Latest Stories

Equity Market Valuation at Historic Highs – Time to Cash Out?

By Zhiwei Ren | February 26, 2015

It seems like everyone these days, myself included, is looking to buy quality goods at bargain prices, which has been made easier by innovations in mobile computing.

Monetary Policy Continues in the Spotlight

By David O'Malley | February 23, 2015

The highlight of the past week was the release of the January Federal Reserve minutes. In our opinion, the Fed minutes were “dovish” relative to market expectations.

Multi-Family Housing Valuations Entering the Middle Innings

By Mark Heppenstall | February 19, 2015

With sub-zero temperatures outside, I am driving past Punxsutawney, Pennsylvania, where Phil cruelly sentenced the Northeast to an additional four weeks of winter.

Federal Reserve Minutes Shed Light on a Potential Interest Rate Increase

By David O'Malley | February 16, 2015

The stock market extended its gains from last week and now has positive returns for the year. Interest rates continued to gradually rise, extending the selloff that began in early February.

Covenant Lite Loans: Red Flag or Red Herring?

By Greg Zappin | February 12, 2015

This week’s chart shows the rapid growth in covenant-lite syndicated leverage loans as a percentage of new loan volume.

Market Volatility Requires Trading Discipline

By David O'Malley | February 9, 2015

I’m writing this week’s blog post from the air on my way to Penn Mutual’s Educational Conference. What did we do before Wi-Fi on planes? The January employment number has just been released.

Will 2015 Continue to be a Seller’s Market?

By Trevor M. Williams | February 5, 2015

Through the end of 2014, the ratio of private equity exits (for example, IPO or sale) to private equity investments reached a 10-year high. We’ve clearly been in what we’d consider to be a seller’s market.

The Fed, the Phillips Curve, and Inflation

By David O'Malley | February 2, 2015

Last week, the Federal Reserve (Fed) gave us our first glimpse at its thinking since the beginning of the year. The Fed kept its pledge that it could be patient in raising interest rates and stated that the economy and employment continue to improve.



Disclosure Statement

This blog post is for informational use only. The views expressed are those of the author, Dave O’Malley, and do not necessarily reflect the views of Penn Mutual Asset Management. This material is not intended to be relied upon as a forecast, research or investment advice, and it is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.

Any statements about financial and company performance of The Penn Mutual Life Insurance Company or its insurance subsidiaries (each, “Client”) made by the author is provided with a written consent from the Client.  Penn Mutual Asset Management is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.

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Opinions and statements of financial market trends that are based on current market conditions constitute judgment of the author and are subject to change without notice.  The information and opinions contained in this material are derived from sources deemed to be reliable but should not be assumed to be accurate or complete.  Statements that reflect projections or expectations of future financial or economic performance of the markets may be considered forward-looking statements.  Actual results may differ significantly.  Any forecasts contained in this material are based on various estimates and assumptions, and there can be no assurance that such estimates or assumptions will prove accurate.

Investing involves risk, including possible loss of principal.  Past performance is no guarantee of future results.  All information referenced in preparation of this material has been obtained from sources believed to be reliable, but accuracy and completeness are not guaranteed. There is no representation or warranty as to the accuracy of the information and Penn Mutual Asset Management shall have no liability for decisions based upon such information.

High-Yield bonds are subject to greater fluctuations in value and risk of loss of income and principal. Investing in higher yielding, lower rated corporate bonds have a greater risk of price fluctuations and loss of principal and income than U.S. Treasury bonds and bills. Government securities offer a higher degree of safety and are guaranteed as to the timely payment of principal and interest if held to maturity.

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