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Monthly Archives: August 2017

Howard Marks Memo – II

/ Timothy McGeeney /

To continue highlighting his latest memo, Marks recalled an iconic pre-crisis quote from then-Citigroup CEO Chuck Prince: “When the music stops, in terms of liquidity, things will be complicated,” Prince said in 2007. “But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” Marks says this quote

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Howard Marks Memo

/ Timothy McGeeney /

The continued reach for yield at the expense of risk management should be at the top of mind. Below are some of the highlights from his latest letter to clients. The credit investors of today clearly aren’t gun-shy, leaving investment opportunities to languish at excessive yields and yield spreads. At best these investments are fairly

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The Next Bubble?

/ Timothy McGeeney /

No, not Bitcoin (that is an enigma wrapped in a block chain trying to be a currency), but the Canadian housing market. Here is some hard data: The U.S. housing market peaked in late 2006. Since then, based on this index, U.S. housing prices are still down almost 13% from their peak through the end

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Setting Expectations

/ Timothy McGeeney /

In the last 50 years (i.e., September 1967 through August 2017), the S&P 500 has suffered 25 tumbles of at least 10%. 19 were 10% corrections 6 were 20% bear markets This happened on average 1 out of every 24 months, according to BTN Research. The last of the 25 drops ended on 2/11/16 or

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Hurricane Harvey Stats

/ Timothy McGeeney /

The utter devastation and harrowing experiences are unbelievable. 3 Miles Per Hour Tropical Storm Harvey is very slowly creeping back toward the Gulf of Mexico. But it was moving at only three miles per hour as of early Monday, so Southeast Texas, where Harvey made landfall, is still in danger. At least five deaths, and

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