Market Commentary | August 29, 2023

Paths to Growth Higher interest rates have made commercial real estate prohibitively expensive. Higher interest rates have destabilized the regional banking system through the evaporation of no-cost deposits, which resulted in a raft of stricter banking regulations...

Market Commentary | July 15, 2023

Segueing to Higher Dividend Income and a Return to Par The Labor Department on Wednesday reported that its index of consumer prices rose just 0.2% in June from a month earlier. Market watchers breathed a sigh of relief, but the Fed quickly warned that its battle with...

Market Commentary | June 15, 2023

We Bought the Farm Over the last year and a half of this hyper-inflationary environment, we’ve joined the legions of other investors in ritualistically awaiting the monthly release of fresh Consumer Price Index (CPI) and Producer Price Index (PPI) reports. Most of the...

Market Commentary | May 19, 2023

Old Currency is New Again History has a tendency to repeat itself and, at times, it can be a long, frustrating process. On May 3rd, the Federal Reserve raised rates for a 10th time bringing the target rate back to the highest level it has been since the Great...

Market Commentary | April 17, 2023

Purgatory at the Point of Inflection About a year ago, in our search for yield that was safe in a rising rate, inflationary environment, we identified a multi-billion-dollar pool of fixed-to-floating rate preferreds we could buy at meaningful discounts to par that...

Market Commentary | March 16, 2023

Silicon Valley Bank’s Collapse and Why it Brings Opportunity You have likely heard about last week’s sudden implosion of Silicon Valley Bank (SVB).  We want to share our insights into what is happening and most importantly, what it may mean for you. Are your...