Jeff Benjamin

Investment Insights: The Blogblog

Jeff Benjamin breaks down the game for advisers and clients.

Third Avenue rattles the junk bond market

Plus: JPMorgan's David Kelly second-guesses the Fed, MLP investors hang on for dear life, and Joe Montana gets his VC groove on

Dec 14, 2015 @ 6:45 am

By Jeff Benjamin

  • Third Avenue Management's unprecedented move last week of blocking investor redemptions from its junk-bond fund has clearly rattled the bond markets, but it doesn't mean this is the end of days for fixed income investors. Try not to freak out just yet.
  • Of course, it might have been less jarring if Third Avenue's CEO didn't stress as recently as October that liquidity fears in the high-yield bond and loan market was a myth. Awkward.
  • Is JPMorgan's David Kelly smarter than the Fed when it comes to understanding the relationship between interest rates and the economy? David Kelly thinks so.
  • The wheels are coming off in the MLP space, an investment category that has been promoted as being able to weather energy-price fluctuations. The category has fallen 22% since the start of November. This is precisely why you're supposed to read the fine print when you're investing in something like an MLP.
  • NFL legend Joe Montana is stepping up into the pocket of a new venture capital gig. The former QB is no stranger to investing.


What do you think?

View comments

Recommended for you

Featured video


Are investors getting complacent?

Tom Florence, CEO of 361 Capital, discusses growing investor complacency and why he thinks overconfidence might be creeping into adviser and investor decision making.

Latest news & opinion

Nontraded BDC sales in worst year since 2010

The illiquid product's three-year decline is partially due to new regulations and poor performance.

Tax reform debate sparks fresh interest in donor-advised funds

Schwab reports new accounts up 50% from last year, assets up 33%.

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print