While we try to do a quarterly update of what is happening in our world, I must confess there is just not much to say! Markets have been sclerotic at best in recent months and expected rates of return are paltry. We continue to mine for nuggets of out-sized opportunity, though we are seeing a higher and higher percentage of proposals...
The old adage, "Don't fight the Fed," is perhaps even more poignant today than in decades past in the sense that the QE machine, currency creation, debt cancellation, etc. is not confined to the Fed but is a global phenomenon. We have wondered here for 3 years or more how the continued expansion of global debt could ultimately...
As we sit and watch the Dow finish down 250 points, after being down as much as 550 intra-day, we have been engaged around the desk in a lively game of 'How low can you go?' While only time will tell definitively, it certainly appears markets have been forming the most obvious top for risk assets in recent memory over the past 9 months. ...
On June 30, President Obama signed the PROMESA bill, a bill designed to help Puerto Rico sort out its budget, debt, and economic issues. Democrats carried the bill in both chambers, apparently voting along the lines of 'aiding' Puerto Rico residents. Most Republicans voted against the bill because they did not want to be associated...
The Puerto Rico Aqueduct and Sewer Authority (PRASA) owes 140 million to contractors for completed capital projects; 140 million they do not have. Instead of defaulting on their public bonds which have gross revenue pledges they will likely on their private loans made by other Puerto Rican Agencies like PRIFA and the GDB (which are...
In 2011, NJ Governor Christie championed new Pension Reform designed to fix the State's massively underfunded Pension system. Fast forward to 2015 and Governor Christie vetoed the 1.57 billion pension contribution required under his 2011 reform. Apparently tax collections fell short of projections and he needed the money to plug the budget...