Financial Times – 1/11/13
“Investors are over-optimistic on earnings and we think the debt and fiscal issues could come back to bite the market hard,” said Michael Kastner, principal at Halyard Asset Management. Billions pumped into global equities
Entries by halyard
November 2012 – Commentary
At first glance, economic and market activity in November was much as it has been throughout the year. The economy continued to add jobs at a modest rate, and at a pace that isn’t meeting the growth target of the Federal Reserve. Retail sales bounced back from the weaker level witnessed in October, as the […]
Municipal Bond ETF
As we have mentioned in the past, Bond ETFs can be a less efficient way to access the fixed income market. For the month of December, the largest Municipal Bond ETF has fallen 2.4% MTD compared to a 73bp decline for the market as a whole (as measured by the Barclay’s Municipal Index). The ETF […]
Financial Times – 12/14/12
“The fiscal cliff does matter and markets should be worried,” says Michael Kastner, principal at Halyard Asset Management. Brace for a game of chicken on fiscal cliff Login Required
Reuters – Instant View: November nonfarm payrolls rose by 146,000
MICHAEL KASTNER, PARTNER, HALYARD ASSET MANAGEMENT, WHITE PLAINS, NEW YORK “I’m kind of surprised. It’s hard to figure out with what’s going on with Sandy. The market was looking for something very different. Overall it’s good to see. The payroll number is very encouraging. The bond players are not buying it though because the long […]
Municipal Commentary – November 2012
Municipal Bonds – Picking up Nickels in Front of a Train! • Municipal Bonds Attractive Relative to US Treasury Notes • Yield to maturity at Multi-decade Lows • Credit spreads continue rallying on moderate economic growth • Recommend reducing interest rate risk and maintaining single A average portfolio In 2012, longer maturity Municipal bonds preformed […]
Financial Times – 11/18/12
“We spend a lot of time worrying about the bond unwind,” says Michael Kastner, managing principal at Halyard Asset Management. “A lot of money has piled into the sector and will go in the opposite direction at some stage, they are clearly in bubble territory. Everyone in bonds has the same idea that they can […]
Financial Times – 11/12/12
Michael Kastner, partner at Halyard Asset Management, says the real shock for ordinary investors will not register until they see their tax bills. “Initially, professional investors will sell dividend payers and after some calm people will see how much tax they need to pay and we will then see another round of selling.” US investors […]
October 2012 – Commentary
During October, the bond market came under pressure as investors grappled with better than expected economic data and a revival of inflation concerns. However, on-going quantitative easing provided support to the market in the final days of the month. Friday October 19th, marked the 25th anniversary of Black Monday, the day in 1987 that the […]
September 2012
With economic activity continuing to grow at a low single-digit pace, the Presidential race still too close to call, and the “fiscal cliff” looming, fixed income investor demand for safety continued in September. The flight to safety is most evident in the demand for 3-month U.S. Treasury Bills, which closed the month with a yield-to-maturity […]