Month

December 2015
On December 24th, Puerto Rico, creditors, and the bond insurers’ came to an agreement to restructure the debt of the island’s electric utility PREPA.  PREPA has about $8.2 billion in debt in total, a significant chunk of the island’s roughly $70 billion in debt.  Basically the creditors are taking a 15% hit on their bonds,...
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Investing is the idea of buying a security or an asset, that on the basis of fundamental research, allows you to believe that in time the security or asset will be worth more than what you paid for it in the first place.  The securities that we are buying are fractional shares of actual businesses,...
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This week the Federal Reserve will make a decision on interest rate policy where is it expected to raise by 25 bps.  This would be the first raise in nearly a decade, which is stifling to begin with.  There has been a great deal of volatility of late, which is not uncommon before a rate...
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Read our latest research report by our Chief Investment Officer Tim Travis on Assured Guaranty Ltd. (AGO)   Puerto Rico Noise Temporarily Obstructing Assured Guaranty’s Value Creation
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Friday’s strong job report has increased the odds that the Federal Reserve will finally raise interest rates on December 16th.  There has definitely been improvement in the labor market but I believe it would be tough to define the U.S. economy as strong.  The ISM manufacturing index has dropped to contraction levels and inflation is...
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On Friday, OPEC’s meeting ended with no reduction in their targets for oil production.  This was the expected result, as the unknowns as to how quickly Iran could increase production makes it difficult to project an actual target.  While most members of OPEC wanted a reduction in production, Saudi Arabia wouldn’t comply given the reluctance...
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Yesterday was a significant day for our portfolios’ because there was a lot of news about Puerto Rico, which impacts our positions in AGO, MBI and Ambac Financial Group.  Firstly, Puerto Rico paid all of its $355MM due on its notes issued by the Government Development Bank.  Most of these bonds were backed by the...
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