Spring time here in Colorado means a good time to spring clean your portfolio.
1. Calculate your portfolios' duration, credit quality and equity beta. Recalibrate to match your firm's outlook.
2. Purge managers who are simply not producing alpha and replace with effective beta or ETF representation.
3. Ask yourself, do the Fed minutes really change the investment outlook? I think so even if temporarily. Enjoy the weekend and remember that all credit is not created equal.
Tom Koehler, CFA