Hints and tips:
...Pension funds and insurance companies, in particular, have an opportunity to lock in an asset mix that matches their liabilities. But while demand may explain spreads, it does not justify them....
...They followed the Pinault family of Ch Latour et al, who, in 2013, bought what is now called The Eisele Vineyard from the Araujos, and were so confident of their savoir-faire that they didn’t even impose...
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...“The question mark is how deep and how long . . ....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...The questions private credit lenders are being asked are the same ones banks often face from the Federal Reserve on their risky lending activities: how rigorous is your underwriting, and will these companies...
...al)....
...Given how volatile the data was during Covid-19, Williams et al suspended their estimates until May....
...What about how concentrated the stock market gains are with Nvidia, Microsoft, Google et al? I mean, shouldn’t that weigh against this rally? What about that? Katie MartinMaybe yes....
...Everyone expects Jay Powell et al to say “no rate increase today, but maybe in a month”....
...Pension reform has come under the spotlight as research by Ondra Partners shows holdings of UK-listed companies by British pension and insurance funds have plunged from about half of their portfolios to...
...Investors have long debated whether Tesla is an auto company or a tech company. We believe it’s both, but see the biggest value driver from here being software and services revenue....
...The percentage was higher for those without insurance, reaching 42 per cent....
...Shares in other banks considered to have some degree of asset-liability mismatch (Western Alliance, Zions et al) only saw their shares wobble a little bit yesterday....
...Here’s Citi’s Andrew Coombs et al. then: For the European banks, we see less risk of deposit flight and believe they have more liquid balance sheets....
...SVB gathered billions of dollars in uninsured, short-term deposits from start-up companies. It invested them in highly rated, long-term securities. Interest rates went up....
...Then, the hidden leverage and maturity mismatch in pension funds’ and insurance companies’ portfolios — generally supposed to be long-only — could pose a policy challenge....
...If we are right that consumer spending, despite some recent softening on the margin, is still at or above trend, that is another thing for Powell et al to fret over....
...The failure of one of Drexel’s biggest clients, the Executive Life Insurance Company, destroyed the retirement incomes of thousands of Americans....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...She is speaking from her home in Southampton, Long Island, where she lived with her husband, the artist Roy Lichtenstein....
...The Federal Deposit Insurance Corporation, which took over SVB on Friday, is restarting the auction for the bank, after failing to find a buyer over the weekend....
...Pension funds and insurance companies globally know that rates tend to hit cyclical peaks when the curve inverts, and now that the Fed is signalling it is nearly done, they are piling in to long duration...
...In the communications sector, the video entertainment companies (Warner Bros Discovery, Paramount, Disney, Netflix et al) explain the bulk of the outperformance....
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