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Author Archives: Rich Gluck
Missing the Forest for the Trees
There is a tendency among market commentators to seize upon a data point and declare that hellfire and brimstone are about to come raining down. They blow things out of proportion. They see fire when they should be on the … Continue reading
Heads Up, I’m Now “The Market Cyclist”
I am now The Market Cyclist. This blog will continue to feature posts on markets and investing. Afterall, Market is in the title (and markets do have cycles). I anticipate adding personal finance related content and other, non-finance related, content. … Continue reading
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Diversify When the Upside Is Limited
While having lunch with a client recently, I asked about his attitude towards risk. His half-joking response was that he would like high returns with no risk. I’ve heard similar sentiments echoed many times down the years. We all want … Continue reading
Posted in Credit, High Yield, Investing
Tagged Credit, Equities, Investing, Volatility
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Baseball and Stocks: Games of Failure
Remember that the best hitter in baseball this year will fail 65 percent of the time. — George Will Mookie Betts hit .346 in 2018, failing 65.4% of the time. Mr. Betts reached base more often than his batting average … Continue reading
Fear Itself?
As 2018 fades to black, we find ourselves in more volatile markets than we have seen in a while. Multiple large daily drops, at times followed by enormous upswings like the 5% surge on December 26th, are par for the … Continue reading
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Floating Interest, Not What You Think
A theme of the past several years has been the need to protect yourself from the bond market selloff, a selloff that seems to have arrived. The idea that you should protect against this has led to the suggestion that … Continue reading
Markets Fluctuate
“Markets fluctuate.” That was the entire comment by Ace Greenberg, the CEO of Bear Stearns, in a special issue of Institutional Investor magazine dedicated to opinions from the great and the good regarding the causes and consequences of October 1987’s … Continue reading
Incentives Matter
We’ve had a Toyota RAV4 for over eight years now. It’s been great because it’s reliable and can hold a ton of stuff with the seats down. However, every once in a while we receive a recall notice from Toyota, … Continue reading
Home Is For Your Heart, Not Your Portfolio
A number of years ago I took over a portfolio that held corporate bonds from both developed and emerging markets. As I looked through the holdings a name popped out at me, Ipiranga. I turned to my credit analyst and … Continue reading
Posted in Credit, Emerging Markets, Equities, Investing, Market Cycles
Tagged Credit, Equities, Investing, Market Cycles
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Mind the Curve
There is concern about the US treasury yield curve. It has flattened, meaning the difference between long term rates and short term rates has narrowed. Yields on the two maturities are a mere 35 hundredths of a point apart. Some … Continue reading
Posted in Central banks, Credit, Rates
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