Markets Can Be Very Wrong in the Short Run

Tom Pierce, CFA® |
Wilmington Wire
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June 27, 2017—Seasoned investors are well aware that market prices are set at the margin, or alternatively, it is price and not quantity that matters for small flows. Sometimes the small percentage (or “flow”) of transactions occurring is representative of where a much larger “stock” or percentage of the market would trade; and other times,

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Puerto Rico Title III Filing – Impacts on and off the Island Commonwealth

Robert Collins |
Wilmington Wire
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May 9, 2017— Last week, Puerto Rico’s Oversight Board (put in place by the enactment of “PROMESA,” the Puerto Rico Oversight, Management and Economic Stability Act) filed for Title III, which acts like a bankruptcy filing, for the island’s general obligation (GO) and GO-guaranteed debt. Shortly after, the agency that sold billions in Puerto Rico-backed

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