logo One Sarasota Tower
2 N. Tamiami Trail
Suite 303
Sarasota, FL 34236

614 E. Landis Ave
Vineland, NJ 08360
(800) 257-7013
spacer
HOME  | ABOUT CUMBERLAND  | OUR PEOPLE  | CONTACT US spacer spacer
spacer
INVESTMENT STRATEGY
spacer
INVESTMENT STYLES
spacer
MARKET COMMENTARY
spacer
TV APPEARANCES
spacer
IN THE NEWS
spacer
SPECIAL REPORTS
spacer
QUESTIONS
spacer
PRIVACY
spacer
ADV PART II
spacer
CLIENT LOGIN
Market Commentary

California: Still Dreamin’
February 09, 2013 David R. Kotok, Chairman and Chief Investment Officer

At Cumberland, we continue to take a harsh view about many California municipal bond credits.  We do this notwithstanding the recent upgrade action of a prominent credit-rating agency.

At Cumberland, we do our own internal credit review work and hold to a strict internal discipline.  Simply put: if we are worried about getting paid, we avoid the issuer.  That is the case with regard to many California cities and other California-related credits.

We have been drafting a follow-up piece about California.  Then my colleague, John Mousseau, offered this exceptionally well-written discourse that he found in the publication linked below.

We praise the author, Steve Malanga, and recommend this piece to our readers.

“The Pension Fund That Ate California,” by Steven Malanga, City Journal, Winter 2013

http://www.city-journal.org/2013/23_1_calpers.html

David R. Kotok, Chairman and Chief Investment Officer

spacer
 COPYRIGHT ©2014 CUMBERLAND ADVISORS® POWERED BY: BALANCED COMPUTING 
spacer
spacer