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Commentary

Canso May 2008 Market Observer

It’s been a financial thriller so far in 2008. When most of the world’s largest and most sophisticated financial institutions came to the terrifying realization that their innovative ways had loaded their balance sheets with…
Commentary

Canso May 2008 Corporate Bond Newsletter

The disastrous credit experience of financial institutions in late 2007 and early 2008 saw a black mood envelope the credit markets. The investment herd stampeded out of credit and into the safety of government bonds.
Commentary

Canso February 2008 Market Observer

What a difference a year makes! The Canso Market Observer of February 2007 was a lonely and outmoded voice of credit caution. We argued that the credit problems brought about by excessive monetary stimulation were…
Commentary

Canso October 2007 Market Observer

We called for continued economic growth in our June newsletter, albeit at a slower pace, with stubborn inflation. We also believed that the risk of a financial accident was high due to the very speculative…
Commentary

Canso July 2007 Market Observer

The economy slowed somewhat in the United States over the second quarter, as headwinds from a slowing housing market ate into an export boom fed by the depreciating U.S. dollar. Discerning economic direction proved difficult,…
Commentary

Canso July 2007 Corporate Bond Newsletter

Interest rates continued to rise over the second quarter of 2007 with the yield curve in the United States “normalizing” from its slight inversion earlier in the year. This reflects the steady drumbeat of decent…
Commentary

Canso April 2007 Corporate Bond Newsletter

Our lonely view has been for some time that slowing growth might not lead to lower inflation and interest rates in the U.S. This has been confirmed in the first quarter of 2007 as an…
Commentary

Canso April 2007 Market Observer

Remember those investment strategists from a couple of years ago who claimed that higher energy and gasoline prices would be deflationary? At the time, we thought that this was one of the most absurd investment…
Commentary

Canso February 2007 Corporate Bond Newsletter

The bond market is currently seeing and sawing between statistical releases, waiting for evidence of the U.S. economy weakening. The consensus view is that weakness in the U.S. housing market will spill over into the…