The University of Michigan’s Current Economic Conditions Index improved further this month, and is now the highest level in over two decades. With approximately 70% of the US economy Consumer Spending, GDP should remain firm. Source: Bloomberg
Following up on our January 11th chart of the week, we highlighted “The 10 year treasury yield is at the high end of a downward sloping channel dating back to 1987.” This week’s charts highlights the 10 year treasury yield has now decisively broken out of the multi decade downward trend. Additionally, the 30 year […]
Time to expand? In addition to Small Business Optimism coming in stronger than expected, there were a record number of firms (going back to 1973) saying now is a good time to expand their businesses. Small Businesses employ 50% of the American private sector workforce (SBA.gov). The index declined (indicated by the red arrows) well […]
Fourth quarter earnings season is off to a great start. 70% of companies have beat earnings estimates, which is the highest rate in over a decade. Earnings, which influence corporate capital spending and hiring, are all key drivers of the economy. Source: Bespoke/361 Capital Authored by Salvatore Martone
Last week was rough for equity markets. The S&P 500 fell over 4.5%, with the majority of the loss coming in Friday’s single-day drop of over 2%. This felt particularly painful when compared to the calm of 2017, when the S&P 500 never declined more than 3% from intra-year highs. However, appearances can be deceiving. […]
Up, Up and Away? The S&P 500 is up 89% (excluding dividends) over the past five years and is up 6% year to date. This is a better start to the year than 2013 and 2003, years that ended with gains of 30% and 26%, respectively. S&P 500 Price return since January 2013 Source: Bloomberg […]
“Looking ahead, we see tax reform as a potential game changer with far reaching effects that will ripple through every industry and market sector. Clearly our outlook is optimistic. However, we don’t foresee a smooth ride.” In our 2018 Outlook, our Portfolio Management Group provides a comprehensive assessment of the positive market and economic impacts we […]
“Experienced investors know it’s exactly when everything is going right that the most can go wrong.” Barron’s Barron’s recently sat down with several of the country’s top independent financial advisors and asked how they are preparing “their clients for the inevitable storms.” Our Chief Investment Officer, Richard Saperstein, was among the advisors invited to participate […]
“We’re in the midst of a global synchronized recovery, and small caps have a tremendous under pricing relative to large caps. So I’d focus on the opportunities in that space.” Richard Saperstein, Chief Investment Officer In his recent appearance on CNBC’ Half Time Report, Richard Saperstein, shared his views on how the tax reform legislation will […]
Source: Bloomberg The 10 year treasury yield is at the high end of a downward sloping channel dating back to 1987. As investors sell treasuries, yields (which move in the opposite direction of bond prices) could move above the key level of 2.64%, pushing up yields for the $8 trillion U.S. corporate bond market, the […]
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This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.
All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.
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about the authors
began his career in the financial services industry in 1997 with AIG International. He has been associated with David D’Amico and Steven Feit since 1998, and joined Richard Saperstein at CIBC Oppenheimer in 2002.
Mr. Jones is Treasury Partners’ Senior Portfolio Manager and a member of the Portfolio Management Group. He implements and maintains our fixed income investment portfolios, and invests considerable time communicating with “the Street” and assessing developments within both the bond market and broader financial markets.
began his career in the financial services industry in 2002 with General Electric Asset Management, and was a fixed income corporate research analyst prior to joining Treasury Partners in 2009.
He is a member of our Portfolio Management Group. His responsibilities include performing top-down, macro due diligence and developing investment strategies across fixed income, equity, and ETF markets.
joined Treasury Partners in May 2015 as a municipal analyst with our Portfolio Management Group. He previously was a senior analyst with Public Financial Management, a financial advisor to state and local governments and other public sector institutions.
He analyzes municipal issuers' outstanding debt, and performs related quantitative analytics with the objective of identifying high quality credits with competitive pricing and yields.
began his career in 2008 with J.P. Morgan and joined Treasury Partners in 2009. He is a member of our Portfolio Management Group with primary responsibilities in the areas of portfolio analytics, research and reporting, investment due diligence, and third party manager analysis.
Mr. Saad conducts ongoing evaluations of the equity and fixed income portfolios strategies we manage internally, and monitors the investment managers we engage to run selected equity, fixed income, and alternative strategies.