Source: Bloomberg (AAA Muni/Treasury ratios, 2017 YTD) In mid-November, federal tax reform efforts threatened to curtail certain types of municipal bonds, which has incentivized affected issuers to rush to market with new bonds before year-end. This unexpected surge in supply initially led to an across-the-curve muni selloff as muni/Treasury ratios sharply rose (increasing ratios indicate […]
“The debate over who in the financial services industry should be required to act as a fiduciary has been getting more intense…” Stuart Riemer “7 Best Practices For Wealth-Managing Fiduciaries…” written by our colleague, Stuart Riemer, appeared recently in Law360. Law360 is an online forum dedicated to providing a platform for news as well as analytical […]
(Source: Bloomberg) Mr Consumer – High Confidence The Conference Board’s Consumer Confidence Index again surprised to the upside, hitting a 17 year high. Consumer Confidence has peaked on average a full year before the start of the past three economic recessions.
As active portfolio managers, we’re constantly monitoring the latest economic trends and how they affect our investment outlook. Changes in the trajectories of inflation, consumer confidence, employment, and other factors often impact entire sectors and asset classes. Today, the public has access to more detailed and frequent economic data than ever before. However, while often […]
Source: Bloomberg Stocks for the Long Term The total return of the S&P 500 since the end of 1980 is +4,733%, or +11% per year on average. While hindsight is 20/20, remember that there was no shortage of negative sentiment in the past. These impressive gains are in spite of 1987’s Black Monday crash, the […]
How Low Can It Go? The unemployment rate has been below the current 4.1% only 11 total months since 1970 or only 2% of the time. It is becoming increasingly difficult to argue that the economy is not at or close to full employment. Wage inflation monitoring is becoming increasingly important. Source: Bloomberg
“The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of a doubt, what is laid before him.” […]
Inflation vs. Deflation The hypothetical costs of an iPhone in 1991 would have been an astonishing $12.6 million (based on the costs of the underlying components in 1991). This highlights how dramatically the costs of certain technologies have declined and the massive progress we have made with computing power. Granted this is an extreme example; […]
Readers of our white papers will be familiar with our long-running thesis that years of ultra-low interest rates have distorted fixed income markets and forced investors to underprice the true cost of risk. This “Hunt for Yield” has manifested in different forms, one of which we highlight in today’s post. If one looked only at […]
Financial Times Recognizes Steve Bogner We are pleased to announce that our colleague, Steve Bogner, has been named to the Financial Times 2017 listing of the country’s “401 Top Retirement Plan Advisers.” This is the second consecutive year he has been so honored. This independent survey recognizes financial professionals who specialize in advising on defined […]
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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.