Omens and Opportunities

Posted on Friday, August 23rd, 2013

It’s all about bond yields. Bonds have approached the 2.9% level on the US Treasury 10 year and that continues to take the wind out of the sails of the real estate and stock markets. New home sales were reported this morning to be down over 13% year over year. Will this lead to a… read more.

Stand Your Ground?

Posted on Wednesday, August 7th, 2013

Howard Marks from Oaktree is out with another investor letter and as you know we read anything that comes across our desk from Howard Marks. Here is the money quote from his letter. Middle Ground. If the economy continues to recover and the Fed’s bond buying eases off, interest rates are likely to go further… read more.

Slip Into Something More Comfortable?

Posted on Wednesday, July 24th, 2013

Has Bernanke’s jawboning of the market recreated the bubbly asset prices that FOMC members were afraid of? Bernanke had managed to talk down asset prices with his taper talk but asset prices and bond yields moved too far and too fast for his liking. His latest testimony may have just pumped the bubble back up… read more.