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In U.S. high yield bonds we find the riskiest of credits. I have some concerns about municipal bonds and am particularly concerned about municipal pension bonds. Our 'Borrower's Paradise' is also good news for many leveraged ETFs and closed-end funds. For further details see...
I have long described our current investing environment as a "Borrower's Paradise" and a "Fixed-Income Investor's Hell." The situation has not changed and continues along unabated. The reason for this is really just one thing, the Fed. The reason for their posture is also just really one thing...
I stated in "Out of the Box," last Wednesday: Looking at the markets, these days, it is quite easy to find yourself lost. Equities at all-time highs, valuations at numbers that make no sense, and tech stocks shooting off like Roman Candles. Yields at all-time lows, or just off them, risk p...
Whether you are a senior, a retiree, a pension fund, a university endowment, or a whole host of other businesses that needs yield, and a cash flow, you are in the line of fire. With the 5 year and 10 year Treasuries hitting a record low yield last week, bond investors are in a wrath of hurt. I...
I have said it often enough. We are in a "Borrower's Paradise" and a "Fixed-Income Investor's Hell." For people and institutions that need yield and a cash-flow you can just about "Forget about it." With the 10 year Treasury closing at 0.64% on Friday, we find the Bloomberg Treasury Index, wit...
For any of you that need to borrow money, you are in Paradise. This is for individuals or for corporations. We are at historical low yields and the cost of money is right above nothing. That would be Zero. Whether it is a mortgage, student loan, re-financing your debt at a bank, or for an...
There was one article after another article, every place you looked, that the U.S. equity markets were going to correct anywhere from 25% to 50% down. That has not exactly been the case. The American stock markets have been up and up and up as the wrong focus was used. I have said, countless t...
"Here Comes Tonto" I am older than most of you. Not all of you, of course, but most of you. I have memories of Gene Autrey, and Roy Rogers, and "A fiery horse with the speed of light, a cloud of dust and a hearty, 'Hi Ho Silver!' The Lone Ranger!" Some of you will not even know who I am ta...
Originally published April 8, 2020 It has always been interesting to me how the media concentrates almost 100% on the equity markets. It is almost like the bond markets didn't exist or, if they did, that it was on some far off planet that didn't deserve anyone's attention. I have always fe...
Only 3% of all closed-end funds posted net asset value-based returns in the black in March with just 5% of equity CEFs and only 1% of fixed-income CEFs with returns in the plus column, says Refinitiv Lipper's Tom Roseen. More news on: Invesco CEF Income Composite Portfolio ETF, Cohen&...