The Big Four Economic Indicators: March Employment
This commentary has been updated to include yesterday morning's release of Nonfarm Employment. March's 701K decrease in total nonfarm payrolls had revisions that resulted in 57K fewer jobs than previously reported. The Investing.com consensus was for 100K jobs lost and the unemployment rate to increase to 3.8%.
Convertibles: Providing Risk Management and Positioned for a Snapback
The stage is being set for what we internally call the “convertible trifecta.” The markets are uncertain right now. But when markets eventually calm, the team would expect to see the combined forces of equity upside, credit upside and convert valuation gaps closing, which can be very powerful on the way back up.
Record Unemployment Claims and Oil's Best Day Ever
A head-spinning 6.6 million Americans filed new claims for unemployment benefits this week bringing the two-week total to 10 million. That’s more than the combined populations of Los Angeles and Chicago.
Notes from Lockdown
The new coronavirus is touching us all, one way or another. The virus is infectious but so are the preventative measures. Today I’ll continue last week’s “postcard” format and at the end give you a lightening round of things I have come across, some good and some not. I hope some of what I tell you makes you as angry as it does me.
Navigating Emerging Markets During Uncertain Times: This Too Shall Pass
Even though economic activity in many countries has dramatically slowed or stopped due to the coronavirus outbreak, Franklin Templeton Emerging Markets Equity’s Andrew Ness still thinks there’s underlying long-term potential in emerging markets. He shares the specifics of what he’s on the lookout for as an investor in this highly uncertain period, which eventually will pass.
Which Way Now?
How should investors think about the economy and asset values when faced with unprecedented uncertainty surrounding the effects of the coronavirus and a complete absence of guidance from analogies to the past? Read Howard Marks’s latest memo, in which he lays out the views of both the optimist and the worrier.
This Multi-Phase Crisis Can Be Navigated if We Join Forces to Thread the Needle
Matt provides a framework that he and his team use to make sense of the headlines and the price bids flashing on their monitors. His realistic, yet hopeful outlook provides a roadmap for successfully navigating this universal crisis together.
Indiscriminate Selling Has Driven Closed-end Fund Discounts, Creating Compelling Value
Even with all the benefits attributable to closed-end funds—intraday trading, low financing costs of leverage, ability to be fully invested, and consistent source of income—they have some idiosyncrasies that present challenges, especially during extreme volatility