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 11, 2015

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.

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