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Commentary

Canso January 2012 Corporate Bond Newsletter

2011 was the year, it was unanimously agreed, when interest rates would finally start to rise. Bond media personalities lectured and hectored the world on the low level of yields and the obvious investment insanity…
Commentary

Canso January 2012 Market Observer

The investment year of 2011 can be divided into its two halves. In the first half, investment enthusiasm seized investors and a half full economic cup seemed very promising. In the second half, fear took…
Commentary

Canso October 2011 Corporate Bond Newsletter

The Canadian corporate bond market was not for the faint of heart in the third quarter of 2011. The budget debate in the United States and the subsequent downgrade of the U.S. from AAA combined…
Commentary

Canso October 2011 Market Observer

Last quarter, we used the metaphor of a highway for what we thought might happen to the economy and the financial markets. We believed that “this time is different” and that despite large doses of…
Commentary

Canso July 2011 Corporate Bond Newsletter

Yes, the chart below has a cartoon explosion with the number 3.7% in it. This is even more explosive than the words above for Canadian bond investors. It is the Statistics Canada year-over-year change in…
Commentary

Canso July 2011 Market Observer

Fear stalked the global financial markets in the second quarter of 2011. The downside, long forgotten in the investor rush to “get invested”, began to dominate greed. The liquidity induced euphoria of Bernanke’s QE2 faded…
Commentary

Canso April 2011 Corporate Bond Newsletter

The global stock market recognized that global economic recovery was underway in the first quarter of 2011. Stocks moved higher but bonds struggled with the idea that the “normalization” of monetary policy and higher interest…
Commentary

Canso April 2011 Market Observer

“That Old Man Market, he keeps on rolling….. he keeps on rolling…..he keeps on rolling. That Old Man Market, he keeps on rolling along……..” (With apologies to Jerome Kern and Oscar Hammerstein II.) Read the…
Commentary

Canso January 2011 Corporate Bond Newsletter

The year 2010 actually turned out to be a decent one for the bond markets. Despite investor misgivings about loose monetary policy, we believed that the economic headwinds and deleveraging of financial institutions would result…

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