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First Principles Quarterly - Fall 2013

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We are pleased to share the Fall 2013 edition of First Principles Quarterly.

First Principles Quarterly (“FPQ”) is a quarterly publication from FPCM that captures the insight of our portfolio management team across the global fixed income markets. Topics include an analysis by Doug Dachille of the Federal Reserve’s recent actions.

“Unfortunately, enhanced transparency regarding a policy predicated on highly uncertain economic data does not necessarily increase predictability.”
– Douglas A. Dachille, Chief Executive Officer and Chief Investment Officer, and co-founder.

In this issue, we cover:

  • CIO Perspective
  • Rates, Inflation, Mortgages and Municipals
  • Corporate Credit
  • Emerging Markets Debt
  • Asset Backed Securities

View the First Principles Quarterly - Fall 2013 (pdf)

We also invite you to explore our website (

Enjoy your autumn!