Evercore | Wealth Management

February 4, 2010
2010 Outlook

The global economy appears to be in the early stages of a classic recovery from severe recession.

January 8, 2010
Political Credit Risk in New York State

The recession and the troubled financial services industry hit New York State's finances hard, and exacerbating the problem is a dysfunctional political process. We are concerned about New York State credits with political credit risk, and have a preference for New York State credits that are structured to ameliorate this risk.

December 22, 2009
Corporate Bond Commentary and Strategy

Yields on investment-grade credit securities are approaching historic low levels. Balance sheets are defensively positioned overall, with significant cash on hand, limited near-term debt maturities, and good overall liquidity profiles.

December 4, 2009
Financial Markets Commentary

The dramatic market moves of the last twelve months — up as well as down — have shifted many investors' perceptions of risk.

November 17, 2009
Municipal Market Update: Opportunities Exist

Despite the sudden sell-off at the beginning of last month, the municipal market has changed little since mid-October. Yet the drumbeat of concern in the press about the health and viability of the market has grown only louder.

October 16, 2009
Municipal Market Update: Opportunities May Appear

The landscape in the municipal market changed dramatically in early October with tax exempt bond yields spiking upward following a nearly 4 month period of slowly rising prices and declining yields.

October 7, 2009
Municipal Market Update: Where Did the Yields Go?

With rates at 40-year lows, we are very cautious and continue to emphasize defensive, high-coupon securities priced to shorter calls and research-driven, short-duration securities.

September 22, 2009
Why the Recovery May be Stronger than Expected

The United States' recent economic meltdown was virtually unprecedented but it is the global economy that matters.

August 1, 2009
Financial Markets Commentary

The US economy is off of life support but a full recovery isn't likely anytime soon.

August 1, 2009
Corporate Bond Commentary and Strategy

Spreads will continue their march toward normalization—but not in a straight line. We are taking advantage of tightening spreads while guarding against idiosyncratic credit risks and longer-term inflation.

Summer 2009
Municipal Market Mid-Year Update

With the Treasury market under pressure and municipal yields at historic lows, we continue to recommend cautious geographic diversification and high-quality security selection.

July 24, 2009
Investing in California Municipal Bonds

The state has relied upon a progressive income tax system that fluctuates significantly depending on the economy. Currently, there is no mechanism for the state to establish a rainy day fund, leading to revenue booms and busts.

July 1, 2009
Strategic Wealth Transfer Planning in Volatile Times

Low asset valuations and financing costs are providing a compelling opportunity for affluent families to execute wealth transfer strategies.

June 23, 2009
Market Update: Uncertainty Remains High

Stocks look fairly valued but inflation is a real risk.

June 1, 2009
Municipal Market Update

Municipal bonds have significantly outperformed U S Treasury bonds thus far in 2009.

June 1, 2009
Corporate Bond Commentary and Strategy

Economic indicators are clearly pointing to a slower rate of decline in the economy, led by a consumer that is slowly pulling herself up from the ground and better-than-expected corporate earnings.

May 1, 2009
Financial Markets Commentary

Despite some recent hopeful signs, it appears that the global economy is not yet out of the woods and the current recession will likely continue through at least the end of the year.

March 7, 2009
Market Update: Erring on the Side of Caution

History suggests that stock prices are too low but a recovery depends on effective government policies.

Q1 2009
Corporate Bond Commentary and Strategy

After the worst and most volatile year in history for the corporate bond market, the first quarter of 2009 saw slight underperformance on both a total return basis and as relative to Treasuries.

Q1 2009
Municipal Market Update

The municipal bond market experienced its strongest quarterly performance in years and was among the best performing fixed income sectors in the first quarter.

Q1 2009
Municipal Bond Market Commentary

Bond insurance ceased to be a major factor in both the primary and secondary markets. Prior to 2008, nearly 50% of all new issues came to market with insurance. By year-end it was less than 10% as newcomer Berkshire Hathaway was the lone insurer possessing Moody's coveted Aaa rating.

Jan/Feb
The Great Crash

The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe. Over the medium term, Washington and European governments will have neither the resources nor the economic credibility to play the role in global affairs that they otherwise would have played.

December 16, 2008
Value in the Municipal Market

With yields offered by U S Treasuries near historic lows due to the worldwide flight to quality, municipal yields, especially for longer term issues, have trended higher since late November. The primary reason is...