Crippling debt is not a problem for companies, governments, municipalities or even individuals until the day it is a problem. The power of greater leverage can be downright amazing and spectacular. But when it comes to your money I no longer believe the risks associated with leveraged issuers are worth the reward. (more…)
Posts Tagged ‘bonds’
No, It Won’t Be Like This Forever
Sure short-term interest rates are near zero; nothing new here. But the good news, albeit great news, is we continue to find worthwhile, short-term municipal bonds. In a world of generic, too-big-to-fail, debt by the billions, you can thank a very diverse, too-many-issuers-to-count municipal bond market for these opportunities.
The Madness of Crowds
With the countdown clock to the Fiscal Cliff now inside thirty days one does not need my monthly missive to stir fear, panic and depression. Washington has you covered this month. Therefore, I will take a more optimistic stance: I believe your Cash and Bonds are well positioned for the current and future environment. (more…)
QE3, Municipals and You
Federal Reserve Chairman Ben Bernanke kicked off Year Six of the Financial Crisis by announcing a mortgage bond buyback scheme dubbed historic as the Fed is now focused on the employment woes of the nation. Will it work? One only need look as far as a Federal Reserve Bank president, Charles Plosser, to find a cogent critic. Thank goodness this is America and one can voice dissent. (more…)
Another Milestone Crossed
Summer is in full swing and things are heating up. Oil prices, any way you measure them, are down thirty percent from their highs in March. The last time oil fell thirty percent, the S&P promptly lost fifty percent of its market value in less than eight months. The narrative is not important. Keeping your assets safe and intact amidst the growing storm is our goal. (more…)
Tell Me You Are Not Surprised
Behold, Helicopter Ben Bernanke’s best laid plans are coming up short. Asset prices are no longer rising, nor are they holding. Asset prices are falling and the US Dollar is rising. Think this is just temporary? Asset prices peaked a year ago and once again they are moving in the direction of the long-term trend: down. The sound you now hear from the Federal Reserve is uh oh; the next sound we may hear is oh… (more…)
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