by David Munves, CFA | Apr 23, 2020 | Credit and Capital Markets
“I used to think if there was reincarnation, I wanted to come back as the president or the pope or a .400 baseball hitter. But now I want to come back as the bond market.” James Carville (campaign advisor to President Bill Clinton, 1993) Times were very...
by David Munves, CFA | Feb 15, 2020 | Credit and Capital Markets
Credit rating agencies have been called a lot of things over the years, but “dodgy boilers” (per a recent article the Financial Times) has to be a new one. The journalist leaned into the simile because just as a faulty boiler can blow up a house, so can the...
by David Munves, CFA | Feb 3, 2020 | Credit and Capital Markets
A recent Financial Times article featuring the juggernaut known as Vanguard Asset Management provided a useful reminder, if we needed one, of the declining business outlook for US active asset managers. It’s a sad but familiar tale, particularly in the equity...
by David Munves, CFA | Jan 29, 2020 | Credit and Capital Markets
A recent Financial Times article on fixed income exchange traded funds (ETFs) explored at length how portfolio trading has enabled the rapid growth of bond ETFs. However, while it highlighted, we believe correctly, the implications for liquidity and dealer...
