In the past six months markets have had more ups and downs than a Shakespearean drama. Looking at the cumulative points traded on the S&P 500 regardless of advancing or declining days since June 1, the S&P has traveled a total of 2,383 points through December 20, 2011. That is more than double the value of the index! The entire value of the S&P 500 has experienced 200% turnover in just the last 6..
Read Full ArticleViolent price declines in global financial markets have investors on edge. As of Monday August 8th, the S&P 500 has declined more than -13% in the first 6 trading days of the month, taking the S&P negative more than -11% for the year. Anchor Capital’s Absolute Return strategies have remained hedged and/or net short during this decline, with several strategies..
Read Full ArticleThere is an old Sesame Street song that will forever remain in my memory: “One of these things is not like the other.” The song is usually accompanied by several items that are the same and one different. We have been commenting for several months now about the growing divergence between corporate high yield bonds and equities. In short, while equities have benefited from the record amount of..
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High Yield Credit, Equities and International markets all moved higher in the first quarter of the year but Credit and International markets may be flashing warning signs of trouble to come.
It was just 90 days ago that we were commenting on the record levels of volatility and little progress investors had been subjected to in the second half of 2011. In our “Oh Trend…Where For Art Thou” ..