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Why Fixed Income Needs a Steady Hand Right Now

Articles | Posted on | Kawika Shoji
For much of the past decade, fixed income felt like an afterthought. Ultra-low interest rates meant bonds offered little income and even less value. Then came 2022—when bond prices finally cracked under the weight of distorted valuations. Even now, many investors in broad bond indexes are still waiting to break even.
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Why Fixed Income Needs a Steady Hand Right Now

Why Fixed Income Needs a Steady Hand Right Now
For much of the past decade, fixed income felt like an afterthought. Ultra-low interest rates meant bonds offered little income and even less value. Then came 2022—when bond prices finally cracked under the weight of distorted valuations. Even now, many investors in broad bond indexes are still waiting to break even.
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Bonds Have a Place Again, Part II

Bonds Have a Place Again, Part II
In my February 7, 2025 post, Bonds Have a Place Again, I reflected on interest rates some five years after the peak of the Bond Bubble—when interest rates reached a low never seen in human history—and two years after bond prices finally crashed in 2022. I had summarized our approach to fixed income going forward: […]
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Taking Charge of Your Old 401(k)

Taking Charge of Your Old 401(k)
A rollover individual retirement account (IRA) is an account used for the transfer of assets from a previous employer-sponsored retirement plan, like a 401(k) or 403(b). If you have left your job and have an old 401(k) or 403(b), you may want to roll that money into an IRA and begin to take control of it.
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Investment Letter | April 2025

Investment Letter | April 2025
We have experienced a benign 2025 so far despite a correction in the stock market and higher volatility. Modest stock allocations and gains in insurance stocks (our single largest industry exposure), gold, and newer fixed income buys have buoyed account values.
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It’s Bad, and It’s Going to Be All Right

It’s Bad, and It’s Going to Be All Right
As far as investments and what's going on today, I'm still sleeping just fine. I think you should, too. The roadmap laid out in previous letters has been followed. Stock levels are low, and what we have is outperforming overall.
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Don’t Miss the Forest for the Trees

Don’t Miss the Forest for the Trees
I don’t think anyone expected a quiet start to the new year, but I’m not sure anyone could have predicted the flurry of shocking news stories that have flooded our devices and timelines thus far in 2025.
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Bonds Have a Place Again

Bonds Have a Place Again
In his 2011 book Debt: The First 500 Years, anthropologist David Graeber lays out the historical concept of debt, starting with the Sumer, the earliest known civilization, located in historical Mesopotamia around 3500 BCE.
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Five Years After the Bond Bubble

Five Years After the Bond Bubble
Nearly five years ago, bond yields dropped to levels never seen in the thousands of years humans have been lending to one another. The shortest maturity fixed-income securities yielded virtually zero in the U.S. and less than zero in Europe and Japan.
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Small Team Big Impact

Small Team Big Impact
The 27th Sony Open, Hawaii’s only annual professional sporting event, concluded last week at Waialae Country Club, and what an incredible event it was!
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Investment Letter | January 2025

Investment Letter | January 2025
2024 was another good year for stocks overall thanks to continued strength in just a handful of the largest technology and internet companies. The famed “Magnificent Seven” once again comprised the bulk of stocks’ overall returns.
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