What Are Market Bulls Expecting?
You could be forgiven in thinking that the last quarter felt like one of the longest three months of your life. In what now seems an eternity ago, it could be hard to forget...
Cheap or Expensive 🤷
“I can’t make sense of this market” – we’ve heard that a few times during this market rip higher. For any readers who have no clue what to think, hopefully this will help....
Can the Fed Keep Mortgages Propped??
Avoiding Agency Mortgage Allocations in our Models We’ve been saying since the middle of last year that the percentage of total returns in fixed income coming from price...
What Bonds Do You Own?
The mathematics of compounding: big losses are essentially ALL that matter to your rate of compounding, not the small losses—and not even the big or small gains. The big...
Welcome to the New Value
“To resist change is like holding your breath – if you persist, you will die”. Lao Tsu It seems no style of investing has a more dogmatic, rear-view mirror approach than...
The Importance of “E” in P/E
Don't Fall into a Value Trap! The core tenet of many value investing strategies is often mean reversion. Simply put, this is when managers bet that bad things will...
The Fed Bazooka
Originally posted at The Backcourt Report... Source: Businessinsider.com The Fed has taken...
Navigating a Choppy Bond Market…Don’t Fight the Fed
Originally posted at The Backcourt Report... As we navigate through these very uncertain times, we’d like to take a deeper dive into different sectors of the fixed income...
Fed Update
Originally posted at The Backcourt Report Fed Cuts Rates 50 bps The FOMC voted unanimously to cut its overnight target range 50 basis points to 1.00% - 1.25% in an...
Credit: Priced to Perfection
Originally posted at The Backcourt Report... This is probably a little more granular (also my first post so please don’t judge too harshly) than past posts into the...
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