For John Donaldson, director of fixed income at Haverford Trust, it's all about analyzing risk and reward — be it on the golf course, in the garden, or in the municipal bond market.

Donaldson, who's watched the muni industry pass through crises dating back to New York City's near bankruptcy in the mid-1970s, said he's helping clients find value during the current tough times by employing the same disciplines and strategies he uses to stay on par on the golf course or cultivate a prize-worthy garden as a member of the Mens Garden Club of Philadelphia.

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