Our President’s Comments

08/20/18

Internal Markets Commentary

World Markets

  • After markets closed on Friday, both S&P and Moody’s cut Turkey’s credit rating deeper into HY territory (to B+ and Ba3 respectively), citing the weaker currency, current account deficit, and high inflation as the principle risks. S&P also said that they forecast a recession next year. Meanwhile on Sunday, Qatar’s central bank said that it has signed a currency swap agreement with Turkey’s central bank to provide liquidity and support to help financial stability. The Lira spiked back into positive territory and follows the -3.15% fall on Friday.

 

08/17/18

Internal Markets Commentary

World Markets

  • After the weakness on Wednesday the S&P 500 rallied +0.79% yesterday and is now back to only 1.1% off the record highs again. Meanwhile the VIX – which spiked to 16.86 late morning on Wednesday – closed at 13.45 last night. We’ve had quite a few spikes in equity vol this year and while we’ve never returned fully back to the lowest end of the range we saw prior to the early February VIX melt down period, we have repeatedly retraced back most of the way prior to each fresh spike coming along.
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