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Category Archives: Equities
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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Chinese Debt for Equity Swaps, 3 Card Monte By Another Name?
The Chinese government is bandying about debt for equity swaps as a potential cure for the overhang of corporate debt in the middle kingdom. Much, if not most, of the bank loans in China have been made by government owned banks to … Continue reading
Posted in China, Credit, Emerging Markets, Equities
Tagged China, Credit, Emerging Markets, Equities
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Banking the Fire
The narrative of the current market downturn, bear market, correction or whatever you prefer to call it had been about oil, China and the emerging markets. Now the banks have been put into play. Year to date their decline has outstripped … Continue reading
Posted in Banks, China, Credit, Equities, Uncategorized
Tagged Banks, China, Credit, Equities
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Junk Bonds or Equities With Coupons?
“Equities with Coupons” is a cynical description of high yield bonds. The expression, like many of its kind, contains more than an element of truth. Usually it’s invoked when trying to illustrate the risk of owning bonds priced near par. You may collect … Continue reading
Can Bonds Tell Us Something About the Stock Market?
I was visiting with the head of fixed income at a large asset manager when I mentioned the subject of my last post, the deterioration of corporate credit in some sectors. He noted that Baa bond spreads had been rising for … Continue reading
Apres China Le Deluge?
China’s stock market has been in the news due to its recent plunge. The plunge follows a strong run up over the last year. Whatever the reason for the spike up and the subsequent dive, this is a Chinese problem whose … Continue reading
Posted in Emerging Markets, Equities
Tagged China, Commodity prices, Emerging Markets
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Should You Fade the Plunge?
Many market cycles are marked by disproportionate investment in one sector. That sector, post financial crisis, was energy, particularly oil. The oil price fell with the crisis, bottomed at the end of 2008 and rallied to post crisis highs in April 2011 … Continue reading