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You're Gonna Need a Bigger Boat...
Source: SCM Advisors
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...
Source: SCM Advisors
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...
Source: SCM Advisors
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...
Source: SCM Advisors
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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China First to be Tempted by IMF Bonds
Source: Markets Media
Format: HTML
September 3, 2009
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in a Markets Media article authored by Steven Marlin and Riley McDermid on the repercussions of China purchasing IMF bonds instead of U.S. Dollars.
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Market Extends Rally, Led by Financials, Energy
Source: Rueters
Format: HTML
August 24, 2009
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted in an article by Ryan Vlastelcia examining the cause and effect of recent market gains.
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Fibonacci Over the Back Fence - Quick Thoughts by SCM Advisors
Source: Barron's
Format: HTML
August 21, 2009
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted extensively by Barron's in a Market Week article entitled "A Sampling of Advisory Opinion."
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Investors Sell Bank Shares Ahead of the Fed's Statement
Source: New York Times
Format: HTML
August 12, 2009
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in an article commenting on the effect of anticipating moves by the Fed.
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U.S. Stock Market's Limited Rise Led By Financials
Source: MarketWatch
Format: HTML
August 6, 2009
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in an article by Kate Gibson discussing the sustainability of recent rises in the stock market.
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Economic Recovery Taking Shape?
Source: U.S. News & World Report
Format: HTML
July 31, 2009
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in an article by Bonnie Erbe about the market's expectations of a V-shaped economic recovery.
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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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Green shoots? Green Acres more like
Source: Credit
Format: PDF
July 2009
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine saying, "Anyone who believes the economy has turned a corner must be living in a sitcom."
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The Nine Most Terrifying Words in the English Language
Source: SCM Advisors
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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The great race...to the bottom
Source: Credit
Format: PDF
April 2009
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine about the foolishness of trying to predict the length of the current economic downturn.
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Government Sponsored Financial Methadone
Source: SCM Advisors
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...
Source: SCM Advisors
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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Comments on 12/16/08 Fed Announcement
Source: SCM Advisors
Format: HTML
December 16, 2008
Maxwell Bublitz, Chief Strategist of SCM Advisors, says the Fed lowering target rates today indicates that quantitative easing is alive and well.
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Many Line Up for Cash, But Bailout Plan Falters
Source: New York Times
Format: HTML
November 14, 2008
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in an article by Michael J. De La Merced analyzing why the government's rescue plan isn't working as quickly as had hoped.
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Creating a Monster
Source: Credit
Format: PDF
November 2008
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine warning that some government efforts to cure the current financial crisis could have longer-term consequences.
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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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The Yields Are Staggering
Source: Barron's
Format: HTML
October 20, 2008
Laura Milner, Portfolio Manager of SCM Advisors, was quoted in an article by Andrew Bary on how the Municipal Bond market is benefiting from the current credit crisis.
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Muni Muscle
Source: Barron's
Format: HTML
October 20, 2008
Laura Milner, Portfolio Manager of SCM Advisors, authored a Municipal Bond Market Review and Outlook for Barron's.
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Rules? In a Knife Fight?
Third Quarter 2008 Market Commentary
Source: SCM Advisors
Format: PDF
October 15, 2008
What can we learn about today's investment environment from Butch Cassidy?
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Bold Pledges From Leaders, but Investors Await Details
Source: New York Times
Format: HTML
October 13, 2008
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in an article by Mark Landler and Katrin Benhold on government attempts to inject cash into ailing banks.
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Fed Weighs Bid to Spur Economy as Markets Plummet Worldwide
Source: New York Times
Format: HTML
October 7, 2008
Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in a front page article by Edmund L. Andrews and Michael M. Grynbaum about the Federal Reserve's options for jump-starting the economy.
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Treasuries Beating U.S. Assets Vindicate Bernanke
Source: Bloomberg
Format: HTML
September 8, 2008
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted extensively in a Business Week article by David Bogoslaw about the possibilites of recession amid renewed worries about weakness in the the global financial sector.
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We're all Swensenians now
Source: Credit
Format: PDF
July/August 2008
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine which suggests that investors should check their premises about the correlation and flows between various asset classes.
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Dueling Mandates
Second Quarter 2008 Market Commentary
Source: SCM Advisors
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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Press Coverage & Articles 2Q08
Format: HTML
Second Quarter 2008
In the second quarter, SCM Advisors' investment professionals were featured in several articles (including New York Times, Barron's and Business Week) on a number of subjects ranging from the ongoing credit crises to second half forecasts on fed policy and interest rates.
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When The Going Gets Weird, The Weird Turn Pro
First Quarter 2008 Market Commentary
Source: SCM Advisors
Format: PDF
April 11, 2008
The faint outlines of a brave new world of credit are beginning to take shape.
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Cold turkey for credit
Source: Credit
Format: PDF
April 2008
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine in which he examines the huge expansion of credit in recent years and its impact to the US economy.
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Stocks Fall on Worries about Banks
Source: Business Week
Format: HTML
January 28, 2008
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted extensively in a Business Week article by David Bogoslaw about the possibilities of recession amid renewed worries about weakness in the the global financial sector.
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Silver Lining for Hedge Funds in Turbulent Market
Source: HedgeWorld
Format: HTML
January 23, 2008
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted extensively by Chidem Kurdas, New York Bureau Chief for HedgeWorld, in an article about new opportunities for making money because of heightened market volatility.
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The Times They Are A-Changin'
Fourth Quarter 2007 Market Commentary
Source: SCM Advisors
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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Open season at the fed
Source: Credit
Format: PDF
January 2008
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine which examined the consequences of Ben Bernanke's recent well-intentioned drive to increase transparency within the Fed.
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Bloomberg TV interview with SCM Chief Strategist Maxwell Bublitz
Source: Bloomberg
Format: HTML
October 17, 2007
SCM Chief Strategist Maxwell Bublitz was interviewed on Bloomberg Television about how "fear" is driving 10-Year Tresuries.
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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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It's a cruel, cruel summer
Source: Credit
Format: PDF
October 2007
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine which examined the pop that ended the recent period of monetary tightening.
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Amending The Bard... it's the Summer of our Discontent
Third Quarter 2007 Market Commentary
Source: SCM Advisors
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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Strategist optimistic after Fed
Source: Prospect News High Yield Daily
Format: HTML
September 19, 2007
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted extensively in an article by Paul Deckelman and Paul A. Harris on where the markets might be headed after recent Fed rate cuts.
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Credit Markets More `Rational' on Rate Cut, SCM's Bublitz Says
Source: Bloomberg
Format: HTML
September 18, 2007
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted extensively in an article by Caroline Salas on the Federal Reserve cutting its benchmark interest rate, and the rout in the global credit markets.
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Cheering Greets Fed Announcement
Source: Financial Times
Format: HTML
September 18, 2007
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted in an article by Anuj Gangahar and Michael Mackenzie on what's next after the Federal Reserve's aggressive September 17th rate cut.
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Response to Fed Action Mixed
Source: HedgeWorld News
Format: HTML
September 18, 2007
SCM Advisors' Chief Strategist Maxwell Bublitz was quoted in an article by Chidem Kurdas on what the Federal Reserve's next step might be following its September 17th rate.
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A focus on quality
Source: International Financing Review
Format: HTML
September 15, 2007
SCM Advisors' Portfolio Manager and Director of Research Al Alaimo was quoted extensively in an article by Joy Ferguson on SCM's innovative high quality approach to high yield investing.
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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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Drowning in Liquidity
Source: Credit
Format: PDF
July/August 2007
SCM Advisors' Chief Strategist Maxwell Bublitz authored an article for Credit magazine which explains how our fascination with liquidity tells us a lot about the psychology of the financial markets.
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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: SCM Advisors
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: SCM Advisors
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: SCM Advisors
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: SCM Advisors
Format: HTML
February 1, 2007
Same company, same investment team; with new investment vehicles and a new name.
Read more about our name change...
Letter from the Chief Investment Officer
Source: SCM Advisors
Format: HTML
January 30, 2007
New developments at SCM Advisors and some thoughts on the markets for 2007.
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Seasonal Musings: The Song Remains (Uncomfortably) the Same
Fourth Quarter 2006 Market Commentary
Source: SCM Advisors
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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Current Yield: Conflicting Crystal Balls
Source: Barron's
Format: HTML
January 2007
Maxwell Bublitz, chief Strategist of SCM Advisors was quoted in an article by Tom Sullivan weighing in on the current debate over where the Federal Funds rate is heading.
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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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Capitalizing on Diversity in Fixed Income Markets
Source: Institutional Investor
Format: PDF
October 2006
Two converging issues are driving U.S. pension funds to consider Alternative Fixed Income managers that take advantage of an exciting range of opportunites beyond traditional bond investing.
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The Summer's Surprise: A Yield Curve Ball
Third Quarter 2006 Market Commentary
Source: SCM Advisors
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: SCM Advisors
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: SCM Advisors
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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Letter from the Chief Investment Officer
Source: SCM Advisors
Format: PDF
March 2006
New developments at SCM Advisors and some thoughts on the markets for 2006.
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SCM Advisors Gravitates To Double-Bs, But Remains Open To Lower Rated Names
Source: High Yield Report
Format: PDF
Februrary 2006
The high yield team at SCM Advisors managed to generate profits last year by largely staying true to its high quality mandate.
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