3Q20 Commentary
History in the Making
Can we learn from history? Or has the past just set the table for what’s to come? Is the future determined by the past? Or are the two unrelated? We suggest that the answer to all of these questions is yes.
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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.
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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.
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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.
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Quarterly Commentary Archive
- 2Q2019: The Intoxicating Rush of a High-Flying Market
- 1Q2019: Redefining Outperformance in Fixed Income | Creditworthiness + Volatility Mitigation = Risk-Adjusted Returns
- 4Q2018: Will You Even Notice When the Tide Goes Out? | Better Lucky Than Skillful? Are You Sure About That? | Rating Risk and Risky Ratings
- 3Q2018: Rising Credit Spreads Won’t Sink All Boats | Covenant Lite: Yields Great, Less (Ful)Filling
- 2Q2018: Are ETFs Dumbing Down the Bond Market? | The Most Important Success Metrics You Aren’t Using | A New Alphabet for the Fed-Watching Set
- 1Q2018: Be an Intentional Investor | Nonsense Masquerading as Foolishness Undermining Discipline | BREAKING NEWS: Bank Loans Just Got Riskier
- 4Q2017: Running With The Bulls Can Get You Trampled | Bank Loan Funds: You Are What You Eat | Short-Term Bond Funds: This Rose By Any Other Name Would Be Something Else
- 3Q2017: Myth #1: Low Volatility Is Here To Stay | Myth #2: Market Timing is Easy | Myth #3: Mutual Funds Should Have Low Fees
- 2Q2017: Logic Puzzles | But Is It Worth The Effort? | What Really Matters Anyway?
- 1Q2017: Chute! Chute? Shoot. | Forget the Cookie Jar – It’s the Pies You Should Avoid | Not All Ladders Go Up
- 4Q2016: Why? | “Brilliantly Simple” | What Does It Mean to “Risk-Adjust” Returns?
- 3Q2016: Discover Your Inner Skeptic | The Danger of False Choices | The More Things Stay the Same, The More They Change
- 2Q2016: Mind the Gap | Buyers Beware | With Great Milestones Comes Great Responsibility
- 1Q2016: Trading Investing in Fixed Income | The Risk Less Traveled | Avoid Becoming a Fashion Victim
- 4Q2015: Holy Backfire, Batman! | Comparing Apples to Oranges | Aren’t We Supposed to Buy Low?
- 3Q2015: What is Liquidity? | The Hidden Cost of Perceived Liquidity | The Importance of Fit
- 2Q2015: Our First Quarterly Letter | Saying “No” to Good Companies | Our Approach to Volatile Markets
