Lyle Fitterer, Baird Asset Management - You Could Even Argue That They’re Better Credits Than The Federal Government | #341

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 18 August 2021

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode 341, we welcome our guest, Lyle Fitterer, portfolio manager for Baird Asset Management, where he runs a $1.8 billion municipal bond fund. In today’s episode, we’re talking all things muni’s. Lyle begins with an overview of the muni bond market and the benefit of tax-exempt income for investors. Then we hear how Lyle went on the offensive when the COVID drawdown occurred last year. Finally, we walk through some of the different factors affecting the muni market right now, including state and local budgets, expectations for higher taxes and an infrastructure bill, and interest rates. Be sure to listen until the end to hear what sectors Lyle avoids within the muni space. Please enjoy this episode with Baird Asset Management’s Lyle Fitterer. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Ugly Drinks. Meet ugly sparkling water: the childhood tastes you love without the sugar, sweeteners or calories you don't. Beyond quenching your thirst, ugly celebrates the real, the raw, the imperfect - the ugly truth. As a special offer for listeners of the show, visit uglydrinks.com and use the code UGLYMEB to get 20% off your order. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Medfavor Show, where the focus is on helping you grow and preserve your wealth.
0:11.0	Join us as we discuss the craft of investing and
0:13.5	uncover new and profitable ideas all to help you grow wealthier and wiser.
0:17.2	Better investing starts here.
0:18.8	Matt Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.2	Did it industry regulations, he will not discuss any of Cambry's funds on this podcast.
0:27.0	All opinions expressed by podcast participants are solely their own opinions and do not reflect the
0:30.8	opinion of Cambria Investment Management or its affiliates.
0:33.4	For more information, visit Cambria Investments.com.
0:35.6	What's up everybody? Another great show for you today.
0:41.8	Our guest is a portfolio manager for Baird asset management, where he runs multi-billion dollar municipal bond funds.
0:48.0	And today's show, we're talking all things munis. Our guest begins with an overview of the muni bond market and the
0:54.2	benefit of tax-exempt income for investors. Then we hear our guest went on the offense when
0:58.9	the COVID drawdown occurred last year. Finally we walk through some of the different factors affecting the
1:03.4	immunity market right now including state and local budgets, expectations for higher
1:07.2	taxes and a potential infrastructure bill and interest rates. Be sure to listen in the
1:11.9	end when we hear what sectors our guests
1:13.6	avoid within the muni space. American farmland is disappearing at an alarming rate.
1:19.6	According to the USDA, the US has lost four acres of farmland per minute since 2000.
1:25.0	That's a landmass larger than the state of Florida, lost a real estate development and soil burnout.
1:31.0	All the while the demand for food, especially healthy, organic food,
1:34.3	continues to rise as much as 13% annually in recent years. Farmland LP is one of the
	...

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