Bond Squad – It has been fun

They say that all good things must end some day
Autumn leaves must fall
But don’t you know that it hurts me so to say goodbye to you ~Chad and Jeremy
           After five years of Bond Squad and 17 years of writing fixed income market commentary and strategy, it is time to move on to new opportunities. I have accepted a position with Charles Schwab as a fixed income specialist. Effective immediately, Bond Squad will cease all operations.
           The past five years have been interesting, to say the least. After leaving Citigroup in December 2011, I had a dream of publishing fixed income commentary that was free from conflict with sales goals. Right or wrong, my outlook and opinion were mine and mine alone. The audience for my work was good, but not as large as I had hoped. It has mainly been seasoned advisors who value market strategy and commentary. Interest among less experienced advisors, the ones who truly need information provided by Bond Squad, has not been strong. Instead, they are content to invest client capital in models and trust to their effectiveness.
           In 2013, Bond Squad began managing portfolios on an SMA basis. Although our SMA business got off to a promising start, many firms began reducing the number of managers on platforms, tending to favor those who manage to models, rather than those who create bespoke portfolios for investors. I can understand this approach, in a way, as it is easier for firms to track performance, but in my opinion, pure performance comes after suitability and the best interests of clients Thus, the SMA business has always been an uphill battle. The financial industry differs significantly from the one I entered three decades ago. As such, I must change with it.
           The majority of my readers and subscribers have been following my commentary and opinion since 2000, when I was with Citigroup. Most of my subscribers have become friends. I would like our friendship to continue. Although I will no longer be writing strategy, I will be happy to answer questions and provide guidance for those who request it. I can be reached at 570-234-7585
           Subscription questions should be directed to Kevin Yurko at 570-424-1555 or
I apologize for the suddenness of this announcement, but negotiations to keep me at WS&M LLC and keep Bind Squad functioning went down to the wire.  I hope to hear from all of you going forward, if only to say hello. Thank you for your unwavering support and friendship.
Tom Byrne

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