Italy’s Awful Week = A Lesson for Investors Market headlines last week were dominated by foreign affairs, as fresh political turmoil in Europe prompted large yield shifts in several major sovereign bond markets. These developments also serve as a fresh cautionary tale – with an Italian flair – for how suddenly a badly-mispriced security […]
“When properly constructed, the investment policy statement can protect both the client and the adviser, and goes a long way toward fostering a relationship built on mutual trust and respect.” Stuart Riemer – Fostering Trust Between Client and Fiduciary, my latest article featured in Law360, explains why developing a detailed investment policy statement at the outset […]
Short term rates have continued to move higher which has created two opportunities for corporate cash investors. Click here to read our thoughts on what’s behind these moves and how we’re positioning portfolios.
“The markets are making a big deal over tariffs but in order of magnitude, everyone’s missing the boat. Tax reform is way more powerful than tariffs. That’s what we should be focusing on.” Richard Saperstein, Chief Investment Officer During his most recent appearance on CNBC’s Half Time Report, Richard Saperstein cited why investors should focus on […]
In a recent Chart of the Week we pointed out that the 2 Year Treasury yield recently exceeded the S&P 500’s dividend yield for the first time since the financial crisis. Although a 2 Year Treasury yield in the 2.40% range certainly isn’t high by pre-crisis standards, it’s still a good reminder of just how much […]
President Trump signed the tax reform bill on December 21, 2017. The reform bill lowers the corporate tax rate, allows 100% capex expensing and encourages repatriation of overseas cash, significantly improving the international competitiveness of the U.S. The benefits of tax reform significantly outweigh announced tariffs. However, the S&P 500 is now trading at levels […]
The average interest rate on U.S. Checking Accounts has been flat since December 2015, according to Bankrate.com, despite a 1.5% increase in the Fed Funds Rate. According to the Federal Reserve (fred.stlouisfed.org/series/WSAVNS) there were over $9 Trillion held in savings and deposits in the U.S. An increase in interest paid on the Fed Funds rate […]
The 2 year Treasury yield has moved above the dividend yield on the S&P 500 for the first time since the 2008 financial crisis. During the decades prior to 2008, the 2 year Treasury yield had been well above the dividend yield. As this relationship normalizes, investor’s options grow. (Source: Bloomberg)
The University of Michigan’s Current Economic Conditions Index improved further this month, and is now the highest level in over two decades. With approximately 70% of the US economy Consumer Spending, GDP should remain firm. Source: Bloomberg
Following up on our January 11th chart of the week, we highlighted “The 10 year treasury yield is at the high end of a downward sloping channel dating back to 1987.” This week’s charts highlights the 10 year treasury yield has now decisively broken out of the multi decade downward trend. Additionally, the 30 year […]
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This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
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about the authors
began his career in the financial services industry in 1997 with AIG International. He has been associated with David D’Amico and Steven Feit since 1998, and joined Richard Saperstein at CIBC Oppenheimer in 2002.
Mr. Jones is Treasury Partners’ Senior Portfolio Manager and a member of the Portfolio Management Group. He implements and maintains our fixed income investment portfolios, and invests considerable time communicating with “the Street” and assessing developments within both the bond market and broader financial markets.
began his career in the financial services industry in 2002 with General Electric Asset Management, and was a fixed income corporate research analyst prior to joining Treasury Partners in 2009.
He is a member of our Portfolio Management Group. His responsibilities include performing top-down, macro due diligence and developing investment strategies across fixed income, equity, and ETF markets.
joined Treasury Partners in May 2015 as a municipal analyst with our Portfolio Management Group. He previously was a senior analyst with Public Financial Management, a financial advisor to state and local governments and other public sector institutions.
He analyzes municipal issuers' outstanding debt, and performs related quantitative analytics with the objective of identifying high quality credits with competitive pricing and yields.
began his career in 2008 with J.P. Morgan and joined Treasury Partners in 2009. He is a member of our Portfolio Management Group with primary responsibilities in the areas of portfolio analytics, research and reporting, investment due diligence, and third party manager analysis.
Mr. Saad conducts ongoing evaluations of the equity and fixed income portfolios strategies we manage internally, and monitors the investment managers we engage to run selected equity, fixed income, and alternative strategies.