Unforced Errors
By Avi Deutsch March 17, 2023 – The financial infrastructure that enables the modern economy is a work of wonder. A global machinery of banks, brokerage firms, investment banks, stock exchanges, fund managers, and insurance companies hums in the background of our lives. This machinery is governed by a bewildering array of domestic governments and […]
Some Advisors Tell Clients To Limit Bank Deposits To $250K Per Bank
March 15, 2023 – Principal and Managing Director, Mallon FitzPatrick was featured in Financial Advisor Magazine coverage of what are advisors telling clients to do about their cash accounts with the recent bank failures. “Think of liquidity in terms of number months to fund lifestyle and add an amount for short-term goals,” said FitzPatrick. “A […]
Reflections on Banking
By Jeanette Garretty, Chief Economist March 15, 2023 – My career in finance is almost exactly coincident with the deregulation of the banking industry. The Deregulation and Monetary Control Act of 1980 allowed depository institutions a freer hand in setting depository account interest rates, partly in response to the innovation of the enormously popular CMA […]
Robertson Stephens’ Garretty Reacts to US CPI
March 15, 2023 – Chief Economist and Managing Director, Jeanette Garretty appeared on Bloomberg to discuss the latest US CPI data and banking sector turmoil. “There’s always systemic risk when it comes to banking. It is embedded in everything that we do. But unlike 2008, we’ve got experience that these Fed officials have a great […]
What the Bank Failures Mean for Markets?
By John Lau March 14, 2023 – Over the weekend, three major U.S. banks failed, and the Fed announced a new lending facility to shore up the banking sector; investors are being painfully reminded of 2008 and are wondering 1) What’s happening? 2) What does it mean for them and their accounts? 3) Is this […]
Money Market Funds
By CIO, Stuart Katz March 13, 2023 – During the April 2020 COVID market meltdown, there was an increasing number of questions regarding money market funds. It seems we are “back to the future.” Below is the Investment Office’s summary of several key issues to consider in this environment of elevated uncertainty and volatility. “Broke […]
Silicon Valley Bank (SVB) Failure
March 10, 2023 – Today’s news about Silicon Valley Bank (SVB) took everyone by surprise. In the span of just a few hours, the country’s 16th-largest bank went into FDIC receivership. Most of you will not have heard of SVB prior to today — they mostly serve as a corporate banker, predominantly in the venture […]
Catalysts, Consequences, Contagion (Triple CCC)
By Stuart Katz, CIO March 10, 2023 What Yesterday, bank stocks declined, triggered partly by an item on the list of SEC disclosures by SVB Financial (stock declined 63%), owner of Silicon Valley bank (the 16th largest bank in the US with $210 billion in assets). These disclosures included a substantial capital raise to shore […]
The Year of the Three Elephants
March 2, 2023 – Given how the markets began the year, you might suspect all is fine worldwide. Stocks were up, bonds were up, energy prices had stabilized, and inflation appeared to be abating. Yet we are far from being out of the woods and, in fact, likely to have another rough period ahead of […]
What Now? The Positive & Negative Path for the Market in 2023
By John Lau March 1, 2023 – Stocks continued to decline last week amid increasingly hawkish Fed policy expectations while economic data pointed towards stagflationary trends emerging and retail earnings disappointed. The S&P 500 fell 2.61% in February and is now up just 3.40% YTD (S&P 500 was up 6.18% in January). Stocks dropped in […]
Financial Planning For Couples Who Totally Disagree
March 1, 2023 – Principal and Managing Director, Rick Polenske was featured in Financial Advisor Magazine discussing ‘Financial Planning For Couples Who Totally Disagree.’ Polenske shares, “They will have to go home and iron out the differences, but allowing us to ask the important questions gets them to a point of understanding and compromise.” Read […]
How much ‘Cash’ do you need in 2023?
By Mallon FitzPatrick, CFP February 28, 2023 – The onset of the new year brings new trends and, with them, questions. More and more clients have asked, ‘how much should I hold in cash?’. Given 2022’s market turbulence and that forecasts of 2023 will share similar characteristics, it’s a reasonable question. With many fearing the possibility […]