Crew Capital Management Thoughts on Investment

Welcome to the Crew Capital Management Thoughts on Investment blog. At Crew Capital, investment education is key to how we work with our clients. We hope our conversation and analysis entice you to think further on your investment strategies and planning. For further discussion, please contact us at rjung@crewcapital.com

Thank you!
Robert F. Jung, CFA CPA*

*CPA inactve

Thursday, January 15, 2009

Bullish Bond Markets

The picture for global growth isn’t as gloomy as many suggest, this according to
analysis of the yield gaps in key nations. The yield gap is defined as the 10-year yield minus the three-month yield; if the difference is positive, the yield curve is sloped upward — which correlates to an outlook of economic growth in 12-18 months. The
yield gaps in most industrialized nations are positive, though the depth in some also
reflects heavy demand among investors – and central banks – for Treasury securities.
In global equity markets, of course, investors are fearing much worse. Over the past
year, global stock markets are down 42%. The so-called BRIC nations (Brazil, China,
Russia & India) are off on average 58%. We think the aggressive sell-offs have reopened opportunities, particularly in the regions in which bond investors are
anticipating economic growth.



Source: Argus Research
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