Twas two weeks before Christmas, when all through the house,
COVID was stirring, a vaccine needed to dowse.
The options were sprung from pharmaceuticals with dare,
In hopes that its effectiveness would meet world’s prayer.
Quarantines, closures, patients in beds,
While visions of normalcy, danced in their heads.
And Trump in his ‘Make America Great’ cap,
The nation now settled with this incoming Biden chap.
When out in the markets stock & bond prices fatter,
Interest rates low, the yield curve flatter.
Away tucked in savings, a mountain of cash,
Uncertain investors contemplating use of their stash.
The pandemic recession still in tow,
Cast a shadow on profits, bigger debts we owe.
When, what to my wondering eyes should appear,
Total returns providing an inordinate year.
With names coming so lively and quick,
I knew in a moment media deception piled it on thick.
Some the target of shame and blame,
Others deserving of historic fame:
“Now Wuhan! Now WHO! Now Harris and Fauci!
On, Ginsburg! On, Bryant! On, Van Halen part of history!
To the biggest day crash! To the record high call!
Now erode away! Erode away! As interest rates fall!”
As spreads on a pandemic begin to fly,
When they meet with stimulus widening goes bye-bye.
So too credit weakening does ensue,
Government backing and lending facilities come to view.
And then in a twinkling, I heard the impeachment goof,
The charges get dropped when there’s failure of proof.
As I bang on my head with split party hostility abound,
Let’s pray that humility, respect and collaboration are found.
Fixed Income Solutions is afoot,
Proposals, reviews, education, strategies the output.
A bundle of services, we have your back,
And look to maintain, investor best interest top of the stack.
Protect your principal, income the cherry!
Record low rates and uncertainty are scary!
Valuations go rogue yet conservative the money flow,
Appropriate asset allocation investors must know.
Zero Fed Funds does the FOMC bequeath,
A policy prediction, a strategy underneath.
High quality short bonds, market yields are smelly
Swaps will improve going into the corporate curve belly.
Cash flow can be bought to help oneself,
You won’t lose but use the principal itself.
Take heed as investors with yields are misled,
Yield-to-worst is not equal to current yield it’s said.
Principal protection, individual bond’s greatest perk,
Back to the basics, put portfolio allocation to work.
Shorten duration, upgrade credit we propose,
Know how to protect and use your cash flows.
As a miserable year closes, we welcome 2020’s dismissal,
Hope, good health and fortune our epistle.
Fixed Income Solutions will fight the fight,
But most importantly remember, “Merry Christmas to all, and to all a good night!”