Cumberland Advisors Week in Review (Mar 30, 2020 – Apr 03, 2020)

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS’ WEEKLY RECAP

As part of Cumberland Advisors’ continuous effort to maintain strong customer relationships, we offer this week’s short video discussing current market conditions and how we are positioning portfolios.

Matt enjoys your feedback. You can reach him at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Call Matt: (800) 257-7013

Other questions or comments? Email us at info@cumber.com or give us a call at (800) 257-7013.

Contact Matt or any one of our advisors by following this link: https://www.cumber.com/our-people/

Cumberland proposes new cash-flow anticipation note to help issuers fight coronavirus

State and local governments are facing a cash-flow crunch under the present emergency conditions, which limit or eliminate many reveue streams. Cumberland argues that this type of short-term security would help alleviate the problem and let municipalities recover more quickly once the danger had passed and things return to normal.

Full story at The Bond Buyer (paywall): https://www.bondbuyer.com/news/cumberland-proposes-new-cash-flow-anticipation-note-to-help-issuers-fight-coronavirus

More News About Cumberland Advisors Here: https://www.cumber.com/news

Watch Video

Cumberland Advisors Week in Review (Mar 23, 2020 – Mar 27, 2020)

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS’ WEEKLY RECAP

As part of Cumberland Advisors’ continuous effort to maintain strong customer relationships, we offer this week’s short video discussing current market conditions and how we are positioning portfolios.

Watch this week’s update in the player above or at this link: https://youtu.be/MzdtUytWcos

Thank you for joining us at Cumberland Advisors. Be safe.

-Matt McAleer

Matt enjoys your feedback. You can reach him at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Call Matt: (800) 257-7013

Other questions or comments? Email us at info@cumber.com or give us a call at (800) 257-7013.

Contact Matt or any one of our advisors by following this link: https://www.cumber.com/our-people/

Watch Video

Bloomberg Markets: The Close Full Show with David R. Kotok March 25th, 2020 (Video)

Bloomberg Markets: The Close Full Show with David R. Kotok

March 25th, 2020

Scarlet Fu and Romaine Bostick bring you the latest news and analysis leading up to the final minutes and seconds before the closing bell on Wall Street and tackle the market volatility from coronavirus fears, the impact of different industries and the stimulus. Guests Today: David Kotok of Cumberland Advisors, Boris Jordan of Curaleaf, Carol Schleif of Abbot Downing Investment Advisors, Mark Calabria of the Federal Housing Finance Agency, Bob Doll of Nuveen (Source: Bloomberg)

David joins the broadcast at the 4min mark. He talks about credit spreads, dislocations, has the Fed addressed dislocation? “The Fed is trying to address every sector it can reach. It has come off the peak pressure, but there’s still more work to be done. The municipal sector is improving but it hasn’t fully improved. And we see the commercial paper sector improving. But it has to reach a point in which there is broad confidence in the banking system. I’m still seeing clients moving funds around because they’re afraid of bank failure. And I’m seeing clients making changes because they are very worried about credit sensitivity. They are replaying 2008 types of metaphors. This is a different kind of a problem. But in their minds that’s the most recent history and they are focused on attempting to protect themselves,” David R. Kotok.

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video

Cumberland Advisors Week in Review (Mar 16, 2020 – Mar 20, 2020)

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS’ WEEKLY RECAP

As part of Cumberland Advisors’ continuous effort to maintain strong customer relationships, we offer this week’s short video discussing current market conditions and how we are positioning portfolios.

This week we have John Mousseau and Matt McAleer on camera sharing their thoughts with you.

First up is Matt McAleer, Cumberland Advisors’ Director of Equity Strategies. He’ll give you his view of what happened in the stock market this week (the rush for cash!). He also tells you how successful his trades have been these past months, what’s gone wrong and what he’s got right.

Next up is John Mousseau, Cumberland Advisors’ CEO & Director of Fixed Income. He tells us the latest happenings in the bond market, what’s higher, what’s lower, and our outlook for the future.

Thank you for joining us. Please reach out to me (or John) with any questions/comments you may have about this video, I always appreciate your calls, comments, and emails.

Watch this week’s update in the player above or at this link: https://youtu.be/j6GC3ZbiqPU

Thank you for joining us at Cumberland Advisors. Be safe.

-Matt McAleer

Matt enjoys your feedback. You can reach him at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Call Matt: (800) 257-7013

Other questions or comments? Email us at info@cumber.com or give us a call at (800) 257-7013.

Contact Matt or any one of our advisors by following this link: https://www.cumber.com/our-people/

Watch Video

Cumberland Advisors Midweek Update on Market Conditions, Bonds & Equities with McAleer & Mousseau

Thank you for joining Cumberland Advisors for this midweek update on market conditions, bonds & equities with Matt McAleer and John Mousseau.

First up is John Mousseau, Cumberland Advisors’ CEO & Director of Fixed Income. He tells us what he’s seeing in the bond market, credit, what’s happening with treasuries, and how Cumberland Advisors is responding.

Direct link to video: https://youtu.be/hYYffU5fz7w

“We’ve seen great upheaval in the bond market. It started over a week ago when you saw treasury bond prices spiking because of Saudi’s buying of oil and buying Treasury Bonds. That in turn affected all of the bond dealers who no longer could hedge with Treasury Bonds because they would have lost their shirt. And so they withdrew from bidding on bonds. Things like corporates, and munis, and mortgages, etc.

“So we started to see yields rise on those bonds. The stock market, which we’ve seen the carnage, and Matt will talk about. That caused people to sell almost everything that wasn’t a Treasury. Munis, bond funds, as we see REITs, commodities, etc., were all selling because people wanted cash. And by the end of the week and continuing, now they were also selling Treasury bonds. What are we doing about it? What we’re doing about it is we’re looking at this opportunistically. We’re very fairly short duration going into this mess, and the unravelling that we have seen has shown us some extraordinary bond values out there that we haven’t seen in well over a year. So, whereas a week ago you were looking at almost all municipal bonds with one or two percent type yields, it has moved up 150-200 basis points in some cases where we’re able to buy 3% yields. In some cases, close to 4% yields on AA, AA+ type paper in munis. That really has nothing to do with credit. You need to be careful on credit. The things that we worry about are things that you might have looked for as an essential service bond before, but through the prism of the virus you don’t think of the essentiality of that service any more. Like a bond backed by subway fares in New York. Or an airport. Things of that nature. We really don’t want to own those. But we want to own very high grade bonds that have really been thrown under the bus by the selling that’s gone on. So what we’re trying to do is pick up yield that we haven’t seen in over a year and try to extend durations to lock that in and try to take advantage of the fear that we’ve seen out there.

“We’ve gone through these cycles before. We haven’t seen it in this fast a timeframe. And clearly what’s going on with the virus and its effects on all markets has created some of this gapping effect that’s gone on there. We’re encouraging people that have had money on the sidelines for bonds that now is a very propitious time to start putting some of that to work. It’s not only just in the long end, everywhere it’s cheap. So you think about a long Treasury bond at a 175 and you’re buying long municipal bonds at 3 1/2, in some cases close to 4; I don’t need to do those yield ratios for you. So what we think is, over time that gap narrows and we think the total return on munis can be quite good from these levels when things settle down. We know there’s a lot of cross currents out there. There’s going to be a lot of fiscal spending coming. We know, and Matt will talk about it, this Equity market will find a floor here at some point. Right now it’s fear and panic driving everything. But I want you to know, that as a Total Return Bond Manager, we are now moving to take advantage of what we see as an extremely oversold situation. Thanks a lot,” John Mousseau.

Matt McAleer, Cumberland Advisors’ Director of Equity Strategies, delivers his view of what’s happening in the stock market, how he’s positioning things, along with an invitation for clients to contact Cumberland Advisors with any questions or comments.

We appreciate you taking the time to join us.

View the video in the player above or via this direct link: https://youtu.be/hYYffU5fz7w

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video

Analyzing Pandemics: Economic and Policy Impacts – March 19, 2020

More information and speaker bios can be found at the Global Interdependence Center website: https://www.interdependence.org/events/analyzing-pandemics-economic-and-policy-impacts-series-gic-virtual-event/

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video

Cumberland Advisors Week in Review (Mar 09, 2020 – Mar 13, 2020)

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS’ WEEKLY RECAP

As part of Cumberland Advisors’ continuous effort to maintain strong customer relationships, we offer this week’s short video discussing current market conditions and how we are positioning portfolios.

This week we have John Mousseau and Matt McAleer on camera sharing their thoughts with you.

John talks about:
-What we saw today and earlier in week
-Events earlier in week were people trying to run away from risk
-Very tough week for bonds in general
-Today, Treasurys continued to back off – Good in our opinion. Do we see a trend? No. But it’s a first step to a reversion to the mean.
-Things that you thought were essential services may not be that essential in a new world: things like a subway or an airport. Eventually, they will be.
-We try to drill down and make sure that credit is better than it was before and try to improve credit; it’s going to take a while to come back.

Matt talks about:
-Fear in the market
-The Equity Only Put/Call Ratio spiked to 128. Matt explains and brings some history to bear.
-What might lead to a relief rally?
-We have three words we used in our research meeting and calls on Monday: Credit, credit, credit!
-On the Equity side, what can we do to take advantage of some of this volatility? We’re going to let the volatility come to us.
-Don’t chase equities. Bid, let them hit you. Be comfortable months out owning that security.
-Dislocation and nibbling on the way down
-Pin your top 20 best movers list where you can see it. Review them. Do some work on them. You’ll see we own some of those names.
-Matt mentions Microsoft, Apple, Adobe Systems.
-The market will dictate to us if we’re entering a trading market vs a buy and hold one. Don’t try to outguess it.

Please reach out to me (or John) with any questions/comments you may have about this video, I always appreciate your calls, comments, and emails.

Watch this week’s update in the player above or at this link: https://youtu.be/XIJaXAY2mpY

Did you miss the mid-week update? It’s up on YouTube here: https://youtu.be/eTqXYjNdfNE

Lastly, I participated in an interview with Bloomberg on Thursday and you can listen to that here if desired:
Bloomberg Chief Washington Correspondent Kevin Cirilli talked to Matthew McAleer about the market sell-off.
https://www.bloomberg.com/news/audio/2020-03-12/sound-on-market-drop-corona-virus-response-podcast

Have a great weekend and thank you for joining us at Cumberland Advisors.

-Matt McAleer

PS: Our energy conference, called “An Outlook on Energy Policy” has been postponed due to coronavirus worries. We thank you for your interest but the travel restrictions and cautious direction we and other firms have put in place results in this prudent delay. We hope to reschedule later this year and we’ll share a new date when it’s been decided.

Matt enjoys your feedback. You can reach him at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Call Matt: (800) 257-7013

Other questions or comments? Email us at info@cumber.com or give us a call at (800) 257-7013.

Contact Matt or any one of our advisors by following this link: https://www.cumber.com/our-people/

Bloomberg Radio

In the News…

Watch Video

Cumberland Advisors Special Update on Market Conditions, Bonds & Equities

Dear Clients & Friends,

We bring you this midweek update video discussing current market conditions and how we are positioning portfolios.

John offers his insights into how the bond market is behaving and Matt weighs in on what’s happening in the equities market. There is a lot of volatility at work.

Please reach out to us with any questions/comments you may have about this special midweek video, I appreciate your calls, questions, comments, and emails.

Watch the video update in the player above or at this link: https://youtu.be/eTqXYjNdfNE

Thank you for taking the time to join us at Cumberland Advisors.

You can reach/follow Matt at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Call Matt: (800) 257-7013

Other questions or comments? Email us at info@cumber.com or give us a call at (800) 257-7013.

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video

Cumberland Advisors Week in Review (Mar 02, 2020 – Mar 06, 2020)

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS’ WEEKLY RECAP

As part of Cumberland Advisors’ continuous effort to maintain strong customer relationships, we offer this week’s short video discussing current market conditions and how we are positioning portfolios.

Thank you for joining us for another “Cumberland Advisors Week In Review.” This week we have David Kotok and Matt McAleer on camera sharing their thoughts with you.

David talks about:
-What’s happening with the Treasury Yield Curve in relation to COVID-19, the coronavirus.
-Fund managers have to put their money to work after selling equities. What’s the effect? David explains.

Now, onto Matt:
-We review dates and numbers and back up our talk with a chart to add more context
-What are we nibbling on and where did we put cash to work?
-How do and did we approach this week’s trading?
-How do fear and panic weigh in?
-Are foreign buyers of Treasurys part of the picture?
-What will tilt money toward the equity side?

Please reach out to me with any questions/comments you may have about this week’s video, I always appreciate your calls, comments, and emails.

Watch this week’s update in the player above or at this link: https://youtu.be/2Ao_bLNBcLY

Have a great weekend and thank you for joining us at Cumberland Advisors.

-Matt McAleer

PS: Our energy conference, called “An Outlook on Energy Policy” has been postponed due to coronavirus worries. We thank you for your interest but the travel restrictions and cautious direction we and other firms have put in place results in this prudent delay. We hope to reschedule later this year and we’ll share a new date when it’s been decided.

Matt enjoys your feedback. You can reach him at:
-Link to Matt’s Email: Matthew.McAleer@Cumber.com
-Link to Matt’s Twitter: https://twitter.com/MattMcAleer4
-Link to Matt’s LinkedIn: https://www.linkedin.com/in/matthew-c-mcaleer/
-Feel free to email us at info@cumber.com or give us a call at (800) 257-7013

Contact Matt or any one of our advisors by following this link: https://www.cumber.com/our-people/

Explaining Fed Repos – John Mousseau

In the News…

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video

Bloomberg Markets: Cumberland’s Kotok Finds the Fed’s Emergency Rate Cut Worrisome

Bloomberg Markets: Cumberland’s Kotok Finds the Fed’s Emergency Rate Cut Worrisome

March 3rd, 2020

David Kotok, Cumberland Advisors chief investment officer, reacts to the Federal Open Market Committee’s decision to lower the target range for the federal funds rate by a half-percentage point. He speaks with Bloomberg’s Romaine Bostick and Scarlet Fu on “Bloomberg Markets: The Close.”

“What is the Fed seeing that other’s may not be seeing? And what is it so severe as to cause them a reaction function that seems extreme that won’t even wait two weeks for a meeting?”

Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.

Sign up for our FREE Cumberland Market Commentaries

Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.

Watch Video