Tag Archives: Patricia Healy

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Cumberland Advisors Market Commentary – The Rise of Separately Managed Accounts – 2019 Update

Author: Patricia Healy, CFA, Post Date: September 12, 2019
Patricia Healy, CFA

The Rise of Separately Managed Accounts – 2019 Update Cumberland has utilized separately managed accounts (SMAs) to execute its fixed-income strategy since its inception in 1973, long before SMAs were popularized in the early 2000s. The reasons for managing money in this fashion are the same today as they were then: Transparency (you know what […]

Recession fears growing

Author: , Post Date: September 3, 2019
Cumberland-Advisors-Patricia-Healy-In-The-News

Excerpt from the Sarasota Herald Tribune’s article, Recession fears growing Local experts offer comments on the impact of an economic downturn in Sarasota-Manatee. After the longest economic expansion in U.S. history, a growing number of economists and business forecasters are raising the likelihood of a recession in the not-too-distant future. In an August survey by […]

Miami-Dade County jumps into legal fight over terminated toll-road agency

Author: , Post Date: July 26, 2019
Cumberland-Advisors-Patricia-Healy-In-The-News

Excerpt from… Miami-Dade County jumps into legal fight over terminated toll-road agency By Shelly Sigo July 25, 2019 A court hearing Thursday and Friday could determine the fate of the Miami-Dade County Expressway Authority, and a new party in the case may sway the outcome. Miami-Dade County Commissioners decided Tuesday to become an amicus curiae, […]

Cumberland Advisors Market Commentary – Q1 2019 Credit Commentary

Author: Patricia Healy, CFA, Post Date: May 3, 2019
Cumberland Advisors Market Commentary - Municipal Credit

A positive tone continues for the credit quality of municipal bonds, and municipal performance has been strong as a result of low supply, high demand, and lower rates. (See John Mousseau’s “http://www.cumber.com/1q2019-review-tax-free-municipal-bond-a-shining-first-quarter-for-munis/.”) After some states reported revenues tracking well below projections in January, fears of a substantial drop-off in state tax collections are being allayed, […]

Q4 2018 Credit Commentary and a Look Ahead to 2019

Author: Patricia Healy, CFA, Post Date: January 8, 2019
Cumberland Advisors - Q4 2018 Credit Commentary and a Look Ahead to 2019

Has The Municipal Credit Cycle Plateaued? Many positive indicators suggest that the municipal credit cycle has yet to plateau. Upgrades continue to outpace downgrades; the US economy is still growing; federal tax reform boosted revenues in fiscal 2018; and rainy day funds or reserve levels in many localities are strong. However, pressures continue to confront […]

Is the Municipal Bond Market Sleepy?! Pension Doomsday?

Author: Patricia Healy, CFA, Post Date: November 19, 2018
Market Commentary - Cumberland Advisors - Is the Municipal Bond Market Sleepy - Pension Doomsday

Today’s municipal bond market is anything but “sleepy,” as Spencer Jakab characterized it in his Wall Street Journal article “Prophet of Muni Market Doom Wasn’t Wrong, Just Early” (10/26/2018). The Prophet of Doom he referred to was Meredith Whitney, who shortly before the financial crisis successfully predicted the damage to Citibank by bad mortgages. In […]

The California Wildfires’ Financial Toll

Author: , Post Date: November 16, 2018
Cumberland-Advisors-Patricia-Healy-In-The-News

Excerpt below from “The California Wildfires’ Financial Toll” By Randall W. Forsyth, Nov. 16, 2018 1:06 p.m. ET In every disaster, natural or man-made, a price is exacted first in human terms. From the relative safety of where I write this, I can recall the damage from superstorm Sandy that crippled the Northeast six years […]

California, Land of Natural Disasters?

Author: Patricia Healy, CFA, Post Date: November 13, 2018
Market Commentary - Cumberland Advisors - California, Land of Natural Disasters

Last week we conducted a review of our California municipal bond holdings along the San Andreas Fault looking for holdings that may be more susceptible to credit deterioration in the event of a disaster. At the time, little did we know that wildfires would engulf large swaths of California. First, our hearts and prayers go […]

Hurricane Michael and Bond Portfolio Management

Author: Patricia Healy, CFA, Post Date: October 17, 2018
Cumberland Advisors Market Commentary

The devastation from Michael in terms of lives and property damage is still being assessed. Our hearts go out to those affected. We have written (http://www.cumber.com/wildfires-abound/) about the general uptick in economic activity in a municipality after a storm or other natural disaster and the resulting maintenance of credit ratings. However, there could be a period […]