Selected Articles Related to
Stamper Capital &
Investments, Inc.'s
Strategies & Performance
"W'hat Goes Up Must Come Down: Stamper Capital & Investments Forecasts Become Reality" November 18, 2010: This article examines how Clark Stamper was able to forecast the past decade's market direction back in 2002, in the shape of a right-tilted 'W', and has been proven correct since.
"Clark Stamper Completes a Superior 20-Year Run Managing the Former Evergreen Strategic Municipal Bond Fund; Provides Top-Notch Returns Over Last Decade for Little Risk!" September 1, 2010: This article shows that Stamper was able to have one of the longest tenures managing a muni fund for over 20 years in the industry all while producing superior risk-adjusted returns over the past decade (ending 6/30/2010), when compared to the competition.
"Interview with Portfolio Manager, Clark Stamper: How did the Stamper Strategic Long/Short/Fixed Composite achieve a total return of 98% for year 2008?" March 5, 2010: In this article, our Portfolio Manager B. Clark Stamper, answers questions about the Stamper Strategic Long/Short/Fixed Composite's performance not only for 2008 but over the past ten years.
"Muni Credit Spreads Widen to 2-month High on Weaker Fund Flows," BLOOMBERG NEWS, November 9, 2009: In this article, our Portfolio Manager, B. Clark Stamper, commenting on the downturn in municipal bonds from October 5, 2009, forecasts a continued drop to be similar to the horrendous one of 2008. He points out that he used the rally that just ended to position clients even more defensively. - Note that, as of 1-16-2010, very few investors as well as professionals seem to have noticed the significance of that top, which is still in place, and which we believe will have been a precursor to a large overall market decline, similar to 2008 (which we were some of the few to correctly forecast, see our Market Comments & Awards pages), including drops across the board in riskier assets and longer term bonds.
"Stamper Capital & Investments, Inc. Portfolio Management Tops the Tax-Free Municipal Competition Across FOUR Categories Over Three Year, Five and Ten Year Periods" In this article, our Portfolio Manager B. Clark Stamper, explains how he as outperformed in four municipal bond categories over a 3, 5, and 10 year period (ending 5/31/2009) on a risk-adjusted basis using Stamper Capital's "upside potential/downside protection" methodology.
"How We Achieved the Top Municipal Bond Fund Ranking At The Bottom of The Worst Downturn in the Municipal Bond Market in 30 years: Interview with B. Clark Stamper." February 1, 2009: In this interview, our Portfolio Manager, B. Clark Stamper, answers questions about the Fund's top performance in the worst municipal bond market in decades, including his Strategic Proactive Management before the debacle.
"Stamper Focuses on Capturing 'Upside Potential and Downside Protection' " DerivActiv MUNI MARKET PULSE, April 15, 2008: In this article, "B. Clark Stamper, Chief Investment Officer and President of Stamper Capital & Investments describes why history repeats itself with failing hedge ratios for muni [hedge] fund managers. Stamper also describes declining new issuance and predicts widening credit spreads." Clark also explains, in part, why the Fund and accounts he manages performed so well (see our Awards Page for top performance according to Lipper) in February 2008. Transcript or Podcast from DerivActiv website.
"Time to take profits in high-yield muni funds," REUTERS, January 10, 2007: In this article, our Portfolio Manager, Clark Stamper, comments about the lack of downside protection in risky assets.
"Managing Multiples," ON WALL STREET, November 1, 2006: "On Wall Street teamed with Morningstar to find managers who successfully handle multiple investment vehicles, many of which are open to retail investors. In an effort to discern how these multi-taskers operate, we profiled 10 managers who run three or more distinct equity products and nine fixed income managers who handle at least two distinct products. And while these professionals aren't the only stars in the investment universe, they've all generated good performance in the strategies they follow." Our Portfolio Manager, B. Clark Stamper, was the only manager of municipal bonds highlighted in the article/study.
"Cover Bases When Investing In Bonds," Desert News, September 11, 2005: In this article our Portfolio Manager, Clark Stamper, correctly calls short term interest rates and the real estate top. Also, the Fund he is Portfolio Manager for is ranked as a "Top short-term municipal bond fund..." Read exactly what he said.
"Tobacco Bonds Could Become 'Gold Mine' in Wake of Refunding Rumors," THE BOND BUYER, July 20, 2005: In this article, our Portfolio Manager, Clark Stamper, discusses reasons for the recent out-performance of tax-free, municipal tobacco settlement bonds. In addition, he discusses the upside potential and downside protection of lower quality bonds in general and how the yield differential between lower quality bonds and higher quality bonds is fairly 'compressed.'
"Evergreen Manager sees "Cushion" Bond Bubble REUTERS, October 7, 2004: In this article, our Portfolio Manager, Clark Stamper, talks about the scarcity of values in the market and how those stretching for extra possible yield have created what he calls a "cushion bond bubble." The article also details the October 1, 2004 name change of the open-ended municipal bond fund that he has managed since June 1990.
"Evergreen Muni Manager Sees More Risk than Reward" REUTERS, December 16, 2003: Our Portfolio Manager, Clark Stamper, discusses the poor risk/reward ratios currently in the financial markets and how he is dealing with them. In particular, the article highlights Clark Stamper's previous success when managing the Evergreen High Income Municipal Bond Fund in 1994, the worst year for bonds in the 1990s.
"Our Favorite Short-Term Muni-Bond Funds" MORNINGSTAR, April 17, 2003: Morningstar's Scott Berry points out the stability of the Evergreen High Income Municipal Bond Fund, along with three other short-term municipal bond funds, and the protection they provide against rising interest rates.
"Stamper Capital's Stamper on California Tobacco Bonds, Trends" BLOOMBERG, January 15, 2003: In an interview format, our Portfolio Manager, Clark Stamper, discusses the attractiveness of investing in "Tobacco Bonds" - municipal bonds being issued by State governments to securitize the payments they are to receive from the Master Settlement Agreement with the tobacco manufacturers and marketers to reimburse the States for healthcare costs incurred in the past.
"Our Favorite Short-Term Muni-Bond Funds" MORNINGSTAR, December 15, 2002: Morningstar's Scott Berry touts the recent success of, not only the Short-Term Muni Category, but the Stamper Capital-managed Evergreen High Income Municipal Bond Fund, in particular, as well as four other top picks.
"Our Favorite Short-Term Muni-Bond Funds" MORNINGSTAR, November 19, 2002: Morningstar reviews the Stamper Capital managed Evergreen High Income Municipal Bond Fund as well as four other top pick short-term muni bond funds.
"Our Favorite Muni Short Funds" MORNINGSTAR, August 1, 2002: Once again Morningstar recommends the Evergreen High Income Municipal Bond Fund as one of the top five short-term municipal bond funds. This article also has a link to a short video clip where Morningstar Analyst, Eric Jacobson, reviews the top picks for the Muni-Short category.
"Off the Ladder"
BARRONS, April 8, 2002: This article
compares the strategies of laddering and active management strategies in the bond
markets. Portfolio Manager, Clark Stamper, discusses the advantages
active management provides to investors over ladder investing.
"Our Favorite Muni
Short Funds" MORNINGSTAR.COM, February
20, 2002: For the fourth consecutive time Morningstar selected the
Stamper Capital managed mutual fund as one of their "top-picks" for the Muni
Short Category.
"Taking the Measure of Muni Bonds" THESTREET.COM, January 9, 2002: As the past two years have shown, bonds are an essential part of any portfolio. While the S&P 500 has averaged 10.5% losses over the last two years, the Lehman Brothers Aggregate Bond index has gained an average of 11.4% over the same time period. The article features portfolio manager Clark Stamper and highlights the Stamper Capital managed municipal bond fund, which ranked #1 according to Lipper for the three-year period ending December 31, 2001.
"Clark Stamper on Fed Rate Cut" BLOOMBERG, November 6, 2001: Portfolio Manager, Clark Stamper, discusses the economy and the Fed's decision to cut bank lending rates. He also discusses opportunities in the municipal bond market.
"A Managed Alternative to Equities" ON WALL STREET, September 2001 issue: This article covers separately managed accounts (SMA), most specifically related to tax-free municipal bond accounts for high net worth individuals (HNW). Our Portfolio Manager, Clark Stamper, and others comment on the benefits of privately managed accounts in the municipal bond market.
"Our Favorite Muni Short Funds" MORNINGSTAR.COM, September 20, 2001: For the third year in a row, the Stamper Capital managed Evergreen High Income Municipal Bond Fund is a pick of its Morningstar category. The article discusses the role of short-term municipal bonds in a portfolio and the top performing municipal bond funds in this category according to Morningstar. This recognition testifies to SCI's remarkable portfolio management record.
"How Now, Dow Jones?" FINANCIAL PLANNING MAGAZINE, June 1, 2001: This article presents the views of a variety of different financial service professionals on the state of the market and what the future holds. In the article, Portfolio Manager, Clark Stamper, makes several comments on the differences between investing and speculating.
"Evergreen High Income Municipal Bond Fund Gets Cautious" MORNINGSTAR.COM, April 19, 2001: This article discusses fund manager, Clark Stamper's, recent shift in portfolio holdings in anticipation of the economy's future.
"Bond Fund Manager Finds Gold in PG&E" REUTERS, April 11, 2001: Manager Clark Stamper discusses opportunities he has taken advantage of in riskier bonds, specifically PG&E and USG for the Evergreen High Income Municipal Bond Fund, which he manages.
"Our Favorite Muni Short Funds" MORNINGSTAR.COM, February 1, 2001: Morningstar discusses their favorite short-term municipal bond funds and what distinguishes them from other short-term funds. In this review Morningstar highlights the Stamper Capital managed mutual fund, the Evergreen High Income Municipal Bond Fund, as "generating some of the best long-term returns in the muni-short group."
"US Municipals: Slide with Treasuries" BRIDGE, January 19, 2001: Clark Stamper talks with Rebecca Smith of BRIDGE about the possibility of a recession and indicators in the municipal market including: the steepening yield curve, long rates going up and short rates going down. The article also reviews how Mr. Stamper has positioned the Evergreen High Income Municipal Bond Fund for these changes.
"As Muni Demand Increases, Focus is on After-Tax Value" BRILL.COM, August 3, 2000: This article focuses on the current value of the municipal bond market. The article also discusses some strategies portfolio manager Clark Stamper uses in the Evergreen Tax-Free High Income Fund to take advantage of the "inefficiencies" in the municipal market.
"The Munificence of Bond Funds" WORLDLYINVESTOR.COM, July 31, 2000: This article discusses the importance of municipal bonds in the portfolio of a high income tax bracket individual. Clark Stamper discusses why the municipal market is particularly beneficial to individuals in the 20% tax bracket or higher and by using the municipal market they can significantly decrease a portion of the risk taken in their portfolio, while taking advantage of exceptional tax-free yields. The article also mentions the Evergreen Tax-Free High Income Fund, which Stamper manages, and characteristics that make the fund one of the top in its category.
"The Pick of the Muni-Short Category" MORNINGSTAR, December 29, 1999: In this article Morningstar examines several short-term municipal bond funds, one of the top on the list is the Davis Tax-Free High Income Fund (later renamed: The Evergreen High Income Municipal Bond Fund), managed by Clark Stamper since June 1990.
"Avoiding the Call Pitfall" MORNINGSTAR, November 15, 1999: This article gives an overview of callable bonds and recommends the Davis Tax-Free High Income Fund (later renamed: The Evergreen High Income Municipal Bond Fund), managed by Clark Stamper since June 1990, as one of the best sources to take advantage of callable bonds.
"Stocks, Treasuries - For Yield, Munis Beat Them All" THE BOND BUYER, May 26, 1999: In this article, portfolio manager, Clark Stamper explains why he thinks U.S. Treasury bonds are cheap to stocks and why munis are cheap to U.S. Treasury bonds and verifies that since that is true, muni's are exceptionally attractive to stocks. In fact, he points out that on a yield basis municipal bonds are the cheapest they have been relative to U.S. Treasury bonds since before the top of the bond market in early 1987 and the cheapest they have been relative to the stock market since the stock market peak in 1987. Clark Stamper emphasizes that, "While an investor is hanging out waiting for [market] relationships to normalize, if they are invested in municipal bonds, they are getting the highest relative yields while they wait."
"Finding Refuge At City Hall: Muni-Bond Funds" TICKER, March 1998: In this article, writer Harvey Shapiro points out why muni's are currently attractive compared to other bond investments. In the last half of the article he highlights five out of 180 tax-free load funds that he picked using Morningstar's Principia software. "We instructed the system to find funds that have produced above-average returns while recording relatively little volatility, as indicated by standard deviation."
"Manager's savvy helps bond fund combine good yields with low risk" SUN-SENTINEL, October 12, 1997: This article details how specialized bond funds can work as a much lower risk substitute for equity funds or as an excellent diversification vehicle.
"Stamper Takes Low-Risk Path To Returns" INVESTOR'S BUSINESS DAILY, May 28, 1997: "Why own stocks when you can get equity-sized yields at a fraction of the risk from specialized bond funds?" questions portfolio manager, B. Clark Stamper. The article points out that the Davis Tax-Free High Income fund has an SEC yield of 6.89% which translates to 11.48% on a pre-tax basis for investors in the 40% tax bracket. "And that taxable equivalent is a tad higher than the long-term total return of the broad stock market ...The average credit rating of the 280 security portfolio is rated A+ by the credit rating agencies." And the duration is only about four years. The article goes on to discuss the "tactics [Stamper uses] to reach for those yields while limiting downside risk." It points out that "in the first quarter, when 72% of the 525 municipal bond funds tracked by Morningstar had negative returns, Davis Tax-Free High Income returned 1.27%."
"Low-risk, high-yield muni fund" TAX ANGLES, March 1997: This article highlights the methods Clark Stamper used to achieve performance consisting of "almost imperceptible volatility and a rate of return that in 1996 put [it] ahead of all of those of its 508 peers."
"Bond funds that defy gravity" MEDICAL ECONOMICS, February 24, 1997: This article highlights seven bond funds out of 3,500 fixed-income funds that "made money during the first quarter of 1996, a period when most bond funds lost more than 1 percentage point." "To make sure the portfolio managers had survived the cut because of skill, not luck, ...[the author]... checked how the funds had done during three other periods when many bond funds lost money - the first and second quarters of 1994 and the fourth quarter of 1993."
"Channeling New Money to High-Yield Debt Kept Fund Aloft" THE BOND BUYER, January 30, 1997: This article highlights how "an emphasis on housing and industrial development bonds produced a strong performance... [and the]...fourth highest [performance] in Lipper's high-yield group." It details how Clark Stamper's knowledge of, and participation in, other investment categories such as taxable, mortgaged-backed bonds (GNMAs & FNMAs), and taxable corporate bonds is a benefit when investing in the municipal bond market.
"Portfolio Manager Profile - Manager Goes Far and Wide in Quest For Risk-Adjusted Returns" THE BOND BUYER, June 3, 1996: This article details how "Striving for the highest possible risk-adjusted performance takes B. Clark Stamper to corners of the municipal market that are rarely visited by other portfolio managers..." In the article, Clark explains how market inefficiencies create opportunities in the fixed-income markets.
"The Most Dangerous Four-Letter Word - Many bond investors still ignore r-i-s-k" BARRONS, December 4, 1995: This article details the risks that exist in the bond market, different ways to measure them, and different ways to measure superior risk-adjusted performance. In the last three paragraphs, the article points out that Clark Stamper has achieved the highest Sharpe Ratios "by ferreting out obscure securities that tend to be inefficiently priced and by spreading the risk among a larger than normal number of credits..."
"What Do Investors Need to Know About Risk?" THE BOND BUYER, July 12, 1995: This article discusses the Securities and Exchange Commission's plans to improve risk disclosure by mutual funds. In it, Clark Stamper points out "that most people just follow trends that they see in the media, like focusing on total return ... They don't realize that they're taking on a lot of risk."
"Stamper Stands Tall Amid Fallen Bond Funds" INVESTOR'S BUSINESS DAILY, January 25, 1995: This article points out that "Clark Stamper had the right game plan for racking up above-average fixed-income returns in 1994: defense." The article details strategies and implementation that resulted in top performance in the taxable and tax-free bond markets in 1994.
"Bond Manager Scores High With Four Funds," IDD INFORMATION SERVICES, January, 11, 1995. "For Clark Stamper it was a very good year. Each of the four bond funds he manages ... was right at the top of its category for 1994."
"High Yield Municipal Bond Fund Hold Up -- To Widespread Surprise," IDD INFORMATION SERVICES, November 22, 1994: This article points out how high yield municipal bond funds out performed high grade municipal bond funds in 1994 and why. The article covers a few different funds and their portfolio managers.
"Municipal Focus" BOND FUND REPORT, October 21, 1994: Article highlights methods used by Clark Stamper when managing "the number one performing municipal bond fund in 1994." 1994 was the worst bond market since 1927.
"Managing Munis from a Corporate Credit Perspective" THE BOND BUYER, September 21, 1994: In a question and answer format, Clark Stamper, explains "the advantages of managing both tax-exempt and taxable [bond portfolios]..." The article points out "that three of the funds that Stamper manages [are ranked] among the top 10 best performers in their categories"... in 1994, the worst bond market since 1927.
"Four Highs for Four-Fund Manager" IDD INFORMATION SERVICES, September 1, 1994: This article talks about the top performance of the four mutual funds Clark Stamper was managing: A municipal bond fund, a high-yield taxable bond fund, and two Treasury/mortgaged-backed bond funds.
"Venture Bond Funds Hold Up in The March Free Fall" MUTUAL FUND NEWS SERVICE, May 4, 1994. "Last year [1993], when interest rates went to their lowest level in decades, many money managers warned of the likelihood of a rebound. But few moved as consistently as Clark Stamper...."
"Tax-Free Bond Funds Up in Quarter" THE NEW YORK TIMES, July 6, 1991. "The best-performing municipal bond fund for the quarter was the Venture Muni Plus fund [now named Evergreen Strategic], a high yield fund." In the article, Portfolio Manager, Clark Stamper, explains why the Fund performed so well.