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Category Archives: Equities
Laughing So Hard It Hertz
Hertz, the Superstar in Rent-a-Car, filed for bankruptcy on May 22nd. That’s when the fun began. Hertz stock, henceforth to be known as HTZ, fell to 56 cents on May 26th, the business day after its Chapter 11 filing. Then, HTZ ascended like Icarus. It hit a high of 6.25 and closed at 5.53 on June 8th. I wrote about it in The Spin, my newsletter. I talked about HTZ bond prices, the bonds’ senior claim to the equity in bankruptcy and the likelihood that HTZ stock was worthless. I thought I was done, but no. It got better. Continue reading
Puzzling Over Equity
The stock market is a continually changing puzzle. Momentum and quality have ruled the last several years. Whither value? Emerging markets? Small caps? Continue reading
Posted in Emerging Markets, Equities, Investing
Tagged Emerging Markets, Equities, Investing
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We Need to Talk About the Yield Curve
What is the yield curve and why should I care? The yield curve is a graph of the yields that government bonds are paying, arranged in order of time to maturity. You should care because the cost of mortgages, bank … Continue reading
Posted in Asset Allocation, Bonds, Equities, Investing
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It’s Time For Predictions; I Don’t Play That
Here we are at the start of a new year and a new decade. Is it really a new decade? Personally, I’m the sort who starts counting at one, not zero, but I’ll go along and say it is a … Continue reading
Posted in Asset Allocation, Equities, Investing
Tagged Asset Allocation, Equities, Forecasts, Investing
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Diversification’s Gold Standard
I am an advisor with a past, a past managing global bond funds. For over twenty years, I invested in a vast array of markets and bond sectors around the globe. These included sectors like high yield and emerging markets … Continue reading
Posted in Asset Allocation, Equities, Investing, Market Cycles, Rates, Volatility
Tagged Asset Allocation, Economics, Equities, Investing, Rates
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Does/Should the Fed Care About the Stock Market?
Once upon a time, in another millennium, I worked at the Federal Reserve Bank of New York. It was during the reign of Chairman Volcker, first of his name. One thing I did was prepare statistical packages for the officers … Continue reading
Hitting ‘Em Where They Ain’t
“Keep your eye on the ball and hit ‘em where they ain’t” … Continue reading
Posted in Asset Allocation, Bonds, Currency, Equities, Investing
Tagged Asset Allocation, Bonds, Equities, FX, Investing
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Portfolio Management: Cooking With Hamburger Helper
Betty Crocker introduced Hamburger Helper in 1971. You took chopped meat and mixed it with what, in essence, was filler to complete the meal. Much of active management works the same way.
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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
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
The Market Cyclist 