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Fixed Income Market Review and Outlook
Fourth Quarter 2011
Format: PDF
January 1, 2012
Despite economic uncertainties in Europe and a raucous political season at home, we see numerous opportunities.
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Equity Market Review and Outlook
Fourth Quarter 2011
Format: PDF
January 1, 2012
Another roller coaster year for equities.
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Fixed Income Market Review and Outlook
Third Quarter 2011
Format: PDF
October 18, 2011
Global economic weakness, credit anxiety and an untimely credit downgrade threw world asset markets into a tailspin.
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Equity Market Review and Outlook
Third Quarter 2011
Format: PDF
October 11, 2011
We are optimistic, but grounded, as secular challenges are paired against what we see as cyclical opportunities.
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Organizational Update for Private Clients and Equity
Format: PDF
September 19, 2011
We are pleased to make you aware of the latest developments at Newfleet Asset Management for our private client and equity teams.
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Fixed Income Market Review and Outlook
Second Quarter 2011
Format: PDF
July 22, 2011
Is it too early to take down the sails and run to the cover of Treasuries? We think so.
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Equity Market Review and Outlook
Second Quarter 2011
Format: PDF
July 22, 2011
We are optimistic, but grounded, as secular challenges are paired against what we see as cyclical opportunities.
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The "What, Me Worry?" Market
First Quarter 2011 Market Commentary
Format: PDF
April 8, 2011
In the first quarter of 2011, markets shook off a series of worries of near-biblical proportions..
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Equity Market Review and Outlook - First Quarter 2011
Format: PDF
April 8, 2011
Stocks muscled through a plethora of problems to post solid gains this quarter.
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The Tyranny of Cycles
Fourth Quarter 2010 Market Commentary
Format: PDF
January 13, 2011
2010 was when policymakers decided that The Great Reflation Experiment needed a reboot.
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Equity Market Review and Outlook - Fourth Quarter 2010
Format: PDF
January 13, 2011
We suspect more gains are in store for stocks this year... but it won't come easy.
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The Answer Is Blowin' In The Wind
Third Quarter 2010 Market Commentary
Format: PDF
October 5, 2010
The drip, drip, drip of disappointing demand, the hallmark of a secular debt deflation, finally began to exact its psychological toll in the third quarter.
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Muni market unphased by California's overdue budget
Source: Fox Business News
Format: HTML
August 30, 2010
Tim Heaney, Municipal Bond Portfolio Manager for SCM Advisors, was quoted in an article on Fox Business News authored by Jim Christie on how the Muni market is reacting to California's ongoing $19 billion budget shortfall.
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You're Gonna Need a Bigger Boat...
Second Quarter 2010 Market Commentary
Format: PDF
July 2, 2010
Financial fear is back... but can policymakers do anything about it?
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Taking Issue with the Vice President...
First Quarter 2010 Market Commentary
Format: PDF
April 12, 2010
Some have taken to calling this post-crisis period the Great Recession while others simply refer to it as a debt deflation. Either way it's a Very Big Deal.
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It's Complicated...
Fourth Quarter 2009 Market Commentary
Format: PDF
January 14, 2010
With The Great Reflation Experiment, policymakers hope to prod private sector demand by attempting to rekindle inert animal spirits.
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There's Battle Lines Being Drawn...
Third Quarter 2009 Market Commentary
Format: PDF
October 14, 2009
There are increasingly polarized views regarding not only what actually did happen with the recent market meltdown but, more importantly, what it portends for the future.
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Deleveraging boosts bond fund managers
Source: MarketWatch
Format: HTML
July 29, 2009
Portfolio Manager Bradley Kane was quoted in an article by Sam Mamudi on how bond managers are back in the trading action due to the credit freeze.
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The Nine Most Terrifying Words in the English Language
Second Quarter 2009 Market Commentary
Format: PDF
July 14, 2009
Except, of course, for when you're really, really terrified to begin with. Then... not so much
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Government Sponsored Financial Methadone
First Quarter 2009 Market Commentary
Format: PDF
April 13, 2009
Monetary and fiscal policymakers are desperately trying to replace various forms of economic stimulus.
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There's Something Happening Here...
Fourth Quarter 2008 Market Commentary
Format: PDF
January 13, 2009
What we're unwinding are not just the excesses from the most recent credit cycle, but from multiple credit cycles going as far back as 1980.
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Against The Grain: SCM Ups Its HY Bond Exposure
Source: Bank Loan Report
Format: HTML
November 3, 2008
An article in The Bank Loan Report highlighted the reasons behind SCM's tactical move to increase its exposure to high yield and high grade bonds..
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Rules? In a Knife Fight?
Third Quarter 2008 Market Commentary
Format: PDF
October 15, 2008
What can we learn about today's investment environment from Butch Cassidy?
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Dueling Mandates
Second Quarter 2008 Market Commentary
Format: PDF
July 11, 2008
The second quarter highlighted why it might be better for members of the FOMC to all be on the same page... not to mention the same book.
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When The Going Gets Weird, The Weird Turn Pro
First Quarter 2008 Market Commentary
Format: PDF
April 11, 2008
The faint outlines of a brave new world of credit are beginning to take shape.
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The Times They Are A-Changin'
Fourth Quarter 2007 Market Commentary
Format: PDF
January 15, 2008
As the business of borrowing and lending is being re-thought, the global capital markets are being tossed around in the wash phase of the credit cycle.
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US corporate bond sales surge as market rallies
Source: Reuters
Format: HTML
October 3, 2007
SCM Advisors' Portfolio Manager Robert Bishop was quoted in an article by Dana Aubin on signs that demand for company debt is rising as the credit squeeze wanes.
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Amending The Bard... it's the Summer of our Discontent
Third Quarter 2007 Market Commentary
Format: PDF
September 30, 2007
The market is re-discovering the notion of risk, and getting a painful re-education about the ebbs and flows of credit.
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Data LBO may be costly for banks involved
Source: MarketWatch
Format: HTML
September 12, 2007
Portfolio Manager Bradley Kane was quoted in an article by Alistair Barr on how the markets will accept large LBO loans given the turmoil of the summer.
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Perspectives on a Crunch; "Indigestion," repricing - but no meltdown
Source: American Banker
Format: HTML
August 6, 2007
SCM Portfolio Manager Bradley Kane was quoted in an American Banker article written by Todd Davenport about the battle for the hearts and minds of investors in the corporate credit markets.
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Chrysler deal hits tougher loan market
Source: MarketWatch
Format: HTML
July 17, 2007
Portfolio Manager Bradley Kane was quoted in an article by Alistair Barr on the fallout as investors push back ahead of a record $250 bln in borrowing for big buyouts.
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Saved by the Margin Clerks
Second Quarter 2007 Market Commentary
Source: Newfleet Asset Management
Format: PDF
June 30, 2007
The recent rise in Treasury notes has been capped by fears of a subprime meltdown... for now.
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Market's Jitters Stir Some Fears For Buyout Boom
Source: The Wall Street Journal
Format: HTML
June 28, 2007
Portfolio Manager Bradley Kane was quoted in a front page article by Serena Ng, Tom Lauricella and Michael Aneiro about how takeover-related debt is getting a chilly reception.
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The Shallow End of the Meme Pool
First Quarter 2007 Market Commentary
Source: Newfleet Asset Management
Format: PDF
March 30, 2007
Google the word "meme" and you'll find that its a term coined by the biologist Richard Dawkins, referring to a unit of cultural information that can propagate from one mind to another in a manner analogous to genes. According to Wikipedia, examples of memes include tunes, ideas, catch-phrases, and beliefs. We at SCM Advisors would like to add another: those fleeting notions that find their way to the forefront of market consciousness.
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Excerpts from SCM's March 5 Morning Meeting
Source: Newfleet Asset Management
Format: HTML
March 5, 2007
It's definitely been an interesting last few days as risk premiums are being ratcheted higher in quantum chunks.
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Seneca Capital Management is now "SCM Advisors LLC"
Source: Newfleet Asset Management
Format: HTML
February 1, 2007
Same company, same investment team; with new investment vehicles and a new name.
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Seasonal Musings: The Song Remains (Uncomfortably) the Same
Fourth Quarter 2006 Market Commentary
Source: Newfleet Asset Management
Format: PDF
January 2007
What does the year-end convergence of market opinion say about the prospects for the perfect soft-landing?
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Doug Couden: Investment Outlook
Source: Investment News
Format: HTML
January 2007
Director of equity and senior portfolio manager Doug Couden gives his forecast for what to expect with the equity markets in 2007, and his projections for the major indices.
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The Summer's Surprise: A Yield Curve Ball
Third Quarter 2006 Market Commentary
Source: Newfleet Asset Management
Format: PDF
October 2006
Determining which way the bond markets are headed is not as simple as most analysts think.
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Beware the Ides of... May
Second Quarter 2006 Market Commentary
Source: Newfleet Asset Management
Format: PDF
July 2006
As months go, May doesn't usually stand out in the financial markets. That certainly wasn't the case with the 2006 version. This was one for the ages.
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Where Time Frames Meet
First Quarter 2006 Market Commentary
Source: Newfleet Asset Management
Format: PDF
April 2006
Seems like everyone's talking about the shape of "the curve" these days. The reason for all the buzz is that while the Treasury yield curve typically slopes upward and to the right, the current version does not.
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