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Investment Banking

The Real Story Of Employment Data

There were two separate events of economic  significance the week ended September 5th. First, the financial markets displayed volatility that hasn’t been seen for several months. The S&P 500 began the week at 3,508, rose 2.5% to 3,587 on Wednesday, fell -3.7% to 3,455 on Thursday, and after falling to an intraday low of 3,374 (-6.0% from Wednesday’s high) closed at 3,427 on Friday. On the week, the index lost …Read More

Three Uncertainties Are Driving the Markets

The financial markets have been focused on three uncertainties: the strong and rising value of the dollar vis a vis other currencies, weakening U.S. economic indicators, and the timing and magnitude of Fed policy actions.  All this with a background of the ongoing Greek tragedy and continued political strife and terrorism worries. Volatility has resulted.  To show the market’s uncertainty, in the month of March, of the 19 trading days …Read More

Uncertainties driving the markets

Originally published on RGJ’s website, http://www.rgj.com/story/money/business/2015/03/20/uncertainties-driving-markets/25113763/ The financial markets have been focused on three uncertainties: the strong and rising value of the dollar vis a vis other currencies, weakening U.S. economic indicators, and the timing and magnitude of Fed policy actions. All this with a background of the ongoing Greek tragedy and continued political strife and terrorism worries. Volatility has resulted. The Strong Dollar The rising value of the dollar …Read More

‘Death puts’ — aka, the ‘survivor’s option’

Originally published on the Tahoe Daily Tribune’s website, http://www.tahoedailytribune.com/news/opinion/15501217-113/tahoe-truckee-market-beat-death-puts-aka-the-survivors-option Record-low interest rates over the last few years have made it a difficult time for fixed income investors. In a normal interest rate environment, a conservative income investor with $1 million to invest could expect to receive an income of $45,000 to $50,000 per year by investing in benchmark 10-year US Treasury bonds. Today, the 10-year Treasury is yielding about 2 …Read More