Insights

California’s proposed wealth tax faces significant political, legal, and administrative obstacles and is unlikely to be enacted.

The municipal market enters 2026 with strong but fading credit quality.

California’s fiscal picture remains strong, but its heavy reliance on income taxes tied to capital markets means the state could face unique risks if the AI boom reverses.

Today’s investors have access to a wide variety of investment vehicles, often utilizing multiple structures within the same portfolio.

Investment managers confronting challenges of a more complex and competitive municipal bond trading environment must develop, deploy and continually refine new tools and technologies.

Municipal bond investors would be remiss to ignore the impact of state and local taxes on an appropriate mix of in- and out-of-state bonds in their portfolios.

There are important limitations to relying solely on total return—primarily that not all returns are created equal.

Federal policy actions present new risks for many private higher education institutions.