Michael Lewis: The End of Wall Street

Tuesday, June 16th, 2009

Michael Lewis, the trenchant author of Liar’s Poker, Money Ball, and Home Game, discusses what he calls “The End of Wall Street,” in this 5:33 minute segment. It’s an enlightening discussion, I promise. Don’t miss it. Click play to see it.

Lewis explains how he went out of his way to talk to the people who seemed to have known the crisis was coming, and discovered that they were the less sophisticated, net-long breed of hedge fund investors, and not the genius financial engineer cum alchemist types.

In essence, these were, as in one case, portfolio managers who poked holes in the ratings system. In his example, Lewis tells of the story of the investor who asked Standard and Poor’s to explain how a whole whack of BBB mortgage paper could fetch a AAA rating? This was followed by the question, “What would happen if housing prices start falling?” to which the S&P official responded, “there is no place in the model to insert negative numbers.”

Lewis does a great job of explaining what the critical factors were that contributed to “the end of Wall Street.”

Read the whole article here.

Tags: Amp, Array, Ball Game, Bbb, Critical Factors, Financial Engineer, Fund Investors, Genius, Hedge Fund, Holes, Home Game, Investor, Liar, Liar Poker, Liar S Poker, Michael Lewis, Minute Segment, Money Ball, Money Game, Mortgage Paper, Negative Numbers, Poker, Poker Game, Portfolio Managers, Wall Street, Whack
Posted in Markets | No Comments »

Paulson & Co. Accumulating All Things Gold

Wednesday, May 20th, 2009

MarketFolly.com has been diligently tracking the activities of 35+ hedge fund managers, and one of the most notable of these has been John Paulson (no relation to Treasury secretary), founder of Paulson & Company, the King of the “Subprime Meltdown.”

According to SEC filings covered below, Paulson has recently accumulated some very large positions in gold and gold producers.

Many have been critical of hedge funds and their activities over the past year, particularly in the financial sector, and Paulson, a target, has unapologetically, but humbly, faced the markets’ scorn for profiting so triumphantly off the subprime and credit crisis of the last 2 years.

What is worth noting is that in the early days of Paulson’s bets against the housing and financials market, which he began accumulating years before the crisis unfolded, is that he faced the professional burden of being early, and grappling with both his partners, as well as the agony of the rising housing market’s ability to outlast and wrest away, the convictions of the majority of those who said it couldn’t last.

Fittingly, below is the graphic from the end of 2007, which shows how successful Paulson and Company was already, well before the credit crisis and last year’s collapse in financial markets.

(click image to enlarge)

Here we quote MarketFolly.com, its analysis of Paulson’s SEC filings:

The second hedge fund in our series is Paulson & Co ran by John Paulson. His hedge fund has generated massive returns over the past two years, as he bet against financials and all things subprime. One of his funds was even up 589%. And, in the first part of 2009, he had also profited by shorting UK banks. Although Paulson is obviously one of the main brains behind the operation, there are also many talented individuals there. Unfortunately for Paulson, one of his co-portfolio managers has left to start his own fund, and we’ll be keeping an eye on that. At the end of 2008, Paulson’s Advantage Plus fund ended the year +37.58%, as detailed in our year end 2008 hedge fund performance post. For more information on how Paulson performed in 2008, be sure to check out their year end letter & report.

Paulson began shorting collateralized debt obligations and buying credit default swaps back in 2005 as he had conviction in his bet. His Credit Opportunities fund launched in 2006 with $150 million aimed to short subprime mortgage backed securities. This fund enjoyed immediate success, causing him to launch the Credit Opportunities II fund. At the end of 2007, the Opportunities fund was up 590% and his Opportunities II fund was up 353%. Such sterling performance led Paulson’s hedge funds to be the #1 and #4 funds as ranked in Barron’s hedge fund rankings (top 100). Paulson’s funds earned this distinction due to their solid 3 year annualized performance metrics. Additionally, Paulson sits at #3 on Alpha’s hedge fund rankings list for 2009, which is compiled based on assets under management (aum).

Obviously, such great performance has led to many other accolades for Paulson on a personal level. Recently, Paulson graced Forbes’ billionaire list, but that one is almost a no-brainer. More notably, he was among the top 25 highest paid hedge fund managers of 2008. In terms of recent portfolio performance, Paulson’s Advantage Plus Fund returned 4.8% through April as noted in our round up of hedge fund performance numbers.

The following were their long equity, note, and options holdings as of March 31st, 2009 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.

Some New Positions(Brand new positions that they initiated in the last quarter):

SPDR Gold Trust (GLD)
Gold Fields (GFI)
Gold Miners ETF (GDX)
Anglogold Ashanti (AU)
Capital One Financial (COF)
JPMorgan Chase (JPM)
Petro-Canada (PCZ)
Schering Plough (SGP)
Wyeth (WYE)

Some Increased Positions (A few positions they already owned but added shares to)

St Jude Medical (STJ): Increased by 134%
Peoples United Financial (PBCT): Increased by 12%
Kinross Gold (KGC): Increased by 8%

Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)

Rohm & Haas (ROH): Reduced by 11.5%

Removed Positions (Positions they sold out of completely)

BCE (BCE)
Genentech (DNA)
Istar Financial (SFI)
Merrill Lynch (MER)
NRG Energy (NRG)
National Citty (NCC - inactive, acquired by PNC)
Northern Trust (NTRS)
Teva Pharma (TEVA)
Time Warner Cable (TWX)
Tronox (TRXAQ)
UST (UST)
ProShares Ultrashort Financial (SKF)
Wachovia (WB)
Wells Fargo (WFC)

Top 15 Holdings (by % of portfolio)

1. SPDR Gold Trust (GLD): 30.37% of portfolio
2. Wyeth (WYE): 13.96% of portfolio
3. Rohm & Haas (ROH): 13.44% of portfolio
4. Boston Scientific (BSX): 8.4% of portfolio
5. Gold Miners ETF (GDX): 6.81% of portfolio
6. Kinross Gold (KGC): 5.87% of portfolio
7. Philip Morris International (PM): 3.42% of portfolio
8. Petro-Canada (PCZ): 2.96% of portfolio
9. Schering Plough (SGP): 2.26% of portfolio
10. Mirant (MIR): 2.22% of portfolio
11. Gold Fields (GFI): 2.21% of portfolio
12. JPMorgan Chase (JPM): 1.65% of portfolio
13. Anglogold Ashanti (AU): 1.15% of portfolio
14. St Jude Medical (STJ): 0.91% of portfolio
15. Embarq (EQ): 0.81% of portfolio

The first major move that everyone will be talking about is Paulson’s big entrance into gold. His position in the Gold Trust (GLD) is brand new and is brought up to a whopping 30% of his portfolio. Now, there are indeed a few caveats with this move: Paulson & Co have said themselves that they have done so as a hedge, as they now own well over 8% of this exchange traded fund (ETF). Their hedge funds have a share class that is denominated in gold (instead of in US dollars or Euros). Still though, that’s quite a large hedge to have. Not to mention, Paulson also has a copious amount of gold miners now littered throughout his equity portfolio. Previously, we had posted up when he started his large stake in Anglogold Ashanti. Now though, he has boosted his stake in Kinross Gold (KGC) and he has also started new positions in Gold Fields (GFI) and the Gold Miner ETF (GDX). Gold is clearly the name of the game for Paulson at present. And, such a massive position in gold and gold miners has to be for more than merely a hedge.

One other thing to consider with Paulson’s portfolio is that these holdings listed above are only his long equity holdings. The main reason why we bring this up is because the holdings above represent only a piece of his overall portfolio pie. Many of the positions above are merger arbitrage and event driven positions. While his gold stakes may be a large part of the assets disclosed in this filing, they are not quite as big when you compare them to his total assets under management. So, keep that in mind.

As many are already aware, Paulson bet against subprime and made a ton of money. As such, a lot of his holdings are in other markets. And, since the SEC only requires funds to disclose their equity, options, and note/bond positions, there is much of Paulson’s portfolio left unseen. Besides any omitted positions in mortgage backed securities or other markets, we also do not get to see Paulson’s shorts. The only short positions we can ever see in these filings (as per SEC regulations) are via positions in put options. And, Paulson does not have any such positions.

Another major move Paulson made last quarter was to buy a new stake in Wyeth (WYE). They brought their new WYE position all the way up to their #2 holding, which will turn a few heads. Aside from those major moves, Paulson also still retains the rest of his merger arbitrage style positions in Boston Scientific and Rohm & Haas, which we’ve covered previously. Additionally, Paulson still holds a position in Mirant (MIR), whom he filed a 13G on back in January.

We also noticed that Paulson essentially swapped out of Merrill Lynch, Northern Trust, Wells Fargo, and Wachovia in favor of Capital One and JP Morgan Chase. While this move is intriguing, it is fairly insignificant (at least at this time). All his financial positions are relatively tiny to his overall portfolio, with JPMorgan being the largest at only 1.65% of their portfolio, which is not saying much. We’ll have to monitor this development going forward to see if Paulson is getting constructive here, or mainly using these as proxies for something else in the shorter-term.

Assets from the collective holdings reported to the SEC via 13F filing increased from $6 billion last quarter up to $9.36 billion this quarter. Overall, Paulson is a great fund to keep an eye on simply because they nailed the crisis and have a solid track record. However, much of his portfolio is not present in these 13F filings, so take everything with a grain of salt. If you want to keep an eye on someone else who had worked with Paulson in betting against subprime, then check out our recent piece on Kyle Bass of Hayman Capital, where we divulge his latest prediction.

Source: MarketFolly.com, May 19, 2009

Tags: Agony, Amp Company, Assets Under Management, Brainer, Brains, Canada, Collapse, Collateralized Debt Obligations, Credit Crisis, Credit Default Swaps, Credit Opportunities, ETF, Financial Markets, Financial Sector, Forbes Billionaire List, Gold Producers, Hedge Fund Managers, Hedge Fund Performance, Hedge Funds, Highest Paid Hedge Fund Managers, Housing Market, Massive Returns, Mortgage Backed Securities, Opportunities Fund, Paulson, Performance Metrics, Personal Level, Portfolio Managers, Sec Filings, Sterling Performance, Subprime Meltdown, Talented Individuals, Target, Treasury Secretary, Uk Banks
Posted in Gold, Markets | No Comments »

Technical Talk: Rally continues …

Wednesday, March 18th, 2009

The comments below were provided by Kevin Lane of Fusion IQ.

On March 10 we said: “Market internals (i.e. the number of advancers to decliners and up volume to down volume) on today’s advance were the most bullish internal readings seen since the move off the 2002 lows … ”

We also said: “When the skew of advancers to decliners and up to down volume is this strong it suggests almost a buying panic on the part of institutions to get back into the market. Additionally these strong internals also suggest that there are a confidence and conviction on the part of institutional buyers.”

And last but not least, we said: “That said we believe today’s rally is the start of a good move higher (again it may not be the ultimate low - only hindsight will tell us that); however, the surge of momentum suggests this rally will be worth participating in.”

So here we are not many days later and up considerably from where we published those comments and now what?

We still believe the combination of the market getting really oversold, attractive valuations, excessive negative sentiment, portfolio managers having a lot of cash on hand and the quarter end for many mutual funds coming up (i.e. window-dressing time. After all if returns looked poor again more redemptions would follow) (and the last thing they want to show is down another 20+%) has led to a lot of capital redeployment. With the market moving higher quickly, even more managers felt they would lag behind their peers and subsequently benchmarks, thus even more money (i.e. managers chasing the move) came into the market.

In addition it was not unrealistic for many to think the stimulus package (no matter what your thoughts on its long-term ability to be effective or not) will goose the economy to some degree at some point in the not too distant future. So that said we continue to view this current rally as having legs with maybe another 10 to 15% up from present levels. (So buying on dips with appropriate stop losses would make sense for the time being.) We also continue to view this as an opportunity to make money on the long side for a narrow window of time (1 to 3 months).

However, ultimately we think this rally will fade and we will get a retest of the recent lows (check the history books, we almost always get a retest). How the market handles that retest will tell us a lot with regard to the longer-term picture. We believe tech and growth (since they have the best bases and most constructive chart patterns and corrected much less than the broader market during the down draft) will still outperform with regard to sector and style bias respectively during this rally/bounce.

In Barron’s this weekend, one portfolio manager, Felix Zulauf, made an articulate case that this will be a violent rally (900 on the S&P 500) followed by a move to new lows (450 on the S&P 500) with the ultimate bottom coming in 2011. This certainly is plausible, and would anyone doubt it after what we saw in the last 12 months especially if this is a multi-year secular bear? However, we believe the best one can get from this market is to try to dissect it and plan for shorter horizons such as 1 to 3 months until more macro-economic data allow for longer-term forecasting comfort. This is a market where traders will continue to dominate and thrive (provided you try to capture return both on rallies as well as declines). For the foreseeable future buy-and-hold strategies should be kept on the shelf if one wishes to make a return.

As always don’t BUY BLIND!! Have an exit strategy before you trade/invest (and stick to it)!!!

Source: Kevin Lane, Fusion IQ, March 18, 2009.

Tags: Attractive Valuations, Benchmarks, Conviction, Decliners, Dips, Distant Future, Down Volume, Hindsight, Institutional Buyers, Iq, Lows, Market Internals, Mutual Funds, Negative Sentiment, Portfolio Managers, Redemptions, Redeployment, Skew, Stimulus Package, Window Dressing
Posted in Economy, Markets | No Comments »

What is John Paulson doing?

Monday, February 16th, 2009

Thanks to the work of MarketFolly.com, we can get a glimpse into the dealings of some of the most prominent and successful hedge funds. These are useful as they point to tactical opportunities and sometimes, when hedge funds take short positions, they provide lucid guidance pointing to areas or stocks in the market that should be sold or avoided, or for those with the stomachs, to follow short.

Below, MarketFolly.com details the trading activities of John Paulson’s, $36-billion hedge fund, Paulson & Company. Paulson is famed for having bet massively against subprime mortgages, and earning returns for his partners over the past 2 years which at one point, were in excess of 1,000%.

Among Paulson’s holdings are some notable Canadian companies, Kinross Gold, and BCE. Among the financials, Paulson is long Wachovia, National City, Wells Fargo, and Merrill Lynch; at the same time, Paulson is also long Proshares Ultrashort Financials (SKF). Among the defensive consumer non-durable companies Paulson likes tobacco majors Philip Morris, and UST.

More recently, Paulson appears to be initiating an effort to compel Dow, by sending the company a letter, urging its management to close the acquisition of Rohm. This could get interesting. Paulson reported in a 13G filing that it held 9.24% of Rohm. Who knows what additional interest Paulson owns in Rohm via swaps.

Blue Horseshoe loves Rohm and Haas…

The following is a guest contribution from MarketFolly.com.

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up is Paulson & Co ran by John Paulson. His hedge fund has generated massive returns over the past two years, as he bet against financials and all things subprime. One of his funds was even up 589%. Most recently, he has profited by shorting UK banks. Although Paulson is obviously one of the main brains behind the operation, there are also many talented individuals. One of their co-portfolio managers has left to start his own fund, and we’ll be keeping an eye on that. At the end of 2008, his Advantage Plus fund ended the year +37.58%, as detailed in our year end 2008 hedge fund performance post. For more info on how Paulson performed in 2008, be sure to check out their year end letter & report.

The following were their long equity, note, and options holdings as of December 31st, 2008 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.

Some New Positions (Brand new positions that they initiated in the last quarter):
At&t (T)
Embarq (EQ)
iStar Financial (SFI)
Liberty Media Corp (LMDIA)
National City (NCC)
Northern Trust (NTRS)
Peoples United Financial (PBCT)
St Jude Medical (STJ)
Teva Pharmaceutical (TEVA)
Centennial Communication (CYCL)
UST (UST)
Proshares Ultrashort Financial (SKF)
Wells Fargo (WFC)
Wachovia (WB)

Some Increased Positions (A few positions they already owned but added shares to)
Merrill Lynch (MER): Increased position by 327%
BCE (BCE): Increased position by 308%
Genentech (DNA): Increased position by 242%
NRG Energy (NRG): Increased position by 163%
Cheniere Energy (LNG): Increased position by 60%
Philip Morris International (PM): Increased position by 50%
Rohm & Haas (ROH): Increased position by 20.5%
Boston Scientific (BSX): Increased position by 18%

Some Reduced Positions (Some positions they sold some shares of)
Brocade Communications (BRCD): Reduced position by 28.6%

Removed Positions (Positions they sold out of completely)
Anheuser Busch (BUD)
Barr Pharmaceuticals (BRL)
Applied Biosystems (inactive)
Hercules Offshore (HERO)
Macrovision (MVSN)
Wrigley (WWY)

Top 20 Holdings (by % of portfolio)

1. Rohm & Haas (ROH): 18.36% of portfolio
2. Boston Scientific (BSX): 12.64% of portfolio
3. UST (UST): 11.31% of portfolio
4. Kinross Gold (KGC): 8.66% of portfolio
5. BCE (BCE): 7.7% of portfolio
6. Wachovia (WB): 7.62% of portfolio
7. Philip Morris International (PM): 6.45% of portfolio
8. Mirant (MIR): 5.72% of portfolio
9. Genentech (DNA): 4.68% of portfolio
10. Merrill Lynch (MER): 2.68% of portfolio
11. National City (NCC): 2.54% of portfolio
12. NRG Energy (NRG): 2.02% of portfolio
13. At&t (T): 1.41% of portfolio
14. Ultrashort Financials (SKF): 1.36% of portfolio
15. Embarq (EQ): 1.18% of portfolio
16. Northern Trust (NTRS): 0.79% of portfolio
17. Peoples United Financial (PBCT): 0.72% of portfolio
18. Liberty Media (LMDIA): 0.68% of portfolio
19. Centennial Communications (CYCL): 0.66% of portfolio
20. St. Jude (STJ): 0.54% of portfolio

Assets from the collective long US equity, options, and note holdings were $7 billion last quarter and were $6 billion this quarter. Keep in mind that many of Paulson’s holdings are not listed in these filings because they aren’t equities, but rather securities in other markets. However, as evidenced above, he does hold a decent amount of equities due to merger arbitrage and other strategies. We’d be remiss if we didn’t also point out that Paulson’s team has been hard at work, as they recently filed 13Gs on Rohm & Haas (ROH) and Boston Scientific (BSX). This is just one of many funds in our hedge fund portfolio tracking series in which we’re tracking 35+ prominent funds. Look for our updates everyday over the next few weeks.

The above article was contributed by MarketFolly.com.

Tags: 4th Quarter, Bce, Bet, Brains, Canada, City Wells, Common Stock, ETF, Fund Portfolio, Glimpse, Hedge Fund, Hedge Fund Performance, Hedge Funds, John Paulson, Major Moves, Massive Returns, Merrill Lynch, National City, Philip Morris, Portfolio Managers, Preface, Rohm And Haas, SKF, Stomachs, Subprime Mortgages, Tactical Opportunities, Talented Individuals, Uk Banks, Wachovia, Wells Fargo, Year End
Posted in Gold, Markets | No Comments »

John Paulson: Investing Activity (Jan/09)

Monday, February 9th, 2009

GreenLightAdvisor.com is very pleased to introduce MarketFolly.com as a regular contributing author. MarketFolly.com is devoted to tracking the activities of more than 35 of the most well-known hedge fund managers, their investment activities, as well as providing equity market outlook and analysis. We recently became acquainted with MarketFolly.com’s research, which involves painstakingly combing through SEC filings, among other methods, and felt that this knowledge must be shared with you.

John Paulson’s hedge fund Paulson & Co. has recently filed two 13Gs with the SEC due to activity on December 31st, 2008. Firstly, they have disclosed a 9.24% ownership stake in Rohm & Haas (ROH). The filing shows them owning 18,041,111 shares. ROH was set to be acquired by Dow Chemical (DOW), but the deadline recently passed. Paulson has decided to become more proactive with this position and has sent a letter to Dow Chemical regarding his stance on the merger. Obviously, as a large ROH shareholder, Paulson wants the deal to go through.

Secondly, Paulson & Co has also filed a 13G and has disclosed a 6.6% ownership stake in Boston Scientific (BSX). The filing shows them owning 99,135,000 shares in the company. You can view Paulson’s entire portfolio here. Additionally, Paulson recently filed a 13G on Mirant (MIR) as well.

Paulson & Co has had back-to-back successful years, profiting from the sub-prime mess and overall chaos at financial institutions. Some of their funds finished 2008 up 24% and 37%, as we noted in our year end 2008 Hedge Fund performance numbers summary. Lastly, we also noted that one of Paulson’s co-portfolio managers would be leaving to start his own fund.

Taken from Google Finance,

Rohm & Haas is “a specialty materials company. The Company operates through seven segments: electronic technologies, display technologies, primary materials, paint and coatings materials, packaging and building materials, performance materials group and salt.”

Boston Scientific is “a developer, manufacturer and marketer of medical devices that are used in a broad range of interventional medical specialties, including interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, oncology, endoscope, urology, gynecology and neuromodulation.”

This article contributed by MarketFolly.com.

Tags: Boston Scientific, Bsx, Dow Chemical, Electronic Technologies, ETF, Financial Institutions, Google, Hedge Fund Managers, Hedge Fund Performance, Investment Activities, John Paulson, Market Outlook, Materials Company, Mirant, Ownership Stake, Performance Materials, Performance Numbers, Portfolio Managers, Primary Materials, Proactive, Rohm, Rohm Haas, Sec Filings, Specialty Materials
Posted in Markets, Outlook | No Comments »

Setting the Bull Trap

Wednesday, January 7th, 2009

This post is a guest contribution by Bennet Sedacca*, President of Atlantic Advisors Asset Management.

Long time students of the market will tell you that “the crowd is usually wrong at the extremes”. Judging by what I see, hear and read in the media, the current consensus is that stocks bottomed on November 20th-21st, an economic recovery will begin in the second half of 2009, corporate bonds are a buy, stocks are cheap and the stock market is now discounting all the bad news. This is surely a sign that the worst is likely behind us.

Even though I was looking for a low in the S&P 500 around 750 (it bottomed around 740 on November 21st only to close at 800 the same day), I continue to believe that was a low point, but not THE low point for this bear market. We were large buyers of Mortgage Backed Securities during the Wall Street de-leveraging and have been rewarded with handsome gains, although we began to take some profits on Friday where appropriate.

Corporate bond spreads have tightened during a slow holiday season as well as spreads in CMBS (Commercial Mortgage Backed Securities). Corporate spreads may or may not tighten further as I believe there will be a wave of issuance at every level - Government, Emerging Markets, Corporations, Municipalities, etc. Treasury yields have crashed as the Fed has taken the Federal Funds Target Rate to a range of 0-0.25%.

Stocks have rallied even more to S&P 931 and could possibly make a run at 1,000-1,100 if “performance anxiety” sets in among those portfolio managers that are afraid to miss the rally. We are not afraid of missing the rally because we are absolute return investors and have the luxury of having missed the big down move from nearly 1,600. The managers that are subject to performance anxiety are the same group that managed to a market benchmark only to get tattooed during the downturn.

The Fed is punishing savers and the Prudent Man by manipulating interest rates to zero. You can sit in cash and earn zero or you can be forced out on the risk spectrum just so you can keep up with inflation or your benchmark. Forcing money into risky assets is perhaps the most dangerous experiment ever done, and is so large in scale and so unprecedented that we have no idea how it will end. I expect it to end poorly and with hyper-inflation. The funneling of assets into risk is masking the deteriorating fundamentals and giving the appearance of a market that has bottomed. But this is sleight of hand, an illusion.

The Fed has declared a war on savers, a war on prudence and provided the ultimate Moral Hazard Card - and with our money no less. They are also setting up the ULTIMATE BULL TRAP - a trap so large that when it is sprung, perhaps as early as the end of the first quarter/beginning of second quarter, there will only be sellers left.

Click here for Bennet’s full report.

* President of Atlantic Advisors Asset Management, Bennet Sedacca brings with him more than 26 years of securities industry experience. From 1981 to 1997 he worked for several major investment banks, specializing in high-grade fixed-income securities marketing, trading and portfolio management. In 1997 he formed Sedacca Capital Management focusing on portfolio management for high-net worth individuals and small to mid-sized institutions.

Bennet graduated from Rutgers University in 1982 with a degree in Economics.

Tags: Absolute Return, Bear Market, Buy Stocks, Commercial Mortgage Backed Securities, Corporate Bond Spreads, Corporate Bonds, Downturn, Economic Recovery, Emerging Markets, Holiday Season, Issuance, Level Government, Mortgage Backed Securities, Performance Anxiety, Portfolio Managers, Prudent Man, Stock Market, Target Rate, Time Students, Treasury Yields
Posted in Bonds, Emerging Markets, Markets | 2 Comments »