Most fixed income does its job quietly. It dampens volatility. It provides liquidity. It helps portfolios stay balanced when markets feel uncertain. But it often comes with a tradeoff that matters more than most investors realize.

Traditional fixed income forces taxable income along the way, even when you would prefer control over when taxes show up, and what type of taxes they are. That loss of control can limit planning flexibility and reduce after-tax compounding over time.

Hill Investment Group and Longview Research Partners have been studying this problem with a simple question in mind.

The answer is a resounding “Yes!” In March, we will launch LVIG, a new fixed income ETF addressing that exact question. LVIG is designed to improve after-tax outcomes by managing not just what investors own, but how returns are delivered. The goal is not to change the role fixed income plays in a portfolio. The goal is to make fixed income work more effectively after taxes by giving advisors and clients more control over the timing and character of returns.

If you were part of last year’s 351 exchange launch of the Longview Advantage Fund (EBI), the philosophy will feel familiar. That effort helped solve a common issue in portfolios, how to diversify concentrated positions without triggering a large tax bill. 

LVIG applies the same mindset to a different part of the portfolio, fixed income implementation.

We are hosting a live webinar ahead of LVIG’s launch to explain what’s changing, why we believe it’s an improvement, and how it may fit into client portfolios.

If you’re a Hill Investment Group client or individual interested in taking your fixed income to another level, register here.

If you’re an advisor, please register for one of two upcoming webinars on February 12th (register here) and February 19th (register here) that will dig into how you can deliver a more effective fixed income solution for your clients. 

We hope you can join us.

My 18-month-old son’s favorite song right now has a catchy chorus that goes, “Bubble, bubble, bubble… POP!” and as with any toddler favorite, we sing it constantly, so it’s always stuck in my head. Lately, every time I open my WSJ app and see the word “bubble” splashed across a headline, the soundtrack kicks in automatically.

In the song, the bubbles always pop. So, should we be preparing for a big pop in markets, as the headlines suggest? Part of taking the long view is refusing to react to headlines. Our philosophy centers on tuning out the noise and anchoring decisions in evidence. But with all the AI “bubble” chatter, it’s worth taking a moment to examine this idea from a research-backed point of view, one that might surprise you, but ultimately help you rise above the noise.

What If Bubbles Don’t Exist?

Eugene Fama, Nobel laureate and architect of the Efficient Market Hypothesis (and a major influence on Hill’s investment philosophy), has a view that stops people in their tracks: He doesn’t believe in bubbles.

Not because he thinks markets are perfect…they aren’t. And not because prices never fall…we know that they do. He challenges the idea of bubbles because, as he puts it, you can’t scientifically prove that a price was ‘wrong’ in the moment.

Here’s what this means:

1. We only call something a bubble in hindsight.

When prices rise sharply, no one knows if it’s irrational because future growth could justify it. We only label it a “bubble” after a drop, which means we’re using new information to judge old prices.

2. A crash isn’t evidence of a bubble.

A sharp decline doesn’t mean earlier prices were foolish. It may simply reflect changing expectations, new information, or shifting economic conditions.

3. If something looks obviously overpriced, markets should correct it.

Nobel Prize winner, University of Chicago Professor, and Dimensional Director Eugene Fama argues that calling something a bubble implies that most investors were collectively irrational, something he’s deeply skeptical of.

Whether or not you fully agree with him, his perspective matters because it reminds us of something essential: the story of markets is driven more by narrative and emotion than data.

How this Connects to Your Plan

At Hill, we don’t spend time predicting bubbles. We don’t try to guess where the top is. We don’t build your plan around today’s headlines. Instead, we build portfolios (and relationships) around a different set of ideas:

• Evidence beats emotion.
• Your financial life shouldn’t be swayed by headlines.
• And you don’t need to predict what comes next.

So, Are We in a Bubble? The honest, evidence-based, answer is that no one knows. And we don’t need to. The goal isn’t to call the top. It’s to stay invested, stay disciplined, and stay focused on your long-term vision, the one we’re building together.

If you’d like to talk more about this, call us or email at askanadvisor@hillinvestmentgroup.com to set up a time. 

After I earned my Certified Financial Planning (CFP(R)) designation, my grandparents were both proud and curious. They asked me to take a look at their finances and see if there was anything they should be doing differently. My grandpa had always managed things on his own and had done well, but one glaring gap stood out: they hadn’t done any estate planning.

They didn’t know what a trust was or where to start. But they did know what mattered most: how they wanted their assets to pass, which of their children they trusted to handle things, and that they wanted to make the process as easy and stress-free as possible for their family one day.

For someone used to doing everything himself, my grandpa recognized that this was one aspect of his life that he needed to delegate. He also saw the value in doing some work now to make life easier for his kids later, a small act of love that will one day make a big difference.

That mindset captures how we typically approach estate planning with our clients at Hill. It can feel complicated and overwhelming, but when you focus on the big picture and surround yourself with the right team, it becomes a powerful way to protect your family and preserve your legacy.

No two estate plans look the same. Some are wonderfully simple, others more complex. There’s no “right” way to do it—only what’s right for you. That’s why we take time to understand each client’s values, family dynamics, and long-term vision before collaborating with their attorneys and CPAs to design a plan that fits.

Here are a few guiding questions we use when helping clients update or establish their plan:

• Is it easy to understand? You should be able to explain the big picture in plain English.
• Does your team collaborate on your behalf? Your attorney, CPA, and Hill advisor should be aligned so your investments, taxes, and estate all work together.
• Are you avoiding probate? The right structure may help your family avoid a lengthy and expensive court process.
• Are your heirs protected? Your plan should clearly state how and by whom assets will be managed.
• Is everything included? It’s easy for accounts or property to be left out due to incorrect titling.
• Who will carry out your plan? Executors, trustees, powers of attorney, and guardians can all play important roles. It’s important to make sure they understand and accept them.

When my grandparents’ plan was complete, my mom (named as executor) told me multiple times how relieved she felt knowing everything was organized and clear. That sense of clarity is exactly what we hope to provide for every Hill family.

Estate planning isn’t one-and-done; it’s an ongoing act of care, and it’s part of Taking the Long View®. We generally recommend our clients to review their plan every five years, or sooner if life or laws change. Families grow, goals evolve, and your plan should, too.

If you’re wondering whether your plan still fits, or if you’ve been meaning to get started, we’d love to help you or a loved one take that next step.

Email us at askanadvisor@hillinvestmentgroup.com to connect with your Hill advisor and start the conversation.