Research

Market Update

    Dear Friends,   Our expectation around heightened volatility this year is proving to be more extreme in nature and creating a wider band of potential outcomes. Yield curves have flattened, credit spreads have widened and the strong negative sector...

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Cycles

    Dear Friends, I made a commitment when we launched the firm to not pollute your inbox with regularly scheduled quarterly reviews that were just recaps of what happened in the quarter – a somewhat insulting exercise considering the information...

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Are TIPS the Right Inflation Hedge in 2022?

    Are TIPS the Right Inflation Hedge in 2022?   U.S. Treasury Inflation Protected Securities (TIPS) have historically been viewed by investors as a way to protect against higher inflation, but what does it mean when these bonds stop acting like an...

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Thoughts On The Market

    Dear Friends, We are kicking the year off with significant volatility across the markets. It feels like there is a considerable amount of capital moving across markets creating initial volatility. Year-to-date we’ve seen over 4 bln in outflows in the HYG...

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Cycles – Companies and Sectors

Cycles – Companies and Sectors   The market often talks about the “cycle”. The business cycle, the economic cycle, big cycle, small cycle, credit cycle, etc. Beneath this, however, individual sectors of the market pace differently and therefore find themselves at...

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Thought Leadership