2Q20 Commentary
Tailored Brands: A Casualty of Covid
Retail companies don’t usually find themselves in the advantageous liquidity position that Tailored Brands, the largest specialty menswear retailer in the United States, had at the start of 2020. Then COVID-19 changed everything in an instant. What follows is a transparent and open reflection of this specific situation; what we have learned so far; and how we are thinking about and positioning in the current environment.
Read more… (Registration Required)
1Q20 Commentary
What Happened To Zeo?
As investor panic subsides and underlying issuer fundamentals regain mindshare, we expect to see differentiation between the companies we own and those that are truly at risk in the coming years while the economy attempts to recover from the drastic consequences of the COVID-19 global health crisis.
Read more… (Registration Required)
4Q19 Commentary
Robbing 2020 to Pay 2019: A Reality Check for Fixed Income
Rather than cheer the 2019 gain in fixed income and pat themselves on the back for a job well done, investors should realize that some of what should have been 2020’s performance was pulled back into 2019 in most duration-unconstrained strategies. This has reduced the already small cushion investors have if things don’t go as they expect… and maybe even if they do.
Read more… (Registration Required)
3Q19 Commentary
Apparently, Hope Is A Strategy
Are the investors buying in the current environment truly optimistic about the market’s prospects for gains? It would be easy for us to write about how this behavior makes no sense, but the hard reality for those who see themselves as risk managers is that this makes perfect sense.
Read more… (Registration Required)
