatsky: you
- 21:26eric kazatsky: know
- 21:26eric kazatsky: taxable
- 21:27eric kazatsky: immunities
- 21:27eric kazatsky: make
- 21:27eric kazatsky: sense
- 21:27eric kazatsky: to
- 21:28eric kazatsky: bolt
- 21:28eric kazatsky: on
- 21:28eric kazatsky: there
- 21:28eric kazatsky: because
- 21:29eric kazatsky: they're
- 21:29eric kazatsky: a
- 21:29eric kazatsky: little
- 21:29eric kazatsky: bit
- 21:29eric kazatsky: longer
- 21:29eric kazatsky: in
- 21:30eric kazatsky: duration
- 21:30eric kazatsky: so
- 21:31eric kazatsky: you
- 21:31eric kazatsky: know
- 21:31eric kazatsky: you
- 21:31eric kazatsky: take
- 21:31eric kazatsky: some
- 21:31eric kazatsky: of
- 21:32eric kazatsky: that
- 21:32eric kazatsky: element
- 21:32eric kazatsky: of
- 21:32eric kazatsky: uncertainty
- 21:33eric kazatsky: out
- 21:33eric kazatsky: of
- 21:33eric kazatsky: there
- 21:35Ryan: Awesome,
- 21:35Ryan: Eric.
- 21:36Ryan: Lastly,
- 21:37Ryan: let's
- 21:37Ryan: bring
- 21:37Ryan: back
- 21:38Ryan: to
- 21:38Ryan: financial
- 21:38Ryan: advisors
- 21:39Ryan: and
- 21:40Ryan: client
- 21:40Ryan: portfolios
- 21:41Ryan: for
- 21:42Ryan: them.
- 21:43Ryan: Even
- 21:44Ryan: though
- 21:44Ryan: munis
- 21:45Ryan: have
- 21:45Ryan: been
- 21:45Ryan: around
- 21:45Ryan: for,
- 21:46Ryan: centuries
- 21:47Ryan: and
- 21:47Ryan: stuff
- 21:47Ryan: and
- 21:47Ryan: part
- 21:48Ryan: of
- 21:48Ryan: investment
- 21:48Ryan: portfolios
- 21:49Ryan: there
- 21:49Ryan: can
- 21:49Ryan: be
- 21:50Ryan: often
- 21:50Ryan: forgot
- 21:50Ryan: about.
- 21:51Ryan: How
- 21:51Ryan: should
- 21:51Ryan: financial
- 21:52Ryan: advisors
- 21:52Ryan: think
- 21:53Ryan: of
- 21:53Ryan: Munis
- 21:53Ryan: within
- 21:53Ryan: a
- 21:54Ryan: portfolio?
- 21:54Ryan: Should
- 21:54Ryan: they
- 21:54Ryan: just
- 21:55Ryan: be
- 21:55Ryan: income
- 21:55Ryan: producing
- 21:56Ryan: asset
- 21:56Ryan: or
- 21:57eric kazatsky: Yeah
- 21:58Ryan: like
- 21:59Ryan: you
- 21:59Ryan: say,
- 21:59Ryan: capital
- 22:00Ryan: preservation?
- 22:01Ryan: How
- 22:01Ryan: should
- 22:01Ryan: they
- 22:01Ryan: view
- 22:02Ryan: municipals
- 22:03Ryan: within
- 22:03Ryan: a
- 22:03Ryan: portfolio?
- 22:05eric kazatsky: I
- 22:05eric kazatsky: think
- 22:05eric kazatsky: they
- 22:05eric kazatsky: should
- 22:06eric kazatsky: be
- 22:06eric kazatsky: viewed
- 22:06eric kazatsky: at
- 22:06eric kazatsky: as
- 22:07eric kazatsky: an
- 22:07eric kazatsky: income
- 22:07eric kazatsky: producing
- 22:07eric kazatsky: asset
- 22:08eric kazatsky: with
- 22:09eric kazatsky: a
- 22:09eric kazatsky: total
- 22:09eric kazatsky: return
- 22:09eric kazatsky: upside
- 22:10eric kazatsky: right
- 22:11eric kazatsky: And
- 22:11eric kazatsky: that's
- 22:11eric kazatsky: really
- 22:11eric kazatsky: what
- 22:11eric kazatsky: active
- 22:12eric kazatsky: management
- 22:12eric kazatsky: brings
- 22:12eric kazatsky: to
- 22:12eric kazatsky: the
- 22:13eric kazatsky: table
- 22:13eric kazatsky: you
- 22:13eric kazatsky: know
- 22:14eric kazatsky: on
- 22:14eric kazatsky: our
- 22:14eric kazatsky: alternative
- 22:15eric kazatsky: investment
- 22:15eric kazatsky: platform
- 22:16eric kazatsky: with
- 22:16eric kazatsky: our
- 22:16eric kazatsky: limited
- 22:16eric kazatsky: partnerships
- 22:17eric kazatsky: you
- 22:17eric kazatsky: we're
- 22:17eric kazatsky: trying
- 22:17eric kazatsky: to
- 22:18eric kazatsky: beat
- 22:18eric kazatsky: those
- 22:18eric kazatsky: blended
- 22:18eric kazatsky: benchmarks
- 22:19eric kazatsky: by
- 22:19eric kazatsky: 150
- 22:19eric kazatsky: to
- 22:19eric kazatsky: 200
- 22:20eric kazatsky: basis
- 22:20eric kazatsky: points
- 22:21eric kazatsky: each
- 22:21eric kazatsky: and
- 22:21eric kazatsky: every
- 22:21eric kazatsky: year
- 22:21eric kazatsky: We're
- 22:21eric kazatsky: setting
- 22:22eric kazatsky: the
- 22:22eric kazatsky: bar
- 22:22eric kazatsky: high
- 22:23eric kazatsky: for
- 22:23eric kazatsky: outperformance
- 22:24eric kazatsky: as
- 22:24eric kazatsky: well
- 22:24eric kazatsky: as
- 22:25eric kazatsky: delivering
- 22:26eric kazatsky: a
- 22:26eric kazatsky: tax
- 22:26eric kazatsky: exempt
- 22:27eric kazatsky: income
- 22:27eric kazatsky: stream
- 22:28eric kazatsky: that
- 22:28eric kazatsky: on
- 22:28eric kazatsky: a
- 22:28eric kazatsky: tax
- 22:28eric kazatsky: equivalent
- 22:29eric kazatsky: basis
- 22:29eric kazatsky: is
- 22:29eric kazatsky: very
- 22:29eric kazatsky: attractive
- 22:30eric kazatsky: right
- 22:30eric kazatsky: That's
- 22:31eric kazatsky: what
- 22:31eric kazatsky: they
- 22:31eric kazatsky: need
- 22:31eric kazatsky: to
- 22:31eric kazatsky: be
- 22:31eric kazatsky: thinking
- 22:32eric kazatsky: about
- 22:32eric kazatsky: in
- 22:32eric kazatsky: addition
- 22:33eric kazatsky: to
- 22:34eric kazatsky: the
- 22:34eric kazatsky: diversity
- 22:34eric kazatsky: that
- 22:35eric kazatsky: it
- 22:35eric kazatsky: brings
- 22:35eric kazatsky: to
- 22:35eric kazatsky: the
- 22:35eric kazatsky: entire
- 22:36eric kazatsky: client
- 22:36eric kazatsky: investment
- 22:37eric kazatsky: portfolio
- 22:39Ryan: Wow.
- 22:40Ryan: Awesome
- 22:40Ryan: conversation,
- 22:42Ryan: great
- 22:42Ryan: insight
- 22:43Ryan: on,
- 22:43Ryan: like
- 22:43Ryan: I
- 22:43Ryan: said,
- 22:44Ryan: a
- 22:44Ryan: space
- 22:44Ryan: that
- 22:45Ryan: I
- 22:45Ryan: think
- 22:45Ryan: should
- 22:46Ryan: get
- 22:46Ryan: more
- 22:46Ryan: attention,
- 22:47Ryan: more
- 22:47Ryan: eyes,
- 22:47Ryan: more
- 22:48Ryan: headlines
- 22:49Ryan: and
- 22:49Ryan: municipals.
- 22:50Ryan: I'm
- 22:51Ryan: sure
- 22:51Ryan: you
- 22:51Ryan: do
- 22:51Ryan: too,
- 22:52Ryan: and
- 22:52Ryan: the
- 22:52Ryan: folks
- 22:53Ryan: at
- 22:53Ryan: mackay.
- 22:53Ryan: But
- 22:54Ryan: insight.
- 22:54Ryan: I'm
- 22:54Ryan: really
- 22:55Ryan: glad
- 22:55Ryan: you
- 22:55Ryan: came
- 22:55Ryan: on.
- 22:56Ryan: It's
- 22:56Ryan: been
- 22:56Ryan: an
- 22:56Ryan: honor.
- 22:57Ryan: Where
- 22:57Ryan: can
- 22:58Ryan: our
- 22:58Ryan: audience
- 22:58Ryan: get
- 22:58Ryan: more
- 22:59Ryan: information
- 23:00Ryan: about
- 23:00Ryan: mackay
- 23:01Ryan: Municipal
- 23:01Ryan: Managers?
- 23:02eric kazatsky: Absolutely
- 23:03eric kazatsky: So
- 23:04eric kazatsky: our
- 23:04eric kazatsky: website
- 23:05eric kazatsky: you
- 23:05eric kazatsky: can
- 23:05eric kazatsky: go
- 23:05eric kazatsky: on
- 23:06eric kazatsky: either
- 23:06eric kazatsky: through
- 23:06eric kazatsky: the
- 23:06eric kazatsky: New
- 23:07eric kazatsky: York
- 23:07eric kazatsky: Life
- 23:07eric kazatsky: Investment
- 23:07eric kazatsky: Management
- 23:08eric kazatsky: Portal
- 23:08eric kazatsky: or
- 23:09eric kazatsky: Muni360
- 23:11eric kazatsky: 360.com
- 23:12eric kazatsky: And
- 23:12eric kazatsky: we
- 23:12eric kazatsky: publish
- 23:12eric kazatsky: a
- 23:13eric kazatsky: lot
- 23:13eric kazatsky: of
- 23:14eric kazatsky: insights
- 23:14eric kazatsky: and
- 23:14eric kazatsky: thought
- 23:14eric kazatsky: leadership
- 23:15eric kazatsky: pieces
- 23:15eric kazatsky: We
- 23:15eric kazatsky: do
- 23:16eric kazatsky: a
- 23:16eric kazatsky: weekly
- 23:16eric kazatsky: that
- 23:16eric kazatsky: comes
- 23:17eric kazatsky: out
- 23:17eric kazatsky: every
- 23:17eric kazatsky: Tuesday
- 23:18eric kazatsky: all
- 23:18eric kazatsky: our
- 23:18eric kazatsky: media
- 23:18eric kazatsky: pieces
- 23:19eric kazatsky: So
- 23:19eric kazatsky: everything
- 23:20eric kazatsky: that
- 23:20eric kazatsky: you
- 23:20eric kazatsky: wanna
- 23:20eric kazatsky: find
- 23:20eric kazatsky: out
- 23:20eric kazatsky: about
- 23:20eric kazatsky: the
- 23:20eric kazatsky: franchise
- 23:21eric kazatsky: or
- 23:21eric kazatsky: you
- 23:21eric kazatsky: know
- 23:22eric kazatsky: get
- 23:22eric kazatsky: an
- 23:22eric kazatsky: insight
- 23:22eric kazatsky: of
- 23:22eric kazatsky: what
- 23:22eric kazatsky: we're
- 23:22eric kazatsky: thinking
- 23:23eric kazatsky: and
- 23:23eric kazatsky: most
- 23:24eric kazatsky: up
- 23:24eric kazatsky: to
- 23:24eric kazatsky: date
- 23:24eric kazatsky: is
- 23:24eric kazatsky: gonna
- 23:24eric kazatsky: be
- 23:24eric kazatsky: on
- 23:25eric kazatsky: there
- 23:26Ryan: Yeah.
- 23:26Ryan: Eric,
- 23:27Ryan: a
- 23:27Ryan: lot
- 23:27Ryan: of
- 23:27Ryan: people
- 23:27Ryan: may
- 23:27Ryan: not
- 23:28Ryan: realize
- 23:28Ryan: this.
- 23:29Ryan: I
- 23:29Ryan: do
- 23:29Ryan: a
- 23:29Ryan: little
- 23:29Ryan: bit
- 23:29Ryan: of
- 23:30Ryan: research
- 23:30Ryan: before
- 23:31Ryan: I
- 23:31Ryan: jump
- 23:32Ryan: on
- 23:32Ryan: these
- 23:32Ryan: calls.
- 23:33Ryan: I
- 23:33Ryan: go
- 23:33eric kazatsky: Yeah
- 23:33Ryan: websites,
- 23:34Ryan: mackay.
- 23:34Ryan: You
- 23:35Ryan: guys
- 23:35Ryan: do
- 23:35Ryan: a
- 23:35Ryan: lot
- 23:36Ryan: of
- 23:36Ryan: great
- 23:37Ryan: information
- 23:37Ryan: there,
- 23:38Ryan: content
- 23:38Ryan: research.
- 23:39Ryan: So
- 23:40Ryan: for
- 23:40Ryan: anyone
- 23:40Ryan: who's
- 23:41Ryan: looking
- 23:41Ryan: for
- 23:41Ryan: information
- 23:42Ryan: on
- 23:43Ryan: municipals.
- 23:44Ryan: Can't
- 23:45Ryan: recommend
- 23:45Ryan: it
- 23:45Ryan: enough.
- 23:46Ryan: Great
- 23:46Ryan: stuff
- 23:46Ryan: there.
- 23:47eric kazatsky: Appreciate
- 23:47eric kazatsky: that
- 23:48eric kazatsky: Yeah
- 23:49Ryan: you
- 23:49Ryan: for
- 23:49Ryan: coming
- 23:49Ryan: on
- 23:50Ryan: and
- 23:50Ryan: thank
- 23:50Ryan: you
- 23:50Ryan: everyone
- 23:51Ryan: for
- 23:51Ryan: listening
- 23:51Ryan: to
- 23:51Ryan: this
- 23:52Ryan: episode
- 23:52Ryan: is
- 23:52Ryan: zephyr's
- 23:53Ryan: Adjusted
- 23:54Ryan: for
- 23:54Ryan: Risk
- 23:54Ryan: podcast.
- 23:55Ryan: You
- 23:55Ryan: can
- 23:55Ryan: watch
- 23:56Ryan: all
- 23:56Ryan: of
- 23:56Ryan: our
- 23:56Ryan: other
- 23:56Ryan: episodes
- 23:57Ryan: on
- 23:57Ryan: the
- 23:58Ryan: Zephyr
- 23:58Ryan: YouTube
- 23:59Ryan: channel,
- 23:59Ryan: as
- 23:59Ryan: well
- 24:00Ryan: as
- 24:00Ryan: on
- 24:00Ryan: Spotify
- 24:01Ryan: and
- 24:01Ryan: wherever
- 24:02Ryan: else
- 24:02Ryan: you
- 24:02Ryan: catch
- 24:02Ryan: your
- 24:03Ryan: favorite
- 24:03Ryan: podcast.
- 24:04Ryan: Thank
- 24:04Ryan: you
- 24:04Ryan: very
- 24:05Ryan: much
- 24:05Ryan: and
- 24:05Ryan: have
- 24:05Ryan: a
- 24:05Ryan: great
- 24:05Ryan: rest
- 24:06Ryan: of
- 24:06Ryan: your
- 24:06Ryan: week.