by Aptus PM Team | Dec 2, 2020 | Market Updates
We thought AQR did a great job describing the history of hedges and the high cost of carry. Their conclusion is that hedges have proven too costly to be worth using. But what about the cost of owning bonds? Isn’t that where we are now? Surely a retiree portfolio is...
by Aptus PM Team | Nov 30, 2020 | Blog, Fixed Income
Investors that took advantage of the blowout in credit spreads back in March have seen incredible gains from the bottom. The credit markets experienced a liquidity freeze like never before, prior to the Fed’s announcement of off-balance sheet facilities. Established...
by Aptus PM Team | Nov 18, 2020 | Blog, Macro Updates
It’s not often that earnings season takes a back seat to other global events, but that was the case in Q3 2020 as the US election, increasing COVID-19 cases, a potential vaccine, and fiscal stimulus have been sucking up all the oxygen in the room recently. But let’s...
by Aptus PM Team | Nov 12, 2020 | Blog
When Quantitative Easing (“QE”) was introduced to the markets by the Fed back in the Financial Crisis, we believe it quickly became THE influence on stock prices, displacing traditional metrics such as earnings, earnings growth, and valuation. To that point, in the...
by Aptus PM Team | Nov 3, 2020 | Market Updates
Left or right, blue or red, no matter the outcome on November 3rd, or even if there is no outcome on November 3rd, it won’t change the way we view portfolio construction. The source of returns will still be yield, growth, or valuation change. What matters will still...
