Third Avenue rattles the junk bond market
Plus: JPMorgan's David Kelly second-guesses the Fed, MLP investors hang on for dear life, and Joe Montana gets his VC groove on
- Third Avenue Management's unprecedented move last week of blocking investor redemptions from its junk-bond fund has clearly rattled the bond markets, but it doesn't mean this is the end of days for fixed income investors. Try not to freak out just yet.
- Of course, it might have been less jarring if Third Avenue's CEO didn't stress as recently as October that liquidity fears in the high-yield bond and loan market was a myth. Awkward.
- Is JPMorgan's David Kelly smarter than the Fed when it comes to understanding the relationship between interest rates and the economy? David Kelly thinks so.
- The wheels are coming off in the MLP space, an investment category that has been promoted as being able to weather energy-price fluctuations. The category has fallen 22% since the start of November. This is precisely why you're supposed to read the fine print when you're investing in something like an MLP.
- NFL legend Joe Montana is stepping up into the pocket of a new venture capital gig. The former QB is no stranger to investing.
