Archive for November, 2013

Financial Times – 11/20/13

November 21, 2013  |   Financial Times,In the News   |     |   0 Comment

“The current rally has robbed a bit of next year’s performance,” says Michael Kastner, managing principal at Halyard Asset Management. Mr Kastner says: “We seem to have moved from investing under sensible valuations to one of the greater fool theory, hoping there is another buyer willing to pay a higher price at these extended levels.” Bubble fears as US stocks break records

October 2013 – Monthly Commentary

November 15, 2013  |   Monthly Commentary   |     |   0 Comment

Investors were clearly pleased with the end of the government shutdown, as the various “risk on” trades performed well in October.  Fixed income returns were driven entirely by a demand for credit, as the Treasury market was mostly unchanged for the period. As the government returned to work late last month, investors debated what impact the political squabble would have on the economy.  Conventional wisdom was that the work stoppage and the collateral damage done to ...

Financial Times – 11/13/13

November 13, 2013  |   Financial Times,In the News   |     |   0 Comment

“When I consider buying a bond, it is important to have some degree of comfort the issuing entity will pay some of my money back even if it goes into default,” said Michael Kastner, a principal at Halyard Asset Management. “The coco structure defeats that purpose.” Such criticism has not deterred banks as demand has been buoyed recently by yield-hungry investors and global investors who can snap up cocos with borrowed money, bolstering their returns. “There are ...