Latest Stories

Still Waiting For a Trend to Emerge

By David O'Malley | June 29, 2015

I am writing this week’s blog post on Friday from Lisbon, Portugal. It has been interesting to watch the Greek debt saga unfold from this side of the pond.

The “Mutualization” of Late-Stage Venture Capital Valuations

By Trevor M. Williams | June 25, 2015

Mutual funds are increasingly competing with, and in many cases pushing out, venture capital (VC) firms from later-stage financing rounds of private tech companies.

Dovish Federal Reserve

By David O'Malley | June 22, 2015

The market’s interpretation of the Federal Reserve’s (Fed) statement and Janet Yellen’s press conference was that while the Fed was more dovish than expected, an increase in interest rates will most likely happen in September unless economic data deteriorates.

The Case for Adding Inflation Protection to a 60/40 Portfolio

By Zhiwei Ren | June 18, 2015

Currently, the Fed’s major concern is not inflation but disinflation. As a result, assets that tend to outperform during inflationary environments are all trading at historically attractive levels.

Will Volatility Increase This Week?

By David O'Malley | June 15, 2015

Last week was relatively slow, from a market perspective, until later in the week. Volatility pickled up on Thursday and Friday, but the overall stock and bond markets experienced little overall change during the week.

Gauging the Direction of Investment Grade Credit Spreads

By James Faunce | June 11, 2015

As in 2013, credit spreads may be susceptible to widening over the next few months, ultimately tightening as we come into year-end. However, I think the magnitude of the widening and subsequent tightening will be more muted.

Stocks and Bonds Fall

By David O'Malley | June 8, 2015

Stocks and bonds fell in price last week, driven by continued brinksmanship in Europe regarding Greece’s financial situation, rising German bond yields and a strong May employment number.

Record Corporate Bond Issuance Weighing on Credit Spreads

By Mark Heppenstall | June 4, 2015

Corporations have been issuing debt at a record pace during 2015, with borrowers rushing to beat the beginning of the Fed tightening cycle.

This Week’s Jobs Report May Determine Fed Timing

By David O'Malley | June 1, 2015

The economic data released last week reinforced the sense that we are seeing moderate economic growth. I expect this week’s data to give a better picture of the timing of a Fed interest rate increase.



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.

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