The biggest news that has gotten even the most lively of boring REIT analysts excited has been the recent Global Industry Classification Standard (GICS) index inclusion of real estate as its own sector. Just reading that previous sentence makes me feel dull. Though I do believe it has serious significance.
This is the first time in its...read more
At Signature, we have been max underweight exposure to equity since the summer of 2014 and we have been defensively minded since the beginning of former Chairman Bernanke’s taper in May 2013. This view changed in August. Now, three years and four months later, we are re-engaging risk. For the first time in this period, financial conditions in...read more
Bonds make the world go round
By the turn of the 20th century, W.S. Gilbert’s famous expression, “love makes the world go round” infamously morphed into “money makes the world go round.” The latter withstood the test of time and was even cleverly adapted into a song for an American musical in the early 1970s: “Money...read more
It looks like I may have to hitchhike again when I go on my next trip to Midland, Texas to meet with some of the Permian companies that we hold in our portfolios. On my first visit there about six years ago, I wasn’t able to find a cab to take me from the airport to my hotel – but excitement and activity were at a fever pitch in the area at...read more
Given the volatility in the equity markets in 2016 we feel it’s time for an update on Signature Global Science & Technology Corporate Class. Coming into 2016 there was U.S. dollar headwinds, macro and political uncertainty. Credit spreads had moved wider on bankruptcy concerns linked to falling commodity prices and global central bankers...read more