Sentences with phrase «bond valuations fell»

Not exact matches

More broadly, the regulatory agencies in the United States and the Financial Stability Board internationally have work under way focusing on possible fire - sale risk associated with the growing share of less liquid bonds held in asset management portfolios on behalf of investors who may be counting on same - day redemption when valuations fall.

For some time we have believed that businesses with a narrower range of outcomes, or stable businesses, have been bid - up as bond substitutes, while businesses with a more cyclical profile have fallen to more attractive valuation levels.

From 1962 to 2015, the «true» average excess return — which excludes the impact of valuations on the returns of stocks and adjusts for the return impact of interest rate movements on bonds — fell from 2.8 % to 0.8 % on a rolling 15 - year basis.10 The corresponding 15 - year win rate was halved from 82 % to 43 %, odds not even as good as a coin toss!

When this happens (all business cycles eventually do come to an end) we'll be left with double valuation headwinds: falling earnings forcing high valuation multiples higher and higher stock / bond relative PE ratios.