More in Fixed Income

  • Jan 10, 2013
    blog

    Morningstar: Be Prepared to Lose a Lot in Bonds

    Stocks and bonds had a pretty good 2012, but expected bond returns are negative, according to Morningstar....More
  • Dec 12, 2012
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    Is It Time to Get Back Into Treasuries?

    Over the last year, many have questioned whether we could be headed for a Treasury bubble, and since then, flows to Treasuries have tapered off. But could now be the time to get back in?...More
  • Dec 5, 2012
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    The Real Causes of the Financial Crisis 5

    What many fail to see—particularly Democrats who want to demonize Wall Street and bankers—is the government’s role in this financial debacle of 2008 and 2009....More
  • Nov 8, 2012
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    On the Fiscal Cliff, Yawn.

      This morning, alas only briefly, I attended Bloomberg's Portfolio Manager Mash Up held in a converted garage on West 34th Street, a part of Manhattan that is strangely still un-gentrified....More
  • Oct 16, 2012
    blog

    Equity Mutual Fund Out Flows Not Quite as Dire as They Appear

    I have been writing for months about how retail investors have been pulling cash out of domestic equity funds in favor of bond funds. That is true, according to the Investment Company Institute’s figures of cash flows. But there is just one thing. The ICI estimates that total net assets within the U.S. investment industry reached “a massive” $13.76 trillion. (The Leuthold Group describes that sum as “massive.”)...More
  • Sep 17, 2012
    blog

    Buy High, Sell Low: Retail Investors Get It Wrong Again

    Below is an email I received from Morningstar. So, let's see. The stock market has climbed back to its 2007 highs last week and yet investors, retail investors, continue to yank money out of stock funds. Amazing. "Morningstar today reported estimated U.S. mutual fund asset flows through August 2012. Long-term mutual fund inflows were just $20.7 billion in August, as open-end U.S.-stock funds tallied yet another month of outflows, losing $14.3 billion.  ...More
  • Aug 8, 2012
    blog

    Junk Bond Yields Plummet; Buy Bank Stocks?

    Dick Bove, of Rochdale Securities,  puts out interesting research, and he is outspoken and often contrarian....More
  • Aug 6, 2012
    blog

    The Trend Is Your Friend: Grantham Says Stay with Investment Consensus

    I love to read GMO's quarterly reports. GMO is a famous money manager founded by Jeremy Grantham. He has become famous by making contrarian moves, such as avoiding technology stocks in the 1990s and bank stocks before the financial crisis. But, according to our mutual fund contributing editor Stan Luxenberg, in a startling speech at the Morningstar conference in June, he warned advisors to beware of straying outside the market consensus....More
  • Jun 29, 2012
    blog

    Closing the Barn Door Too Late? Banks Are Healthier Now than in 2007. Yet Moody's Recently Downgraded 17 Banks. Why?

    Banks have more capital than in 2007 and are in general healthier. Yet, like closing the barn door after the mustang has wandered off, Moody downgraded 17 banks. Moody's recent downgrade explained....More
  • Jun 26, 2012
    blog

    The Next Bubble to Burst: Student Loans 1

    "FEDERAL STUDENT financial assistance programs are costly, inefficient, byzantine, and fail to serve their desired objectives. In a word, they are dysfunctional, among the worst of many bad federal programs."...More
  • Jun 25, 2012
    blog

    Note to Self: Money Market Funds Are Mutual Funds

    The Wall Street Journal reports today that Moody's Investors Service downgraded debt securities issued by "38 closed-end mutual funds last week could ripple across financial markets, affecting a broad swath of municipal-bond and money-market-mutual-fund managers, analysts said." Guess who often buys variable-rate demand preferred shares? Yup, money market funds....More
  • Jun 20, 2012
    blog

    Editor's Letter: 1982 All Over Again for Equities? Veteran Fund Managers Think So. In a Good Way

    "Be fearful when others are greedy; be greedy when others are fearful." Words to ponder. Especially when those thoughts are coming out of the mouth of Will Danoff, the legendary, veteran manager of the Fidelity Contrafund (Ticker: FCNTX). He uttered his insight at the annual Morningstar Investment Conference during the "Quarter Century Club," a panel hosted by Morningstar Fund Research President Don Phillips....More
  • Jun 13, 2012
    blog

    A Bubble in U.S. Treasury Securities? Yes, and It's in "Extra Innings"

    Care to lend Uncle Sam your money for 10 years at 1.66% interest? Well, inflation doesn't appear to be rearing its ugly head....More
  • May 3, 2012
    blog

    ICI Mutual Fund Flow Data Show Investors Selling at Wrong Time

    Below is the mutual fund asset flows dating back to 2007 as complied by the Investment Company Institute. Basically, retail investors have been selling equity funds since then. It would be interesting to superimpose the S&P 500’s returns over this period. But how to get nervous clients back into equities? How do you talk them back in the market after this latest crisis? Do you jump in and out of the market?...More
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