Alternative Strategy Advisers LLC ("ASA") is a boutique fixed income money manager focusing on niche sectors of the Municipal Bond and Private/Whole Loan markets. Our clients include institutions (Insurance Companies, Family Offices, and Funds) as well as high net worth individuals. In the municipal market, we offer our clients customized portfolios which we manage in either a managed account structure or in the form of an ASA Fund. Excess returns are generated using I) active trading strategies to profit from structural illiquidity and inefficiency, II) credit and structure selection, III) hedging and derivative strategies. Our whole loan fund focuses on originating or purchasing private loans secured by solid collateral but which traditional sources will not fund. The principals of ASA have over 80 years of experience in the financial markets. We have a proven track record of implementing trading strategies, systems and infrastructure successfully. ASA is committed to delivering not only superior risk-adjusted returns to its investors, but also the highest level of client service, transparency, and timely delivery of information.
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      Private Lending
      21 Jul
      The old adage, "Don't fight the Fed,"  is perhaps even more poignant today than in decades past in the sense that the QE machine, currency creation, debt cancellation, etc. is not confined to the Fed but is a global phenomenon.  We have wondered here for 3 years or more how the continued expansion of global debt could ultimately...
      20 Jan
      As we sit and watch the Dow finish down 250 points, after being down as much as 550 intra-day, we have been engaged around the desk in a lively game of 'How low can you go?' While only time will tell definitively, it certainly appears markets have been forming the most obvious top for risk assets in recent memory over the past 9 months. ...
      06 Oct
      PDI Forum highlights the nuances of a growing asset class LPs and GPs at the second annual Private Debt Investor Forum in New York agreed that private debt is increasingly becoming a permanent part of institutional portfolios. Now it’s time to get to work on the details of how it works and where the risks lie. By: Anastasia Donde...
      Municipal Markets
      13 Jul
      On June 30, President Obama signed the PROMESA bill, a bill designed to help Puerto Rico sort out its budget, debt, and economic issues. Democrats carried the bill in both chambers, apparently voting along the lines of 'aiding' Puerto Rico residents. Most Republicans voted against the bill because they did not want to be associated...
      08 Mar
      The Puerto Rico Aqueduct and Sewer Authority (PRASA) owes 140 million to contractors for completed capital projects; 140 million they do not have. Instead of defaulting on their public bonds which have gross revenue pledges they will likely on their private loans made by other Puerto Rican Agencies like PRIFA and the GDB (which are...
      03 Mar
      In 2011, NJ Governor Christie championed new Pension Reform designed to fix the State's massively underfunded Pension system. Fast forward to 2015 and Governor Christie vetoed the 1.57 billion pension contribution required under his 2011 reform. Apparently tax collections fell short of projections and he needed the money to plug the budget...
      Investment Insights
      This is a picture of QE and the asset inflation it creates:Microsoft CorpEPS down by 1/3 since QE started at the end of 2012 and the stock has almost doubled.  QE is really the only explanation with...
      We have commented on both of these before, but it is worth  checking in again on the velocity of money (M2), as reported by the St Louis Fed, and Bloomberg's Financial Conditions Index (FCON) after...
      While the answer to this question is truly impossible to answer if you are looking beyond the individual loan level, we can make a few observations that may offer some insight into where opportunities...
      What's New At ASA?
      20 Jul
      Transitional Funding Partners LP (TFP), our private lending fund, is currently pursuing commitments from investors for up to $10MM of committed capital to be drawn and deployed in the last quarter of 2016.  We will remain disciplined as we take the slow and steady approach to managing the Fund and its capital raises. Specifically, our objective is to get all existing funds...