"The characteristics that make a quality company does not change over time. But the type of companies that may qualify, can change."
“For a time, it seemed that this day would never arrive and we would be in a permanent state of ‘return free risk’. Yet slowly and then suddenly everything changed. Bonds once again offered reasonable yields and provided genuine competition to other asset classes. And how did investors react to this much desired shift? By lamenting the losses incurred by bonds and questioning whether they are too risky to play a role as a conservative element of a diversified portfolio. Sometimes we are just never satisfied.”
“From our perspective, there is not a lot of ‘news’ here because markets are almost always narrow. It is quite rare to have full breadth and depth across markets because there are almost always winners outpacing others.”
“For long-term bonds, we are more interested in what the SARB says, than what they do.”