December 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

December 2017 While the team at Halyard evaluates the economic and market backdrop on a daily basis, we like to commit those thoughts to paper periodically, and especially so as we kick off the new year. Our starting premise this year is that the United States economy closed out 2017 with unmitigated strength. From a sector by sector perspective, we’re delighted to find the strength was broad based and not concentrated in any one ...

November 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

November 2017 In 2004, an acquaintance left his job as a banking clerk to become a real estate sales agent. Almost overnight his income doubled as the homes he represented sold briskly. The market was so hot that he was working seven days a week and his income soared well over $200,000. However, in 2006 sales began to slow and buyers were grumbling that home prices had grown out of reach. Builders ...

October 2017 – Monthly Commentary

January 22, 2018  |   Monthly Commentary   |     |   0 Comment

October 2017 Last month marked the 30th anniversary of Black Monday, October 19, 1987, prompting us to take a look back at how the Dow Jones Industrial Average has evolved since that infamous day. Of the 30 stocks in the index at the time, Bethlehem Steel, Eastman Kodak, GM, Union Carbide, U.S. Steel, and Woolworths have all gone through bankruptcy. Some reorganized and reemerged, but most didn’t. Sears, which also was part of ...

September 2017 – Monthly Commentary

October 13, 2017  |   Monthly Commentary   |     |   0 Comment

September 2017 Signs of excess abound in the capital markets as the ongoing emergency monetary policy supports frothiness and exuberance at every turn.  Last month, billionaire Warren Buffett commented that he wouldn’t be surprised if the Dow Jones Industrial Index, currently valued at 22,600, climbed to 1,000,000 in the next one hundred years.  In making that audacious prediction, Mr. Buffett seemed to be showing unbridled confidence in the stock market.  However, solving for the average return, ...

August 2017 – Monthly Commentary

September 25, 2017  |   Monthly Commentary   |     |   0 Comment

August 2017 On August 2 the Treasury Borrowing Advisory Committee (TBAC) released, via the U.S. Treasury Department website, its roadmap for reducing the Federal Reserve’s balance sheet. The TBAC is a liaison of senior members of money center banks and investment firms and the Treasury Department. The goal of the group is to keep the Treasury informed as to the thinking of the largest buyers of U.S. Government debt. Typically, the group focuses on supply and ...