Art Howe 2015-12-04T13:04:25-08:00 October 31st, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|
The present jump in U.S. corporate productivity heralds a boost in corporate profit margins; but positive earnings surprises have been at the cost of household income. Corporate profits are surprising on the upside because of aggressive cost cutting. Non-farm business productivity jumped in the third quarter as firms managed to boost output impressively using fewer […]
Art Howe 2015-12-04T13:04:16-08:00 September 30th, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|
Although global stock markets could encounter some near-term setbacks, there is no evidence of impending major cyclical problems. Within the U.S., the very low interest-rate environment plus a cheapened dollar will foster an earnings rebound for corporations – especially when compared to last year’s dismal results – suggesting that the cyclical bull market in stocks […]
Art Howe 2015-12-04T13:05:07-08:00 June 30th, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|
It would be a stretch to expect an early return to normal – at least not to what we used to call normal. The destruction of balance sheet wealth and the damage to both the financial infrastructure and to confidence in the financial system will have lasting effects. Normality as we used to know it, […]
Art Howe 2015-12-04T13:06:44-08:00 February 29th, 2008|by Michael Ashley Schulman, Perspectives, The Big Picture|
Concerns about economic weakness and turmoil in the credit markets are likely to weigh on high yield and convertible bond closed-end funds (CEFs) over the next several months. Since late-2007 dislocations in the credit markets have contributed to tighter financial conditions which may push the US economy into recession. Similarly, credit strategists believe we have […]
