Walter Hoffman

Walter Hoffman has spent forty years analyzing bond markets, from his start at Moody's rating corporate credits through decades managing fixed income portfolios at PIMCO and running his own advisory. His experience spans multiple credit cycles, from the Volcker era's sky-high rates through the zero-bound environment following 2008 to today's volatile rate regime. Walter holds the CFA charter and brings credit analyst rigor to bond investing, examining balance sheets, cash flow coverage, and covenant protections with meticulous attention. He understands that bond investors get paid to worry—analyzing downside risk is more important than upside potential. Walter excels at credit analysis across sectors, evaluating whether spreads adequately compensate for default risk. He also navigates the municipal bond market's unique characteristics—tax considerations, revenue versus general obligation bonds, and state/local fiscal health. His expertise extends to duration management, yield curve positioning, and understanding how Fed policy transmits through bond markets. Walter was warning about duration risk when rates were pinned at zero, and his analysis of credit deterioration ahead of recessions has saved clients from defaults. Writing from Connecticut, he brings old-school credit discipline to modern fixed income investing.