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Contours of The Correction

Written by Michael Lebowitz | Apr, 4, 2018

In early February, the markets experienced some turmoil. Volatility spiked, stocks sold off roughly 10% and credit spreads widened. These were strange events given that over the prior 15 months…

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Quick Take: GDP Linked Bonds?

Written by Michael Lebowitz | Mar, 30, 2018

There is a core concept in finance that states that an investor should be properly compensated for the amount of risk taken. While central banks have certainly distorted the amount…

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Fasten Your Seat Belt, Turbulence Ahead

Written by Michael Lebowitz | Mar, 21, 2018

U.S. Treasury securities across the maturity spectrum are reaching yield resistance levels that have proven for decades to be extremely valuable to investors engaged in technical analysis. We believe it…

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BTFD or STFR?

Written by Michael Lebowitz | Mar, 14, 2018

“Stability breeds instability.” – Hyman Minsky The answer to the title of this article, the polite version of which is “Buy The Dip or Sell The Rally”, may well be…

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March Madness For Investors

Written by Michael Lebowitz | Mar, 13, 2018

Outcome versus Process Strategies It is that time of year when the markets play second fiddle to debates about which twelve seed could be this year’s Cinderella in the NCAA…

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Trump’s Volley – Hoover’s Folly?

Written by Michael Lebowitz | Mar, 7, 2018

“You load sixteen tons, what do you get? Another day older and deeper in debt Saint Peter don’t you call me ’cause I can’t go I owe my soul to…

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Deficits Do Matter

Written by Michael Lebowitz | Feb, 21, 2018

The Federal Reserve (Fed) has increased the Fed Funds rate by 125 basis points or 1.25% since 2015, which had little effect on bonds until recently. Of late, however, yields…

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