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Episode 34: Marilyn Cohen – Understanding the Bond Market

As an investor, you want to pay close attention to the Bond Market.  So I was able to spend time with Marilyn Cohen who manages Envision Capital Management a firm that oversees $400 million in both municipal and corporate bonds.

She has been in the bond market since 1979 and has seen a lot of interest rate cycles. Bonds are still a mystery to most people, while most understand stocks, very few understand bonds. She points out that the bond markets are bigger and more global than the equity markets.   In my opinion, the Bond Market allows one to see the future.   If one understands Bonds, they Understand Money, if they Understand Money, they understand Taxes.  This is the basis of Financial Literacy and why I spend time on this in the Financial Freedom Formula course.


States and counties issue municipal bonds which are how they fund schools and roads. Bondholders are the investors, but taxpayers are ultimately on the hook for what actions government takes.   Marilyn also shared the situation of the State of California.  Since I am a resident of the State, I really wanted to get Marilyn’s take on the pending insolvency situation.  Ironically, earlier this week, I attended The American Bankruptcy Institute’s conference here in Los Angeles.  Below is an excerpt from the meeting.  You can see the full agenda via this link.

I was one of a handful of people in attendance, curious to know how the bankruptcy of the State would impact my life.  As expected, other than the bankruptcy attorneys, there were only a handful of others in attendance.  Fortunately, A2A is an Edutainment company and can cover newsworthy stories and share them with you since you have elected to be apart of this community of Accredited Investors.

Needless to say, if you live in the State of California or any of the other High Income Tax States, higher taxes and reduced services are inevitable.    Want to know the future, then just see Puerto Rico, which was dire before the hurricane.  Which is why I suggest that you protect yourself with the tools I use and others which you can learn inside the masterclass.

was one of a handful of people in attendance, curious to know how the bankruptcy of the State would impact my life.  As expected, other than the bankruptcy attorneys, there were only a handful of others in attendance.  Fortunately, A2A is an Edutainment company and can cover newsworthy stories and share them with you since you have elected to be apart of this community of Accredited Investors.

Needless to say, if you live in the State of California or any of the other High Income Tax States, higher taxes and reduced services are inevitable.    Want to know the future, then just see Puerto Rico, which was dire before the hurricane.  Which is why I suggest that you protect yourself with the tools I use and others which you can learn inside the masterclass.

Talking Points From This Week’s Episode
• Marilyn explains how bonds works and their risks.
• Bond insurers are no longer insuring many bonds.
• Puerto Rico and other states are close to default.
• Duration considerations are essential when dealing with bond risks.

About Our Guest
Marilyn Cohen is one of the country’s top bond managers. She began her 34-year financial career as a securities analyst at William O’Neil & Co. She moved into bond brokerage at Cantor Fitzgerald, Inc. then founded Envision Capital Management 18 years ago. As Envision’s CEO, Marilyn, and her company specialize in managing bond portfolios for individuals.

During this same 18 years, Marilyn has written the bond column appearing in Forbes magazine and has written three books about investing in bonds.

Marilyn is a popular guest on CNBC, Fox Business News, PBS and each of the major broadcast networks. Her comments–stated in plain English–guide individuals through the inner workings of the bond market.

Marilyn and her husband, Chris Malburg, raise service dogs for the disabled.

You can contact Marilyn via her email at [email protected]

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