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Author Archives: Rich Gluck
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
Posted in Uncategorized
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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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Another House, Are We Nuts?
We’re buying another house. We sold the last one in August 2017. Serendipitously, we sold before the new tax bill laid waste the deductions homeowners in high tax states held so dear. At first we thought: “We’re home free. Prices … Continue reading
Posted in Housing, Taxes
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Highway Robbery
Everything is always decided for reasons other than the real merits of the case. – John Maynard Keynes Recently, I had the pleasure of sitting through a day and a night in traffic court. Traffic court today seems to be … Continue reading
Posted in Governance, Municipal Finance, Municipalities
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