Category Archives: Peritus

Canada’s Surprise Interest Rate Move

The Bank of Canada surprised markets today by cutting rates.  With a Federal election approaching, an argument could certainly be made for some political angling.  Regardless, the reaction of the Canadian dollar was swift and immediate, plunging almost 1.5 cents …

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High Yield Bonds versus Equities

Investors are often led down the path that they must invest in equities in order to generate a decent return, and that the high yield market is too risky and speculative.  However, reality and the data points suggest otherwise.  Looking …

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The Year Ahead: High Yield, Energy, and Interest Rates

2014 will go down as a year that was a “statistical champion” as both stocks (as measured by the S&P 500 and the Dow Industrials) and bonds (the more interest rate sensitive asset classes) had very good years. It was …

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Intentional About Energy

As we have discussed in our recent writings, we have been strategically allocated to the energy sector in our portfolios and, as such, have been hit by the decline in energy prices, as well as general high yield market contagion, …

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Who’s Really in The Kingdom’s Gun Sights?

According to the EIA, U.S. crude oil imports averaged about 7.3 million barrels per day last week with Canadian barrels making up 3.2 million barrels of the total.1 U.S. commercial reserves increased by 1.9 million barrels week over week where …

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Right for the Wrong Reason

It has been a poorly kept secret that I am among the biggest skeptics in the planet as it relates to this whole US “energy independence” fantasy.  As a credit investor, I have been “no bid” on the entire US …

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Active Investing: Opportunity in Gold

As active managers, we embrace both a top down and bottom up investment philosophy as we look for opportunities for investment. One such potential opportunity we are seeing from more of a top down, thematic approach is in gold. Before …

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Volatility and “Risk”

Volatility has seemed to be the trend in markets over the past couple months.  It was just a few weeks ago that we saw equity markets getting crushed, only to roar back and actually finish up for the month of …

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Rome is Burning

The concurrent storms in energy and the secondary bond/loan markets have tested our mettle. However, we believe that both of these will pass as quickly as they came, but provide fantastic entry points for thoughtful investors as there is a …

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Election Impact on Oil

The tally is in and it was a very bad evening for the Democratic party.  Senate races in Iowa, North Carolina, Georgia and a host of other States went red.  Alaska is still to be determined (likely Republican) and Louisiana …

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