Archive for July, 2014

Financial Times – 7/18/14

July 18, 2014  |   Financial Times   |     |   0 Comment

Mr Kastner says Fed policy has driven investors into areas of the market and exuberance that typified the end of the last boom in 2007. But he worries that changes since then have exposed retail investors to greater excesses with credit derivative securities being packaged into exchange traded funds and how small investors are now able to invest in illiquid hedge fund strategies. He also contends that junk bonds and the bank debt market “is ...

Financial Times – 7/17/14

July 17, 2014  |   Uncategorized   |     |   0 Comment

Michael Kastner, principal at Halyard Asset Management, says the increased regulatory oversight on US global banks means a catalyst to drive their share price higher is no longer present. He says investors are trying to work out whether “the Fed wants these banks to be innovative and create new products that can drive earnings or are we going back to an older safer banking model”. The divergence between banks and their price to book ratios is ...

June 2014 – Monthly Commentary

July 14, 2014  |   Monthly Commentary   |     |   0 Comment

June 2014 Bond market performance in June was lackluster as rates were essentially unchanged for the month. For those espousing the fragility of the economic recovery and supportive of continued emergency monetary policy, the June employment report must have been a shocker.  That constituency is dwindling given the continued robustness of job growth.  As was reported earlier this month, the economy added 288,000 jobs in June, the fifth consecutive monthly gain in excess of 200,000.  Moreover, the ...