Third Avenue rattles the junk bond market

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
DEC 11, 2015
  • 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.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.