From Lake Tahoe, Zephyr’s Adjusted Risk Podcast welcomes Eric Kazatsky, Client Portfolio Manager at MacKay Municipal Managers, an $85–$86B specialist in tax-exempt and taxable municipal strategies across ETFs, mutual funds, interval funds, and limited partnerships. The conversation covers today’s macro uncertainty—sticky inflation, rate direction, yield-curve shape, geopolitics—and why munis can help portfolios through low correlation, diversification, and tax-equivalent income potential. Kazatsky discusses a defensive posture using higher coupons, where MacKay sees relative value on the muni curve (about 17–22 years), how munis follow Treasuries directionally while facing distinct domestic fundamentals, and why taxable munis exist and can offer attractive spread and institutional-grade issuers. He also explains active vs. passive considerations in a market with many issuers and index gaps, and shares where to find MacKay’s research and updates online.

Learn how Zephyr can help you show the impact Municipal Bonds have on investment portfolios. Learn more about Zephyr here.

Learn more about MacKay Municipal Managers here.

00:00 Welcome to the Podcast

01:19 Meet Eric and MacKay

02:48 Munis in Real Life

03:30 Interval Funds Explained

04:32 Macro Backdrop and Rates

07:05 Best Spots on the Curve

08:15 Geopolitics and Muni Resilience

11:40 Taxable vs Tax Free Munis

13:45 Why Munis Get Overlooked

16:40 Interest Rate Volatility and Liquidity

18:25 Active vs Passive in Munis

21:36 How Advisors Should Use Munis

22:57 Where to Learn More

23:49 Final Thanks and Sign Off

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