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The Big Guns: The Major Weapons of Strategic Portfolio Design

September 27, 2011
Eric C. Brown

The scope of the Shape Management® disciplines span from Real-Time Execution (choosing between individual securities within a sector already selected for investment), to Tactical Decision-Making (determining which sectors to acquire, hold, or avoid given the current market), to Strategic Portfolio Design (determining the best overall portfolio shape to pursue given the institution’s constraints and objectives). The “Big Guns” of Shape Management are deployed in service of this last discipline—Strategic Portfolio Design.

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“Moneyball”

September 20, 2011
Alex Balc

On September 23rd, the movie, Moneyball, is set for theatrical release. It is based on the bestseller of the same name, written by Michael Lewis, the famous financial writer who authored Liar’s Poker in 1989 and The Big Short in 2010 (as well as non-financial hit book and movie The Blind Side). If you’ve known Performance Trust a long time, you may recall we sent the book, Moneyball: The Art of Winning an Unfair Game, as a Christmas gift to clients in 2003, because it contained many of the same themes we have been advocating for decades. The release of the film adaptation prompted us to encourage you to read (or reread) the book and—in spite of the risk in recommending a film we have not seen yet—to see the movie later this month.

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Premium MBS and Stimulus Prepayment Risk – Part II

September 8, 2011
Phil Nussbaum

Here we go again. There is once again speculation about a national streamlined refinancing plan that would enable homeowners to take better advantage of historically low mortgage rates. The theory is that such a plan would stimulate consumer spending and jumpstart the struggling economy. We will not debate here whether such a plan would actually lead to the desired stimulus. Rather, we will focus on the impact on us as mortgage-backed security (MBS) investors.

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