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By

Rank Dawson, CFA, FDP

What’s the View from the Heartland?

The quest to stay up-to-date on the real estate landscape and make connections in the marketplace never stops. A recent Urban Land Institute (ULI) conference helped shed some light on how transit-oriented development projects are having a transformative impact and what secondary cities are doing to attract businesses and residents.
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What is Driving the Shape of the Yield Curve?

The Treasury yield curve is close to inverting when looking at the 2-year to 10-year spread. Is this signaling a recession within 24 months? Is this the appropriate measure? Or is the Funds Rate or T-Bills to 10-year spread a better indicator of curve “flatness”? A brief look back at past curve inversions can provide...
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Real Estate Sector After the First Half of 2018

In the first half of 2018, the real estate sector had modest returns, trailing the performance of the S&P 500. Fundamentals remain strong along with liquidity, and we see no imminent sign of a downturn for the remainder of 2018. Despite our optimism, there are a few potential headwinds that we are watching including a...
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Our Fixed Income Overview

We are approaching the second half of 2018 positioned for higher interest rates and flat-to-tighter spreads. Our focus continues to be on income generation and maintaining a yield advantage relative to the benchmark.
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Helping Investors Meet Their Investment Objectives

Boyd Watterson believes that advisors and consultants should keep their clients invested through the cycle to increase the likelihood that long-term investment objectives are achieved. We design our moderate beta strategies with this understanding in mind.
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Take What the Market Offers

Our belief is that investment returns are significantly driven by macro factors such as inflation, economic growth, credit cycles, the level and direction of interest rates, equity multiples, and cap rates. We, at times, need to make minor adjustments to our strategies to ensure we are making the most of what the market offers.
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With Interest Rates Expected to Rise, Will Cap Rates Follow?

Long term interest rates have been moving higher and the Fed is guiding to more rates hikes. Is this going to lead to higher cap rates and lower valuations, or will the large amount of uninvested capital keep a lid on cap rates?
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Focus Returns to Corporate Fundamentals

The economic growth story remains for 2018, with inflation increasing at a measured pace. Additionally, corporate earnings growth rates are high, warranting an overweight to corporate credit in our view.
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Longer-Term GSA Leases May Increase Property Values

Longer-term leases tend to benefit both GSA tenants and property owners. A typical GSA tenancy is more than two decades long whereas an average lease is 10 years, with 5-year extension options being typical. Structuring a longer-term lease that more closely matches GSA tenancy can result in cost savings through lower rents. Property owners, in...
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LIBOR-OIS: Time to Re-visit an Old Topic

Recently, there has been a widening in the spread relationship between LIBOR (London Interbank Offered Rate) and OIS (Overnight Interest Swap Rate). This prompts the question: Should this be of concern? Is it a “canary in the coal mine” signaling possible problems with overall bank credit, or is there some other viable explanation?
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