News Roundup October 30, 2020

Author: , Post Date: October 31, 2020
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Financial Advisor Magazine quotes Patricia Healy, CFA
California’s Boom Collapses With Fires Adding $1.1 Billion Toll
October 16, 2020
Frequent fires “may have inhabitants, insurers, and government questioning the viability of living there and continually rebuilding,” said Patricia Healy, senior vice president of research at Cumberland Advisors. And the pandemic may trigger structural changes that could also fuel the exodus from the Golden State, such as the rise of remote work.
https://www.fa-mag.com/news/california-s-boom-collapses-with-fires-adding–1-1-billion-toll-58482.html

USF Mentions Cumberland Advisors
Holbrook: COVID — a time to learn
October 30, 2020
The USF Sarasota-Manatee campus is partnering with Cumberland Advisors locally and the Global Interdependence Center based in Philadelphia on Nov. 17 to present a virtual panel discussion on Post-Election Financial Markets.
https://www.heraldtribune.com/story/opinion/columns/guest/2020/10/30/covid-a-time-to-learn/6073136002/

Barron’s quotes Bill Witherell, Ph.D.
Tech Stock Valuations Look Increasingly Stretched
October 23, 2020
The inflow of global funds into the two mainland China markets this year has topped $26 billion.… U.S. institutional investors have just demonstrated their support for a continued strong linkage between the U.S. and Chinese financial markets by ordering more than $27 billion in response to China’s first bond offer made directly to U.S. buyers. The bond offer was for $6 billion, and the yield on the 10-year component was about 0.5 percentage points above the equivalent U.S. Treasury. The huge China onshore bond market is estimated as the second largest globally. In contrast, the China offshore market is now small but has huge potential, as the bond sale to U.S. investors suggests. Participating in and helping to develop these markets together with the Chinese pensions and insurance markets will become important for U.S. financial firms.
Paywall: https://www.barrons.com/articles/tech-sector-valuations-are-cause-for-concern-51603495536

Reuters quotes John Mousseau, CFA
Illinois to sell $850 million of bonds as investors brace for junk status
October 19, 2020
“Illinois had problems before the pandemic,” Richman said. “Things are getting worse not better.” Still, John Mousseau, president and CEO of Cumberland Advisors, said the high yields will attract buyers. “People will buy it. They are yield-starved,” he said.
https://www.stltoday.com/news/local/illinois/illinois-to-sell-850-million-of-bonds-as-investors-brace-for-junk-status/article_b57e80d4-1ff4-5e31-a0d4-1b1559980355.html

The Bond Buyer quotes Amy Raymond
Primary in focus as Illinois, Wisconsin, Nevada, Washington go competitive
October 20, 2020
Activity was modest Tuesday, according to Amy Raymond, manager of the fixed income department at Cumberland Advisors in Sarasota, Fl. “Tomorrow looks to be a large tax-exempt new issue day,” she said, with the pricing of the $1.5 billion Illinois Commonspirit Health deal on Wednesday and the $1.9 billion Sutter Health deal on Thursday — both being priced by Morgan Stanley and both in the triple-B rating category, which might carry slightly attractive yields.
https://www.bondbuyer.com/news/primary-in-focus-as-illinois-wisconsin-nevada-washington-go-competitive

Politico quotes David R. kotok
As Trump warns of economic disaster, Wall Street grows giddy about Biden
“Mitch McConnell is a patient warrior,” David Kotok, chief investment officer at Cumberland Advisors, said of the Senate majority leader. “He will look at his declaration to stymie Obama and likely try to repeat it with Biden.”
https://www.politico.com/news/2020/10/27/wall-street-biden-blue-wave-432710

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