Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Elizabeth Warren's NYT oped is a reminder that the 2018 Dodd-Frank rollback set the stage for this mess, and that the SVB CEO was one of the exec gang who lobbied for it.
@AndyJ Knowing the yields dropped in very large basis points, Friday and again, so far today; the yield chart link included in this last post will provide quite the 'view' when updated after the market close today (Monday).
Yep, @Catch, there ar…
If the bank execs owned SVB stock, they are reaping the consequences of their actions. Depositors are being made whole; stock and bond holders are out of luck, getting hit hard unless they sold early, in which case clawbacks are in order, as well as…
Thanks, @Crash, I'd fogotten about RY this week. One of the guests made a pitch for shorter duration corporates barbelled with the 10y Treasury. Interesting, but not for moi when 6m and 1y Ts are paying 5%. If 2y or 3y Treasuries cross 5%, I'll be i…
Good catch, Yogi; it's for sure worth keeping an eye out for the launch.
A followup Ptak tweet notes a couple of differences in approach from PIMIX, including no mention of managing for a high and consistent level of income like Pimco Income does.
The one guy - the one who showed up late - brought up an idea I hadn't heard from any of the guests anytime at least lately - floating rate IG. That one goes on the research list. (IIRC, an MFO poster mentioned FR IG sometime back, but the etf he wa…
You are as wrong as wrong can be here. I believe it is called while privilege now and I am suppose to feel guilty.
I grew up like that and don't feel even a trace of guilt, wouldn't expect anyone else to either, and don't think the overall messag…
Lots of MBS in those. Pimco and DoubleLine noted them several weeks back as high yielding investments with a margin of safety, given how oversold they thought those securities were. The port yield and credit quality of Pimco Income looks to be benef…
@Sven: "This week we are buying T bills instead as they yield close to 5%."
Ditto. With earlier bills rolling off over the next few months, the higher yields on bills here will give a nice boost to portfolio yield.
The first one I remember as a teen:”The University of Texas tower shooting” (1966) https://en.wikipedia.org/wiki/University_of_Texas_tower_shooting - They were rare in those days. It garnered much more attention and public outrage than what today’s…
@Bee, you beat me to posting that latest piece from McClellan. Always interesting and thought provoking ... and his posts are available by free email subscription.
I can't help but wonder what "information" it supposedly acquired that was so important that their satellite systems couldn't see. ....
There's just a lot about this whole "spy in the sky" characterization that doesn't add up for me.
+1.
I thought earlier in the season that KC's defense was a weak link, but my hat's off to KC's three rookie defensive backs who played like the wiliest veterans in both the divisional and conference rounds, and the defensive line, especially the pass r…
@Crash, right, that speaker said the indexes are higher quality now than they were (even a year ago, I think he said (?)). Checked HYG on that; it's slightly more than half BB now, and IIRC, it was solidly B the last time I looked many months ago. T…
There's a lot of Bloomberg programming on their YouTube channel, free access, apparently all posted after the broadcast time. Real Yield, which is one I follow, is posted same day, in the afternoon after the noon-ish (IIRC, Eastern time) broadcast. …
It's here; it was mislabeled on YouTube, but you can tell from the "1 day ago" notation, and one of the guests at one point says something like "and here we are, January 27, and" blah blah.
We have the car & home insurance at rates The Hartford offers to AARP members, have had for years. The one time I checked around to see how competitive the rates were, what we had was significantly cheaper so we stayed put. That's the only reaso…
@Crash: Marigolds! If what you planted are anything like the calendula* seeds I put out ~ 15 years ago, they reseed like mad and make a good cover you'll never have to replant.
* A marigold native to North America, only distantly related to some o…
Pure conjecture here: maybe it's when an econ downturn has arguably started, and sellers see a Fed rate cut as confirmation. And maybe some of the $ goes into bonds, the buyers banking on cap gains with more rate cuts.
One factor is whether brokerages are carrying HSAFX. Don't know about all of them, but Fidelity continues to refuse to make it available. I've put in a request for it three times now, and the answer continues to be no.
Here's that Pimco Jan. 11 outlook piece Clarida referred to (very detailed): Cyclical Outlook: Strained Markets, Strong Bonds.
Didn't realize he's a Pimco guy.
The missing piece in all the Fed discussions is this: what measurement are they talkin…
It's always a shame to me when you get and lose a decent human being as a political leader. I totally understand and believe her reasons for stepping aside and admire her for the work she did. Her positions took guts and humility and seemed always i…
Excellent, @Crash. Came here for the link and you already had it posted.
They even touched on EM debt ... which is already running hot. But how long will it last?
Good bit of talk about the risk of Fed overtightening. Two of them seemed to think …
Pimco (especially Pimco Income) didn't do that well during the GFC, but they knocked it out of the park during the recovery. If someone wants to compare the performance between the successes of 2009 ff. and this period, the next two years are where…
Jan 13 edition here.
Some disagreement here: Wells Fargo says inflation is still the leading risk, while the other two think it's the econ slowdown. Interesting to see Peter Tchir (sp?) push back on KG's emphasis on the year-over-year inflation nu…
M* had mentioned that co-lead-manager Yu Zhang was responsible for the recent (5+ years) shift in MAPIX from old current-dividend emphasis to also include dividend-growth emphasis. As a result, MAPIX started behaving similar to other growth-oriented…
Ditto. Plus headline CPI (CPI-U) is +0.9 for the past six months, or 1.8% annualized. (See the bar graph partway down this page.)
Think how meager the yield of an I-bond priced now would be, even if the fixed portion was bumped up a bit. Per Yogi's…
"Did his opponent never think about checking out his claimed credentials? Lots of blame all around on that one."
@Junkster- Man, are you ever right. Next we'll find out that he isn't even a US citizen, and is a jail escapee from Bangladesh.
I read …
Can't wait for the "Florida, Home of Failed Dictators" t-shirts and bumper stickers.
+1 Maybe that’s why I stopped going there … (Add cockroaches to that sticker. :))
Maybe the back of the t-shirt could feature a cockroach next to the words "Y'a…
Can't wait for the "Florida, Home of Failed Dictators" t-shirts and bumper stickers.
I swear I had not seen this WaPo article when I posted the failed dictators bit. "Florida holds a strange, swampy allure for ousted foreign leaders."
