At ARS, our focus is to maintain and build purchasing power over time. Thus, our approach to fixed income investing is to earn an appropriate level of income consistent with capital preservation. We do not lower the standards for creditworthiness in the search for extra yield because, as we have seen, far too often this approach leads to excessive loss of capital.
Our economic outlook is an important element in our assessment of interest-rate levels and creditworthiness for our evaluation of the bond market. We gauge the current interest rate structure to determine the best yield for a portfolio relative to the acceptable level of risk within our outlook for inflation.
This top-down view is combined with fundamental analysis to evaluate credits across securities.
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