by Michael Lecours | Nov 20, 2012 | Economy
Duration is a very important concept for bondholders in today’s world of low dividend yields. It measures the degree of risk of principal loss should interest rates rise from our current historically very low levels. For example, a leading investment company...
by Michael Lecours | Sep 11, 2012 | Economy
The U.S. stock market is at post-crash highs in the middle of domestic and world economies optimistically seen as struggling. Does it make sense? Is the market reasonably priced? Is it safe? Well, it depends who you talk to: Pro: The S&P 500 is currently about 16...
by Michael Lecours | Aug 2, 2012 | Economy
What is the greatest technological advancement of the last ten years? Most would probably say the smartphone, or perhaps social media sites. I think it is directional drilling and what is referred to as ‘fracking’. Vast reserves of natural gas through this new...
by Michael Lecours | May 8, 2012 | Uncategorized
Mohamed El-Erian, the head of PIMCO, recently delivered this lecture at the St. Louis Fed. Here are two passages from his conclusion: “After diffusing a material threat of a global depression, central banks in the advanced economies did a good job in maintaining a...
