This past week we visited our clients and friends in Tokyo. The last time we did, three months before Covid, Japan’s GDP had ended modestly down 0.2%. During 2020 it plunged 4.3%; about twice as sluggish as the US… ▶︎ Read Feb 27 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily […]
Our family winter break in Turks and Caicos last week was highlighted by two discoveries. First, neither of our daughters are particularly interested in water activities. And second, their all-inclusive meal mainstays, despite a world of delicacies, were chicken nuggets and cotton candy… ▶︎ Read Feb 20 2023 newsletter: here ▶︎ Chart of the Week: […]
Over the past twelve months, as Fed rate hikes have taken hold, much attention has been paid to the denominator effect. This is the impact on investors’ portfolios as liquid asset prices have fallen, creating larger-than-anticipated allocations in alternatives…. ▶︎ Read Feb 13 2023 newsletter: here ▶︎ Chart of the Week: here (by Nuveen, Bloomberg, […]
After a deep-dive into the various elements of the M&A market last year, a panel of five top bankers told 650 registrants of our exclusive Lead Left Presents webinar that conditions for 2023 are beginning with “wait and see.”… ▶︎ Read Feb 6 2023 newsletter: here ▶︎ Chart of the Week: here (by Leveraged Commentary […]
After a deep-dive into the various elements of the M&A market last year, a panel of five top bankers told 650 registrants of our exclusive Lead Left Presents webinar that conditions for 2023 are beginning with “wait and see.”… ▶︎ Read Jan 30 2023 newsletter: here ▶︎ Chart of the Week: here (by WSJ, Jefferies, […]
There’s no better lens through which to examine the effects of the current economic environment than US middle market M&A activity. A wide range of indicators – volume, valuations, financing and sector rotation – were flashing in the wake of rate hikes, volatility, and economic headwinds… ▶︎ Read Jan 23 2023 newsletter: here ▶︎ Chart […]
The beauty of time off from work is the opportunity to reflect on the big picture. For us at the Lead Left it means moving beyond 2022 rates and recessions to a thoughtful consideration of what comes next… ▶︎ Read Jan 16 2023 newsletter: here ▶︎ Chart of the Week: here (by Nuveen, Bloomberg) (Any […]
The beauty of time off from work is the opportunity to reflect on the big picture. For us at the Lead Left it means moving beyond 2022 rates and recessions to a thoughtful consideration of what comes next… ▶︎ Read Jan 9 2023 newsletter: here ▶︎ Chart of the Week: here (by Steven Rattner, US […]
We noted last week the Fed’s battle to slay the inflation dragon without also cratering the entire village. Increasing spreads on top of a five percent-plus benchmark rate could dampen M&A and financings… ▶︎ Read Dec 19 2022 newsletter: here ▶︎ Chart of the Week: here (by Leveraged Commentary & Data (LCD)) (Any “forward-looking” information […]
The Federal Reserve raised interest rates by 50 bps at its December meeting, following four consecutive 75 bp increases. The Fed funds rate target now stands at 4.25% – 4.50%. It had begun the year at zero… ▶︎ Read Dec 12 2022 newsletter: here ▶︎ Chart of the Week: here (by WSJ, Federal Reserve) (Any […]