Private Family Wealth Management

This year noticed the Volatility Index (VIX) go back to the best levels because the 2008-09-Financial Crisis amid the calls for a double drop downturn (May). The S&P 500 dropped 17% from its April highs in April to its lows at the beginning of July. Certainly not the belly churning trip of over 50% from the crisis but enough to drive the already anxious certainly, ready – to – retire folks (who hadn’t already bailed) scurrying into the hands of bonds with 3% comes back. In the event that you thought we would stay invested right from the start of the entire year until today you would have guaranteed a meager 5.5% return for all this roller-coastering (and emotional navel-gazing).

Better than a 3% (connection-yield) perhaps, evening, or two but also a sleepless. This year’s diverse asset classes driving the model? Small Canadian companies with similar earnings. High Yield commercial bonds. Fixed-rate perpetual Preferred Shares. Not sure, but the model will not catch the highs nor does it capture the lows like the S&P 500 (or TSX for example). Over time, different asset classes perform in different ways at differing times getting balance and variety to a profile and smoothing out potential volatility. It isn’t interesting, nor should it be. Want boring investment strategy?

“whatever needs doing” activism and additional market manipulation. The Fed and global central bankers have nurtured the illusion that risk markets are safe and liquid (money-like). They have spurred “contemporary finance” and the change of increasingly risky assets into perceived safe and liquid securities. Ironically, as the liquidity myth is lighted in UK real estate funds, a sovereign debts market dislocation ensures “money” floods into potential liquidity traps in risk marketplaces throughout the world.

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Three-month Treasury costs rates ended the week at 27 bps. Two-year Federal government produces added two up to 0.61% (down 44bps y-t-d). Greek 10-year yields rose eight up to 7.76% (up 44bps-y-t-d). Japan’s Nikkei equities index sank 3.7% (down 20.6% y-t-d). Japanese 10-season “JGB” yields declined two is to an archive low negative 0.29% (down 55bps-y-t-d).

The German DAX equities index fell 1.5% (down 10.4%). Spain’s IBEX 35 equities index dropped 1.0% (down 14.2%). Italy’s FTSE MIB index dropped 1.4% (down 25%). EM equities were blended. Freddie Mac 30-year fixed home loan rates fallen seven up to 3.41% (down 63bps y-o-y). 1.619 TN, or 58%, over the past 191 weeks.

824bn, or 6.9%, over the past year. 61bn. Small Time Deposits was little changed. 3.21 trillion…, rebounding from a 5-calendar year low in May. The U.S. buck index gained 0.7 to 96.28 (down 2.4% y-t-d). The Goldman Sachs Commodities Index sank 4.9% (up 14.9% y-t-d). July 4 – Financial Times (Tony Barber): “Europe’s fault line runs through Italy. Such was the candid opinion of one participant in a conference kept last weekend by Eliamep, an Athens-based think-tank. Few other individuals dissented. By ‘Europe’ everyone known, mainly, the 19-country eurozone.

For the question on the minds of European policymakers is where, and to what extent, political, June 23 vote to leave the EU financial and economic contagion may spread from Britain. The sharp falls in Italian banks’ share prices since the British referendum indicate where financial markets smell the threat of contagion.

389bn) in soured loans saddling Italian banks, the Federal government has sounded out regulators on ways to shore up lenders bruised by a renewed selloff following the British vote to leave Europe. July 4 – Wall Street Journal (Robert Wall): “There is no Plan B. That is what many companies across Europe have been informing investors since Britain voted to leave the European Union. The exit and its timing are so uncertain, professionals say, that few companies experienced any significant contingency plans to either defend against the fallout or take the benefit of the chance.

July 4 – Wall Street Journal (Giovanni Legorano): “Britain’s vote to leave the EU has produced dire predictions for the U.K. The harm to the others of Europe could be more immediate and possibly more serious. Nowhere is the chance concentrated more than in the Italian bank sector greatly. In Italy, 17% of banks’ loans are sour.