CEFs

Fixed income markets outperformed

July 31st, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

Though the month of July was a mixed bag in terms of news, fixed income markets outperformed as spreads tightened across corporates, financials and sovereign bonds. On the negative front, worries about the recovery escalated as US GDP growth slowed and consumer confidence slipped as concerns over jobs and wages intensified. News on the housing […]

The recent sharp drop in the euro and risk assets underscores investor frustration

April 30th, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

The recent sharp drop in the euro and risk assets underscores investor frustration that policymakers are still reactive rather than proactive in their attempts to end the fiscal crisis and contagion risk within the euro area. Authorities have provided a new package for Greece and the European Central Bank (ECB) relaxed its collateral requirements, but […]

The list of concerns unnerving investors seems to be expanding quickly

January 31st, 2010|by Michael Ashley Schulman, Perspectives, The Big Picture|

The list of concerns unnerving investors seems to be expanding quickly. The degree to which this “recovery” is addicted to emergency policy stimulus has been the most important source of uncertainty since the beginning of this year. Now add to this the danger posed by a tightening in Chinese monetary policy, the growing sovereign debt […]

The recovery from a deep recession can be intense

August 31st, 2009|by Michael Ashley Schulman, Perspectives, The Big Picture|

The recovery from a deep recession can be intense. The proposition is even more acute in this recession, as continuing high levels of unemployment are accompanied by extraordinary issues of government policy and their unwind. Fundamentally, the asset at the heart of the crisis – housing – appears to be stabilizing in both the US […]

2008 will be remembered as a watershed year

December 31st, 2008|by Michael Ashley Schulman, Perspectives, The Big Picture|

2008 will be remembered as a watershed year, unless, of course, 2009 is worse. Along with the notable failure of banks, insurance companies, mortgage insurers, housing and the US consumer, we witnessed the annihilation of multiple investment strategies and asset classes. Over leveraging of risky assets led to much of the current economic malaise. The […]