Surprisingly Strong
January 17, 2023 Good morning, It looks to be a quiet start to the holiday-shortened week, with a lot of investor attention directed to the World Economic Forum in Davos, Switzerland. On the home front, we did get more bank earnings this morning. Goldman Sachs (GS) came in light and is down -1.5% pre-market open […]
December 2022 Monthly Letter
To the very end, Take-No-Prisoners was the past year’s battle cry from global markets. Arguably the most painful move in markets over the past year has been the sharp decline in government bond prices (and its reciprocal rise in yields). Investors around the world know that stocks can provide a bumpy ride but the unusually […]
A Lot
January 11, 2023 Good morning, My apologies in advance, this morning’s note is unusually packed. Just a coincidence of time, but as always, please call me with any questions whatsoever. Jeffrey Gundlach (DoubleLine) conducted his annual Just Markets webinar last night. While he is an extraordinary fixed income manager, Just Markets is the one time […]
No Longer Untethered
January 9, 2023 Good morning, Friday’s market performance was impressive for both stocks and bonds, with most major equity indices moving up by more than +2% and bond yields declining by 16 bps or more across the entire treasury curve (full breadth of maturities). While the headline number of Friday’s December Employment Data was higher […]
Uneasy
January 5, 2023 Good morning, It is Morning Note Thursday due to the holiday-shortened week. Back to M-W-F as usual next week. Overnight price action has seen a modest reversal of some of this week’s trends in global markets. Yields are up in Treasuries after a rather dramatic decline in longer duration issues earlier this […]