Archive for November, 2012

Municipal Commentary – November 2012

November 28, 2012  |   Uncategorized   |     |   0 Comment

Municipal Bonds – Picking up Nickels in Front of a Train! • Municipal Bonds Attractive Relative to US Treasury Notes • Yield to maturity at Multi-decade Lows • Credit spreads continue rallying on moderate economic growth • Recommend reducing interest rate risk and maintaining single A average portfolio In 2012, longer maturity Municipal bonds preformed well as yield curves flattened – driven by a reach for income fostered by the Federal Reserve’s printing press. The yield to maturity for 5 ...

Financial Times – 11/18/12

November 19, 2012  |   Financial Times,In the News   |     |   0 Comment

“We spend a lot of time worrying about the bond unwind,” says Michael Kastner, managing principal at Halyard Asset Management. “A lot of money has piled into the sector and will go in the opposite direction at some stage, they are clearly in bubble territory. Everyone in bonds has the same idea that they can get out before others when the market turns.” Bond markets: A false sense of security Login Required

Financial Times – 11/12/12

November 15, 2012  |   Financial Times,In the News,Uncategorized   |     |   0 Comment

Michael Kastner, partner at Halyard Asset Management, says the real shock for ordinary investors will not register until they see their tax bills. “Initially, professional investors will sell dividend payers and after some calm people will see how much tax they need to pay and we will then see another round of selling.” US investors fret over dividend tax   (Login Required)