In my past post on dividend-paying stocks, some of you responded with questions about REITs (real estate investment trusts). You asked whether REITs are effective “bond substitutes,” whether they are a “defensive” equity investment, whether they’re good short-term hedges …

The nation’s near-term focus is on the “fiscal cliff,” the slate of expiring tax cuts and automatic spending reductions that will be triggered at the end of 2012 if leaders in Washington fail to reach a budget agreement. The debate …

Any long-term investor knows that inflation is the enemy. A spike in inflation can drastically reduce your real investment returns, particularly for fixed income securities. At present, yields on many Treasury Inflation-Protected Securities (TIPS) are negative, a clear reflection of …

U.S. interest rates today are clearly low and below historical long-term averages. Recalling the double-digit rates of the 1970s and early 1980s, I still find it somewhat astonishing that the yields on a broadly diversified basket of high-quality bonds (whether …

In the summer at the beach as a boy, I used to dig in the sand and dream of finding pirate treasure. Old silver and gold coins from Spain and other parts of Europe that may have once washed upon …

On December 16, 2008, the Federal Reserve cut its target for the shortest-term interest rate to nearly 0%. The Fed’s bold policy action was one of many aggressive steps taken to stabilize global financial markets and a U.S. economy that …

Bond funds have generally been on a total return “tear” the past several years, given the sharp decline in U.S. Treasury yields.

Bond fund cash flows have been solid, especially into corporate and municipal bond funds, which tend to carry …