Wednesday, December 16, 2009

Beyond the Sound Bite: An Interview with Thomas Krasner, CFA

My interview with the Principal and Portfolio Manager at "Concise Capital Management" introduces listeners to a unique fundamental analysis approach to high yield bonds. By focusing on short maturities, Mr. Krasner and his associates minimize the interest rate risk dynamic while capturing high income streams. Tom also provides his perspective on the current default rate cycle in the high yield bond area.

The length of the interview is 16 minutes 15 seconds.

All Beyond the Sound Bite podcast interviews can be found at beyondthesoundbite.blogspot.com
To listen to this week's interview, click here

Friday, December 11, 2009

Vinny on thestreet.com TV

I had the pleasure of appearing on thestreet.com TV's webcast service. The discussion was a 2010 outline for equities.

The length of the interview is 2 minutes 33 seconds.

To view the interview, click here

Wednesday, December 9, 2009

Beyond the Sound Bite: An Interview with Marc Chandler

In my comprehensive conversation with the Senior Vice President, Global Head of Currency Strategy at Brown Brothers Harriman, and author of "Making Sense of the Dollar", we explored the short (cyclical) and long term (secular) view of the world's most important currency - the US dollar, the risks of a liquidity bubble, the Fed's exit strategy, and the direction of short and long term interest rates.

The length of the interview is 16 minutes 15 seconds.

All Beyond the Sound Bite podcast interviews can be found at beyondthesoundbite.blogspot.com
To listen to this week's interview, click here

Wednesday, December 2, 2009

Beyond the Sound Bite: An Interview with Richard Kang

My conversation with the Chief Investment Officer & Director of Research for Emerging Global Advisors, an investment advisor to various exchange traded funds, includes a description of the company and its work in creating and managing emerging markets exchange traded funds, the case for emerging markets sector ETFs, and an economic and investment perspective on the emerging markets.

The length of the interview is 14 minutes 31 seconds.

All Beyond the Sound Bite podcast interviews can be found at beyondthesoundbite.blogspot.com
To listen to this week's interview, click here

Tuesday, December 1, 2009

Appearances Can Be Deceiving

If there is one thing that the New England Patriots have in common with the stock market it’s that neither is quite all that they are cracked up to be.

Like the Patriots, the stock market has a certain amount of star talent supporting its run for success. The Pats have the skills and talent of Belichick and Brady that enable an otherwise mediocre team from drifting into the domain of the pigskin wannabees. In the case of the stock market, it is largely the skills and talent of the stimulus machine (monetary and fiscal) that enabled (emboldened might be a better word) investors to lift prices to above historical average P/E land.

Investment Strategy Implications

Quarterbacks know that handing off the ball to a solid running back makes their life that much easier. The stock market equivalent rests in the economic handoff from stimulus to sustainability. Thus far, that has not quite occurred. Yet, valuation levels strongly suggest that such an occurrence is not only inevitable but will be highly successful (as in earnings growth rates that a V shaped economic recovery makes possible).

Sorry Bill and Tom, this will likely not be your year of glory. Your skills and talent will likely not be enough to mask the weaknesses that underlie your team. As for equity investors, they are accordingly well advised to be sensitive to the economic weaknesses that are masked by huge sums of liquidity. In sport as in the markets and the economy, appearances can be deceiving.