The paramount factor in constructing a resilient portfolio of municipal bonds is diversification. Although maturity distribution will reflect our interest rate outlook, it should never be concentrated in a narrow window of maturities, as the risk penalty of having erred is way out of proportion to any hoped for advantage such a tactic would produce. Likewise, broad diversification is needed with regard to the issuer, geography, bond purpose, legal structure, sources of debt service etc. The type of bond coupons and call features need to varied as well. Within the guidelines dictated by the client's objectives and risk tolerance, CFI's policy is to maximize returns. This must be accomplished however, by maintaining the discipline to avoid the potential hazards that over concentrations present.

Building and maintaining expertly tailored, tax-efficient portfolios for families of wealth is what CFI does. Achieving this requires many things, but it comes down to this: sustained success requires knowledge, experience and industry. CFI believes that only active management with vigilance and hard work will produce better structure, quality and superior performance over time. CFI's clients have benefitted from this philosophy. CFI is extremely conservative, yet extremely aggressive in constructing portfolios that mitigate risk while providing competitive returns. With in-depth research, consultation with the specialists, CFI is able to make informed decisions to secure the best results for every portfolio.

Identifying the appropriate strategy to employ for a given client requires the identification of four factors. First you must know your client's goal, objectives and risk tolerance. Second, one must confront the realities of the current market (supply, demand, fiscal and monetary policy, etc). Third, the strategy needs to incorporate a prudent assessment of future market factors affecting yield curves, credit dynamics and the potential for market altering legislation. Finally, the strategy should be cognizant of the client's circumstances, i.e. age, health, disposition of other assets and liabilities, income requirements, tax status, goals. CFI is able to make informed decisions to secure the best results  for every portfolio.