Entries by halyard
November 2020 – Monthly Commentary
November 2020 It’s a paradox that as we wind down this very difficult year in which the pandemic ravaged so much of our day-to-day lives that the capital markets should close out the year on such a quiet note. The bond market continues to benefit from the Federal Reserve’s open market buying and we have […]
October 2020 – Monthly Commentary
October 2020 Since our last monthly update we have seen the Presidential election mostly come and go, have seen the coronavirus cases spike, and have learned of two successful vaccines. The country is split in terms of satisfaction with the outcome of the election, but investors are looking past the surge in the virus to […]
September 2020 – Monthly Commentary
September 2020 The bond market was little changed in September as investors grappled with continued virus uncertainty and traders with school-aged children tried to figure out the logistics of educating their young. The latter issue made for uneven liquidity during the month which may have factored into the performance of the stock market. For the […]
August 2020 – Monthly Commentary
August 2020 As we close out summer and the final month of the third quarter, the bond market has been relatively stable compared to the bipolar volatility of the stock market. Earlier this month, stocks suffered an unexpected downdraft after rising steadily from the March low. Speculation is that a sizeable Asian-based hedge fund had […]
July 2020 – Monthly Commentary
July 2020 This month, as previously announced, Fidelity will close their Prime money market fund after the fund suffered during the illiquidity of the Corona virus-inspired volatility experienced in March of this year. We speculated that the decision was a business one made out of the preponderance of risk to reputation had the company been […]
June 2020 – Monthly Commentary
June 2020 In the decades that the Halyard team has been managing the Reserve Cash Management (RCM) strategy we’ve explained that the goal of the RCM is to outperform the money market universe while avoiding the downside risk the universe has demonstrated on occasion. We endeavor to accomplish that through security selection, believing the mistake […]