Archive for May, 2013

Financial Times – 5/23/13

May 29, 2013  |   Financial Times,In the News   |     |   0 Comment

“Volatility is here for a while and will rise further,” said Michael Kastner, principal at Halyard Asset Management. “It’s clear that Bernanke wants to prepare markets for less stimulus. Stocks look expensive and a correction would be healthy.” Market bulls run into the sand

April 2013 – Monthly Commentary

May 15, 2013  |   Monthly Commentary   |     |   0 Comment

April 2013   In April, the stock market continued to climb “a wall of worry,” as investors feared that earnings would disappoint despite better than expected economic activity in the first quarter.  Compounding that fear was the 2-day 9.40% slide in the price of gold, which reminded investors that market panics occur from time to time.  Despite the worry, both the stock and the bond markets finished the month higher.   Much has been written speculating that the U.S. ...

The Guardian – 4/30/13

May 01, 2013  |   In the News   |     |   0 Comment

Michael Kastner, principal at Halyard Asset management in New York said bond buyers were usually wary of buying debt from companies seeking to buy back shares but that because Apple was sitting on so much cash, this was likely to be a very popular sale. Kastner said it was part of a larger trend as corporations seek to take advantage of historically low interest rates. "Companies are borrowing cheap and buying back shares and in the ...

Financial Times – 5/01/13

May 01, 2013  |   Financial Times,In the News   |     |   0 Comment

“Corporations are really coming out of the woodwork after earnings season to sell debt and buy back stock,” says Michael Kastner, principal at Halyard Asset Management. Crowds line up for a bite of Apple's big bond

Financial Times – 4/30/13

May 01, 2013  |   Financial Times,In the News   |     |   0 Comment

“As a bond investor you don’t want to buy debt which is being used to fund share buybacks, but in the case of Apple, it’s a drop in the ocean compared to the size of their overall cash holdings,” said Michael Kastner, principal at Halyard Asset Management. Apple cleans up with $17bn US bond issue