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Industry Perspectives | November 17, 2020

Banking in the Time of a Global Pandemic

“Having survived the global financial crisis of 2008-2009 as a new banking analyst, I often wondered what the next cycle would look like and where it would originate.”

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Blog | October 06, 2020

Breaking Up With Old Habits

Will consumption habits formed amid pandemic shut-downs be more lasting? Perhaps—and that can be key in understanding future demand patterns and how those influence businesses’ long-term earnings power.

Blog | September 10, 2020

Those Underestimated Airlines

It’s clear airlines caught the brunt of COVID shutdowns. But what has surprised the market most over the past five months? Research analyst Blake Haxton, CFA, discusses some unexpected developments.

Blog | September 09, 2020

Fixed Income Monthly Commentary – August

Catch up on the latest developments in the securitized market, including where consumer default levels stand today, with our August fixed income commentary.

Podcasts | September 03, 2020

Energy & Airlines: An Update

Analyst Blake Haxton discusses the state of the oil industry after months of subdued demand and March’s price war, and shares where air travel demand stands today.

Industry Perspectives | September 01, 2020

What's Driving Growth in Retail?

“When analyzing companies, we often look for signs of sustainable competitive advantages, ranging from persistent high returns on capital to long-term market leadership.”

Podcasts | August 26, 2020

Can Smart Buildings Curb COVID-19? - Podcast

Smart, energy-efficient buildings have been in demand for years, but their features have historically been viewed as luxuries versus necessities. COVID-19 has turned that view on its head.

Blog | August 20, 2020

The Truth in Corporate Bond Prices

Fixed income portfolio manager Bill Zox projects new corporate bond issuance will exceed 20% of total outstanding corporate debt in 2020—enabled by the Fed’s massive buying power.

Blog | August 07, 2020

Fixed Income Monthly Commentary - July

We are now a little over three months past the peak of recent market uncertainty—the day the U.S. government announced its multi-prong efforts to stimulate and support financial markets and the economy.

Podcasts | July 23, 2020

High Yield: Reflections On A Crisis

Listen as fixed income manager John McClain discusses the historic first half of 2020, opportunities in the investment grade space, fallen angels and the ongoing opportunity in the high yield market.

Blog | July 09, 2020

T-Cells and the Question of Herd Immunity

To understand how close we are to herd immunity for COVID-19, we need to understand the role of T-cells. Research analyst Chendhore Veerappan, PhD, CFA, discusses the challenges behind T-cell tests.

Blog | June 02, 2020

Fixed Income Monthly Commentary – May

The solvency and strength of consumers remain open questions, given the historic unemployment spike since the onset of the COVID-19 pandemic. The 2008-2009 Great Financial Crisis (GFC) is often used as a measuring stick to evaluate consumers’...

Podcasts | May 29, 2020

Has the High Yield Opportunity Already Passed?

Portfolio Manager Bill Zox discusses the current opportunity set he sees in the high yield market and how recent intervention by the federal government has impacted the market.

Blog | May 26, 2020

Challenges and Opportunities – A Banking Industry Update

(For more, please listen to our recent podcast.) The current market environment has been challenging for bank stocks, with many trading below tangible book value amid concerns over the potential balance sheet impact of the pandemic. Banks are also contending...

Podcasts | May 21, 2020

Financials Update

Banking analyst John Loesch discusses how COVID-19 has impacted bank stocks and how the current rate environment is impacting the sector.

Podcasts | May 05, 2020

Where's the Beef?

Consumer commodities analyst Micah Martin discusses how COVID-19 has disrupted the U.S. protein supply chain and how this could lead to protein shortages for consumers.

Podcasts | April 27, 2020

Colliding Disruptions—An Energy Market Update

Diamond Hill energy analyst Blake Haxton discusses the recent energy price rout, the collision of supply and demand disruptions, why geology matters in oil production and the impact on long-term investors.

Blog | April 22, 2020

Reasons for Optimism and Patience—A COVID-19 Update

A data leak in Gilead Science’s clinical trial of the antiviral remdesivir as a therapy for the virus causing COVID-19 is generating some excitement. Our view is the data are directionally encouraging, but without further information, that is as far...

Blog | April 15, 2020

A Credit Market Update: Is The Smoke Clearing?

What a difference a few weeks make. Since our last blog post, High Yield Update: Pricing for Recession?, unprecedented actions taken by the Fed, the Treasury and Congress have injected some welcome confidence back into credit markets. Here, we answer...

Podcasts | April 13, 2020

COVID-19 & the Health Care Industry

Health care analysts Chendhore Veerappan and Laura O’Dell discuss treatments health care companies are developing for COVID-19, how they’re ramping up testing capacity and what the virus means for health care holdings in our portfolios.

Podcasts | March 31, 2020

Discussing Market Volatility with Chuck Bath

Portfolio Manager Chuck Bath discusses how current market volatility compares to other periods of volatility he’s seen throughout his nearly 40-year career and how he maintains a long-term approach amid market turbulence.

Podcasts | March 27, 2020

Business Continuity

CEO Heather Brilliant, Director of IT John Kroeger and CCO Gary Young discuss our business continuity and disaster recovery plans and how they have been put into action due to COVID-19.

Blog | March 25, 2020

Notes From A Chaotic Market

Tremendous financial market volatility continues. Last week (March 16-20), we also saw historically wide spreads in credit markets and liquidity dried up even in the market for government bonds. The highly unusual fixed income environment exacerbated equity volatility since fixed...

Podcasts | March 19, 2020

Volatility and Opportunity in High Yield

Fixed Income CIO Bill Zox and PM John McClain share their thoughts on recent activity in the high yield markets, the government’s response to market volatility and impacts of the ongoing oil price war.

Blog | March 16, 2020

High Yield Update: Pricing for Recession?

A lot has happened since Friday morning, including the Fed cutting the fed funds rate an additional 100 basis points (bps) to near zero, announcing a quantitative easing program and coordinating with other central banks to provide dollar liquidity globally....

Blog | March 13, 2020

Making Sense of the Energy Market

Amid steep equity and credit market volatility, oil fell sharply on Monday, March 9, adding to broad market uncertainty. COVID-19 dampened energy demand and contributed to lower prices before the Monday correction, but making sense of the current energy market...

Podcasts | March 10, 2020

March 2020 Oil Update

Energy Analyst Blake Haxton, CFA, and Portfolio Manager John McClain, CFA, discuss how Saudi Arabia and Russia sent oil prices tumbling after Friday’s OPEC meeting and what this means for equity and high yield markets already reeling from COVID-19.

Blog | March 10, 2020

Permanent Change Vs. Long-Term Fundamentals

As the COVID-19 virus continues spreading globally and within the US, uncertainty about the economic impact is roiling markets. Add to that Saudi Arabia’s opening salvo in an oil price war with Russia that sent crude prices to $32, and...

Podcasts | March 02, 2020

How Is COVID-19 Impacting High Yield Markets?

Fixed Income CIO Bill Zox, CFA, breaks down the Fed’s reaction to market volatility caused by COVID-19 and discusses how our fixed income team is positioned to take advantage of ongoing volatility in the market.

Blog | February 27, 2020

The Potential for Pandemic and Market Volatility

Insights from Yiting Liu, CFA, and Grady Burkett, CFA (For more detailed perspective on recent market action during the coronavirus outbreak, listen to our podcast.) Concerns about China’s coronavirus outbreak potentially becoming a pandemic has led to a sharp market...

Podcasts | February 27, 2020

February 2020 Equity Market Update

CIO Austin Hawley, CFA, discusses how market volatility caused by COVID-19 is impacting our equity portfolios and the benefits of short-term volatility.