Cross-Sector

Privatizing America’s Housing Giants: How Fannie Mae and Freddie Mac Could Reshape Bond Markets for Investors
October 15, 2025October 15, 2025 Investment Management

15 min readIntroduction: Why GSE Privatization Matters to Investors Given their oversized role in home mortgages, any discussion of Fannie Mae and Freddie Mac’s potential privatization tends to capture investors’ attention. Recent developments suggest that the Trump administration is exploring plans to sell the government’s stakes in the government-sponsored enterprises (GSEs) through an initial public offering (IPO)…

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Tips for Cash Investors in Times of Market Volatility
April 22, 2025September 29, 2025 Investment Management

3 min readIntroduction Market volatility has been elevated following the White House’s tariff announcement on April 2nd. While the source of this heightened volatility is unique from past periods, it may still be prudent to look to the past for evidence of how to operate in the current environment. For cash investors, we posit some principles that…

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Rates, Liquidity, and Tariffs: Three Questions to Answer in 2025
January 30, 2025September 29, 2025 Investment Management

19 min readIntroduction By Lance Pan, CFA 2024 was a remarkable year for financial markets in many respects. The estimated 2.7% growth in real gross domestic product (GDP) nearly doubled the Federal Reserve’s median projection of 1.4% a year earlier.[1] The S&P 500 stock index rose 23.3% on the heels of an equally impressive gain of 24.2%…

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Credit Insight: The Backbone of Counterparty Risk Management
June 5, 2024January 22, 2025 Credit & Risk

10 min readAbstract Changing credit landscapes, more complex financial products, multiple touchpoints with large financial intermediaries, and high profile bank failures are just some of the challenges treasury management professionals and cash managers face in counterparty risk management. An effective counterparty strategy should provide clarity on the counterparties’ credit strength individually and collectively, and have a desired…

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Market Insight for Cash Investors
April 18, 2024January 22, 2025 Investment Management

2 min readInsight on the economy and your cash portfolio At the end of last year, we published a Quarterly Cash Update which provided a recap of the markets in 2023 and discussed the possibility that we had reached an inflection point in which interest rate cuts would begin in 2024. As we begin Q2 of 2024,…

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February Month-End Portfolio Update
March 1, 2024May 24, 2024 Economy & Rates

3 min readAnother Record Month for the Corporate Bond Market The investment-grade corporate bond market hit a record for new issuance for a second straight month in February. Blue-chip companies sold a February record of $195+ billion of bonds last month, topping the previous February 2023 record of $150.9 billion. Approximately $50 billion of bonds were sold…

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Quantitative Tightening (QT) Is Coming to An End – What Does It Mean to Cash Investors?
February 5, 2024January 22, 2025 Investment Management

14 min readMinutes from the December FOMC meeting indicated that some Federal Reserve officials wanted to begin discussing “slowing the pace” of securities runoffs on its balance sheet. Federal Reserve Chairman Jerome Powell confirmed after the January meeting that the Committee will begin formal conversations on the topic at its March meeting. The indication of an end…

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January Mid-Month Portfolio Update
January 19, 2024May 1, 2024 Economy & Rates

3 min readLabor Market Steady with Signs of Slowing The December employment report was mixed: although non-farm payrolls came in higher than expectations at 216,000, there were 845,000 people who left the labor force, the largest drop in the labor force participation rate since January 2021. For 2023, there were a total of 2.697 million jobs created…

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December Month-End Portfolio Update
January 4, 2024May 1, 2024 Economy & Rates

2 min read2023 Recap Despite the majority of market participants forecasting a recession in 2023, GDP rose over 2% in both the first and second quarters and jumped 4.9% in the third quarter, while both equity and fixed income markets had positive returns in 2023. The resilient consumer, cooling inflation, and the Fed’s pivot to deeper 2024…

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The Ghost, The Wall, and The Known Unknowns
January 4, 2024September 30, 2025 Investment Management

19 min readDOWNLOAD FULL REPORT Introduction By Lance Pan, CFA “It was the best of times, it was the worst of times.” As the new year approaches and I prepare this introduction to our annual market outlook on cash investments, I can’t think of a better way to describe the past year than this quote by Charles…

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Cross-Sector

Privatizing America’s Housing Giants: How Fannie Mae and Freddie Mac Could Reshape Bond Markets for Investors

Tips for Cash Investors in Times of Market Volatility

Rates, Liquidity, and Tariffs: Three Questions to Answer in 2025

Credit Insight: The Backbone of Counterparty Risk Management

Market Insight for Cash Investors

February Month-End Portfolio Update

Quantitative Tightening (QT) Is Coming to An End – What Does It Mean to Cash Investors?

January Mid-Month Portfolio Update

December Month-End Portfolio Update

The Ghost, The Wall, and The Known Unknowns

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