Last week was marked by good and bad news.  The good news for equities was that the market continued to move higher and on August 23rd, became the longest bull market in history.  As if on cue, many headline writers used this event to publish “the end is near” articles that have been a staple of financial writers for the

One of the biggest challenges for investors who hold large, long-term positions is how to effectively manage exposure through different cycles – both market based and company specific.  We have previously written about some of the risks of holding concentrated positions, and it is worth repeating a few key points.  The most critical point to make is that a single

Economic Not much real news, but one thing we did notice was a report from Moody’s on global default rates in the high-yield sector. While default rates are a lagging indicator, high-yield tends to lead equities, so it is still worth watching for signs of a trend change.  Moody’s reported that the global rate stood at 2.8% in July, and sees this rate declining to 2.0% in