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Canso January 2017 Market Observer

Fear was dominant in early 2016. The financial media was full of doom and gloom. Talk of negative interest rates and the impotency of monetary policy were the financial fashion. In February the veritable towel…
Commentary

Canso October 2016 Market Observer

The “Greater Fool” investment theory postulates that when the price of a financial asset soars well above its fundamental value, the price appreciation is due to the prospect of a greater fool buying it from…
Commentary

Canso August 2016 Corporate Bond Newsletter

Another quarter in the books and the confusion, doubts and jitters of fixed income investors remain. Continued central bank procrastination, falling government bond yields and modest credit spread compression summarized the quarter. “Damn the torpedoes”,…
Commentary

Canso July 2016 Market Observer

We had quite an extended discussion in our last Market Observer in April on the low level of interest rates. We ended by saying: “The good news is that despite the gloom and doom, things…
Commentary

Canso May 2016 Corporate Bond Newsletter

With everything else going on who actually had time to watch college basketball this spring? (Hint Villanova won). World leaders were busy, putting pen to paper to ratify the Paris Climate Agreement, choosing up sides…
Commentary

Canso April 2016 Market Observer

The first quarter of 2016 saw some of the most manic trading in our combined market experiences. We believe that this was a “perceptional market”, one driven by investor perceptions, what John Maynard Keynes called…
Commentary

Canso January 2016 Corporate Bond Newsletter

Greece dominated headlines in the first half of 2015. Its flip-flopping on its way to capitulating on austerity measures kept the EU in turmoil. Concerns over slowing growth in China sent its stock market tumbling…
Commentary

Canso January 2016 Market Observer

Money is now scarcer in the good old USA after the Federal Reserve finally tightened monetary policy in December. The Fed raised its Fund Rate by .25% from a target band between 0-.25% to between…
Commentary

Canso October 2015 Corporate Bond Newsletter

“It’s the hard that makes it great” as Tom Hanks described the game of baseball in the 1992 film A League of Their Own. Given the incredible run and crushing end to the Toronto Blue…

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