Latest Stories

Leverage of Non-Financials and High Yield Maturity Wall

By Yiwei Tang | July 30, 2015

One of the myths often heard after the 2008 financial crisis is that corporation balance sheet are stronger than ever. This week’s chart shows the ratio of net debt to EBITDA for non-financial firms has grown to a 15-year high.

Low Liquidity, 2Q Earnings and Market Breadth

By David O'Malley | July 27, 2015

One of the risks for the stocks of individual companies in this environment is that stock prices can move very significantly on good and bad news.

The Impact of Cheap Genome Sequencing

By Trevor M. Williams | July 23, 2015

In 1990, the U.S. National Institutes of Health (NIH) and Department of Energy (DOE) launched an ambitious $3 billion venture to sequence 95% of the DNA in human cells in 15 years.

Risk Markets Rally

By David O'Malley | July 20, 2015

The positive news headlines last week led to a broad based rally in risk markets. Global equity markets increased and credit spreads tightened last week.

Financial Engineering Flashing Red for U.S. Equity Valuations

By Mark Heppenstall | July 16, 2015

Six years into one of the most unloved bull markets in U.S. equities, investors are still searching for signs that the positive run may be coming to an end. Looking… Read More

Will the Fed Tightening Happen in September, December or 2016?

By David O'Malley | July 13, 2015

Last week at our Investment Committee meeting, I asked the team to share their expectations for when the Fed would raise the Federal Funds rate.

The Potential Impact of Greece, Puerto Rico and China on Investments

By Mark Heppenstall | July 9, 2015

What effect might the debt crises in Greece and Puerto Rico, and the downturn in the Chinese stock market, have on investments globally?

High-yield Bond Positioning as Liftoff Approaches

By Greg Zappin | July 9, 2015

While I expect the credit cycle to last into 2017, weaker credit quality is becoming evident. This week’s chart shows credit quality gradually deteriorating.

Greece, China, Puerto Rico and the U.S. Economy – What’s Next for the Markets?

By David O'Malley | July 6, 2015

The Greek headlines may have been center stage, but the debt crisis in Puerto Rico and the deteriorating stock market in China might have more impact in the intermediate term.

Continued Rental Demand Supports Multifamily Housing Sector

By Jen Ripper | July 2, 2015

A recent study conducted by the Urban Institute forecasts a rising proportion of renters versus homeowners, continuing a trend that has been evident for the last two decades.

Disclosure Statement

The material provided here is for informational use only. The views expressed are those of the author, and do not necessarily reflect the views of Penn Mutual Asset Management.


This material is for informational use only. The views expressed are those of the author, 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.

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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