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发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
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下面是九月八号Conference call 对市场评论的总结,贴出来,希望对大家有帮助。2 U! T9 r# c6 p% Y; i  J
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Market Commentary0 \3 s5 p) l, v8 m
Eric Bushell, Chief Investment Officer
% f$ c" Z, G/ `! y. f3 ^James Dutkiewicz, Portfolio Manager
  L- F& M% M) g, {4 s( W% v3 |9 FSignature Global Advisors2 ^( v: H: ?. [( z( T; A

/ A! }) o+ r( l5 g
# P" y( w! ~$ |Background remarks
$ G4 H/ B# e& E% N! ~% a Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
! s, T7 r# K+ @6 e! Oas much as 20% or even 60% of GDP., |4 V8 u: V- }6 U1 _; U3 p% M* g
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal9 {" o* |( t( n
adjustments.
4 X- B# m3 F6 z0 [$ ?+ c- S This marks the beginning of what will be a turbulent social and political period, where elements of the social, x8 [! k1 B+ s# y
safety nets in Western economies are no longer affordable and must be defunded.
1 s2 |, h. @5 }7 T3 c Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
: `. @# r6 B9 v* g, c- A$ llessons to be learned from the frontrunners.
4 O- C2 A2 Q$ z+ Z& w' X- X9 l We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these: J% o9 v: W( S& Q: X
adjustments for governments and consumers as they deleverage.1 d8 `1 ^3 K8 h, W( v4 J0 ?" q
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
; z; _5 n, i/ H, j9 ~quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.' }; d& h" {! c
 Developed financial markets have now priced in lower levels of economic growth.5 v, J0 f4 o1 s9 U1 X
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have$ `4 I2 Z2 O9 {2 p
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation
* a3 G' o3 s7 D9 ]: C+ r$ r The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long/ K, g6 f  g3 \5 o9 ~! ^
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may( x# y2 X* [, W7 S0 u) U# h7 @
impose liquidation values., G0 p+ F1 Z8 {( C3 R. ~- \
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In2 Z" S  [8 ~7 s2 W$ x2 T5 `1 h! w
August, we said a credit shutdown was unlikely – we continue to hold that view.4 d* k4 Q5 a$ B. Z. J
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
: g% X/ ~5 X  k: e+ Uscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets, [" p' b8 h4 r$ a7 A
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in+ {' W7 p! k5 p8 g) w/ m* Z# T
September. Non-financial investment grade is the new safe haven.
' t6 ]9 \/ O0 s  E# k% ~ High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
( h& W5 f. K! U! }) Y, vthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $15 J/ _9 q0 o$ J" S" E
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have8 v  W# G: k& K
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
7 U; O* g+ s, R; [# s7 D  j0 w" D2 jCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are: o" G) b& @/ f' P) \/ n
positive for the year-do-date, including high yield.
4 q+ |( C* c$ Q  s Mortgages – There is no funding for new construction, but existing quality properties are having no trouble% }$ u; \  `1 v5 A- j! \: X# x2 w
finding financing.
; U; e" J- r* \& o' r. h  f" \8 u Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
6 @3 G/ h0 B1 x1 swere subsequently repriced and placed. In the fall, there will be more deals.5 w) n: P# t3 t3 W1 K  w1 R
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and- r$ Q4 _, Y; D1 Z2 D# G. D4 g! T
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were/ a- y  {" h- h0 [2 s  @
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for- x& ^! p) e& |7 e4 Z- _4 D8 H
bankruptcy, they already have debt financing in place., \- h$ X5 V% s% d% }+ y
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
/ h/ z- _: H) S7 x9 y# t+ i/ qtoday.
8 C% S% _1 y% ]# p1 L0 C' i Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
6 I, S" O( h, r+ ~emerging markets have no problem with funding.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda- m# L6 g) Y1 x
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for% l, F5 r& X) I( Q
the Greek default.
* c3 z$ c! `8 Z/ b- F* T As we see it, the following firewalls need to be put in place:3 ]1 B* l" r& G5 t; u& b5 N4 n
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default1 W/ `, \& C2 g) o0 O. W
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign8 S; j4 o; O/ H
debt stabilization, needs government approvals.
& x8 _: \4 w! U( \% V) I3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing) C# W) S& s' P3 r0 x$ C
banks to shrink their balance sheets over three years
3 g1 z3 @+ k5 H4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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+ z7 l3 d5 k, w0 WBeyond Greece0 a- I- h2 L; i$ n( x) S
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),7 U% U9 s, ^( }* S
but that was before Italy.
: A' U  Y9 ^. e! D3 z It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
* I: u6 J0 l: B! g) c' s4 v2 S- U6 | It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
" b) b  Q3 k4 @9 \# U. ]4 z( yItalian bond market, the EU crisis will escalate further./ J  e* C2 {0 q

1 ~; |$ u4 m) t7 S- {+ i! FConclusion! q6 @4 H% B2 `0 V) ~6 u2 d4 e) ^
 We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
鲜花(7) 鸡蛋(0)
发表于 2011-9-19 15:03 | 显示全部楼层
老杨团队 追求完美
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