At the beginning of a client relationship, we ask new clients whether or not there are any constraints that we need to be bound by in managing the investment assets. Ninety-nine times out of a hundred, there’s nothing to worry about other than assets with a low cost basis and, therefore, a lot of potential capital gains taxes. In addition to any tax considerations, we want to know whether an… Read More
I didn’t apply to Harvard because I was certain that they would not admit me. My grades were fine and scores were so-so, but at that time they were accepting only nine or ten percent of applications and I knew that the other kids had top grades and scores AND were fluent in four languages, captain of multiple teams and fought poverty on the side. Or, worse yet, their parents… Read More
Yesterday’s insight about the Morningstar Manager of the Year generated a lot of interest and feedback from readers. Thank you! I appreciate your replies and make it a point to respond to all of them. While we’re on the subject, I also want to thank you for completing the satisfaction survey that we sent 10 days ago. I am pleased to report that when you were asked whether you would… Read More
US stocks were narrowly lower yesterday as markets effectively stood still in front of the employment report coming out this morning. Bond prices have gained ground as the 10-year Treasury note yield fell to 2.98 percent. Earnings season officially started yesterday with Alcoa, the aluminum maker, whose earnings were poor on two impairment charges for acquisitions made a decade ago. At the same time, Alcoa reported a settlement with the… Read More
ALM Insights is focused on banks and other institutions that use their portfolio to manage risk on both sides of their balance sheet. It takes an in-depth look at securities investment strategies, balance sheet and asset/liability strategies, regulatory topics and general economic information. To view this issue, click the image below. In This Issue: 2013 Bond Performance Review Economic Analysis – Taper Time ALM Model Year End Checkup
ALM Insights is focused on banks and other institutions that use their portfolio to manage risk on both sides of their balance sheet. It takes an in-depth look at securities investment strategies, balance sheet and asset/liability strategies, regulatory topics and general economic information. To view this issue, click the image below. In This Issue: Liquidity as a Risk Factor Bond of the Day – Mortgage Backed Securities Economic Update –… Read More
ALM Insights is focused on banks and other institutions that use their portfolio to manage risk on both sides of their balance sheet. It takes an in-depth look at securities investment strategies, balance sheet and asset/liability strategies, regulatory topics and general economic information. To view this issue, click the image below. In This Issue: The Risk of Concentration Economic Update – We Want More, We Want More Unruly Interest Rates
ALM Insights is focused on banks and other institutions that use their portfolio to manage risk on both sides of their balance sheet. It takes an in-depth look at securities investment strategies, balance sheet and asset/liability strategies, regulatory topics and general economic information. To view this issue, click the image below. In This Issue: The Role of Portfolio Construction Bond of the Day – Credit Securities Economic Update – The… Read More
ALM Insights is focused on banks and other institutions that use their portfolio to manage risk on both sides of their balance sheet. It takes an in-depth look at securities investment strategies, balance sheet and asset/liability strategies, regulatory topics and general economic information. To view this issue, click the image below. In This Issue: Value in Issuing Callable CDs Dodd Frank – Credit Guidelines Economic Update – Enough Already! Basel… Read More
