Tag Archives: index performance

Shorter Municipal Bonds Hang In There While Long Municipal Bonds Suffer

Fund outflows in the municipal bond asset class, in part driven by the Detroit bankruptcy, pushed municipal bond performance down in July according to the S&P National AMT-Free Municipal Bond Index. Particularly hard hit was Puerto Rico.  The S&P Municipal Bond Puerto Rico Index was down over 4.1% in July (down 6.61% YTD). State specific Read more […]

What Municipalities are Higher Risk?

Data as of July 25, 2013 What Municipalities are Higher Risk? The bankruptcy of the City of Detroit has raised questions about what other municipalities might be the next to focus on.  In general, bonds with higher yields are riskier than bonds with lower yields.  Using bond yields as the sole variable, the following general Read more […]

THE Golden Question?

What is your long term outlook for gold and where do you see prices moving in the months ahead? This is one of the questions I was recently asked in a Reuters CCTV2 interview.  While we are not in the business of forecasting, we are in the indexing business where we measure markets – and Read more […]

When Diversification Fails

Diversification means different things in different contexts.  We can speak, for example, of diversification within an equity portfolio — i.e., of holding a number of stocks with potentially-offsetting risks, as opposed to concentrating on only one issue or on a handful of similar stocks.  Or we can think of diversification across asset classes — e.g., Read more […]

After The Fireworks

It was back to business in the U.S. after the July 4 holiday, which fell on a Thursday this year and made for a much needed four day weekend. The bond markets had a lot to look forward to this week as the Treasury auctioned a total of $66 billion of issuance in three, 10, Read more […]

Monkey See, Monkey Do?

A recently published paper  received a fair amount of publicity for its suggestion that portfolios selected randomly by monkeys would have outperformed a capitalization-weighted index of the same universe.  In recent years it seems like everyone is bashing cap-weighted indices, so it was probably only a matter of time until apes took a shot. Maybe Read more […]

Market Attributes: Index Dashboard

Simple juxtapositions can sometimes produce insight, or so at least runs the theory behind our just-introduced monthly U.S. index dashboard: http://us.spindices.com/documents/commentary/dashboard_032813_2914.pdf. For the first quarter of 2013, e.g., we can observe that: The equity markets were very strong (no revelation there), with both the Dow Industrials and S&P 500 both up more than 10% and Read more […]