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Aug 07 2018

Company Leverage And The Impact Of Rising Interest Rates

  • Aug 7, 2018

Higher corporate leverage and rising short-term interest rates have not yet led to problems in the credit markets, but investors should be mindful of potential risks.

Jan 06 2017

Trends In Corporate Debt And Coverage Ratios

  • Jan 6, 2017

Long-term debt (LTD) issued by S&P 500 companies has risen 75% since 2010, and the resulting deterioration in leverage ratios has been all too evident.

Feb 07 2014

Emerging Market Currencies: January’s Panic Overdone

  • Feb 7, 2014

The emerging markets are in a much better financial position to weather any financial turmoil than they have been in the past.

Aug 04 2011

Losing Confidence In Washington But Not U.S. Treasuries, At Least Not Yet

  • Aug 4, 2011

The inability of our politicians to recognize and resolve short and long term debt/deficit issues has caused many of us to lose even more confidence in Washington.


May 04 2010

Putting Lipstick On The “PIIGS”

  • May 4, 2010

Global Industries equity portfolio has little to no exposure to the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) as our Global Group Selection Scores have not led us to industries that have many component stocks domiciled in those countries.  However, if this work leads us to groups with heavier exposure to the PIIGS, we’ll buy them without blinking.

Sep 05 2006

The Demise Of The Consumer

  • Sep 5, 2006

“Of Special Interest” section examines the likely demise of consumer spending power. Taking a lead from the GS Scores and other economic data, we believe that a significant underweight in areas that are particularly sensitive to consumer spending is a prudent strategy for now.

Aug 03 2005

The Consumer: Still Chugging Along

  • Aug 3, 2005

Consumer spending may have finally peaked in this cycle, but a consumer collapse is far from imminent. Consumers can be expected to remain supportive of economic growth.

Sep 05 2004

Still Can't Count Out The Consumer

  • Sep 5, 2004

American consumer spending is still in an uptrend, helping to drive economic growth, although to a lesser extent. In the meantime, CapEx spending has been accelerating, which should serve to pick up any economic slack.

Oct 05 2003

Don't Count Out The Consumer

  • Oct 5, 2003

Consumer should not be underestimated. Combined mortgage debt and household debt only 14%, just barely above the 1980-to-date median.

Nov 05 2002

Eye On The Consumer

  • Nov 5, 2002

Important pillars of economic bridge until Capex kicks in and business confidence improves. Interest only mortgages-the ticking time bomb debt. U.S. Consumer debt OK compared with other countries but, what happens when interest rates rise?

Sep 04 2002

Corporate And Consumer Too Leveraged?

  • Sep 4, 2002

Increased reliance on debt to finance growth can cause problems down the road.

Jul 05 1993

Debt Monetization and Inflation

  • Jul 5, 1993

Presented herein is an update of the debt monetization studies presented two months ago. Data has now been released for the first quarter of 1993, and there is virtually no change. Nevertheless, judging by client response, this will be of interest to our readers.

May 05 1993

Debt Monetization: Is The Printing Press Working Overtime?

  • May 5, 1993

Debt monetization evaluated by three separate measures. All three measures suggest monetization is increasing, however the severity of this trend is debatable. Judge for yourself.