Main Hurdles in the Path of Equities“Stocks
can come under pressure from higher rates,” says Michael Kastner,
portfolio manager at Sterling Stamos. He also cautions that earnings
expectations look too high for later this year.
Financial Times – March 31, 2010Credit Market Rebound as Dramatic as the Fall“Too
often, investors look in the rear view mirror and invest after the move
has already begun,” said Michael Kastner, portfolio manager at
Sterling Stamos. “The time to enter the trade is when
it’s against the tide, you can’t make money by following
the consensus.”
Financial Times – December 30, 2009Markets May Miss Christmas Party“People
are so bearish on the dollar, but we are at extremes at the moment, so
it may be hard to take that position into year-end,” says Michael
Kastner, portfolio manager at Sterling Stamos.
Financial Times – November 30, 2009The Longer It’s Easy, The Tougher It GetsThe
repeated message that rates will be anchored for a long time “is
manipulating the market, creating an artificially low interest rate
environment,” said Michael Kastner, portfolio manager at Sterling
Stamos.
Wall Street Journal – (login required) – November 23, 2009Fixed Income Investors Should Eye the Exits“As
2009 comes to a close, complacency prevails in the U.S. bond market.
However, just as consensus at the beginning of this year was too dour,
the prospects for the current market are likely too optimistic,”
writes Michael Kastner, Senior Managing Director of Fixed Income at
Sterling Stamos.
Barrons – (login required) – November 20, 2009Falling T-Bond Yields Leave Wall St. Guessing About the Message
Mike Kastner, head of fixed income at money manager
Sterling Stamos in New York, said he doubted that long-term Treasury
yields would stay at current levels for long.
Los Angeles Times – September 29, 2009
US, Japan Need New Dimension in Bilateral Ties
“Even after the United States beings to recover, the recovery
will be weak. It will be a 'sawtooth recovery,’ not a V-shaped
turnaround. It make take two or three years before America returns to
robust rates of steady growth--similar to, say, 1993-2000,” said
Daniel Okimoto, who serves as Chairman of Sterling Stamos’ Global
Institute.
The Asahi Shimbun – August 25, 2009
Bond Popularity Soars in Asset-Allocation Mix
“There is a revolutionary rethinking of how people invest,”
said Michael Kastner, who helps allocate $5 billion in assets as a
senior managing director at Sterling Stamos in New York.
Reuters – August 17, 2009
Fed Preview: More Upbeat, But Not About Spending
Trillions
At this point, “The Treasury purchase program is embarrassing and
becoming more so” for the Fed, said Michael Kastner, head of
fixed income at Sterling Stamos Capital Management in New York.
Los Angeles Times – August 12,
2009
US Unveils Record $75bn Debt Sales
“There are so many Treasuries coming to the market,” said
Michael Kastner, head of fixed income trading at Sterling Stamos.
“At some point, supply will matter.”
Financial Times – August 6, 2009
Jump in New Home Sales Keeps S&P in Positive
Territory
Michael
Kastner, portfolio manager at Sterling Stamos, believes a normal range
for Vix is between 18 and 22. He said there is still a risk that the
S&P 500 could drop back to 825.
Financial Times – July 28, 2009
The Great Upheaval: US-Japan Economic Relations in a
Weakened World Economy
“The Great Upheaval shook the world economy because an enormous,
un-sustainable capital imbalance had developed. The root cause of
America’s massive debt was uncontrolled spending (public and
private).”
Asahi Shimbun – July 6, 2009
Japanese Translation
T-Bond Yields Fall for a Fourth Day; Mortgage Rates
Follow
The 10-year T-note yield could fall as low as 3.5% in the near term as
investors rethink the economic and interest-rate outlooks, said Mike
Kastner, head of fixed-income at Sterling Stamos Capital Management in
New York.
Los Angeles Times – June 16 , 2009
The
Financial Crisis and America’s Capital Dependence on Japan and
China
“Following the 2008 financial earthquake and its wave of
after-shocks, America’s access to foreign capital is apt to
become more restricted and increasingly expensive.”
Asia Pacific Review – May 2009
Cash-Rich Microsoft Sells Its First Bonds
Microsoft is a “super blue chip name” and
“everyone’s going to be involved” in its debt deal
– particularly pension funds and insurance companies that would
hold onto it and not flip it, said Mike Kastner, head of fixed income
at Sterling Stamos Capital Management.
Wall Street Journal – (login required) –
May 12, 2009
Junk Bonds Sell As
Investors Get Bolder
Fear of missing out on the rally pushed some investors to increase
their holdings of various kinds of debt, said Michael Kastner, head of
fixed income at Sterling Stamos Capital Management in New York.
Wall Street Journal – (login required) –
May 6, 2009
Institutional Investors in Equities Spotlight
“All at once, when the all-clear sounds, we are going to see
investors ramp up their risk appetites,” says Michael Kastner,
portfolio manager at Sterling Stamos.
Financial Times – April 17, 2009
Hope of Corporate Bond Rally
“Stocks have snapped back nicely but look as if they will
range-trade for a while, whereas with these high bond coupons, you are
being paid to wait,” says Michael Kastner, portfolio manager at
Sterling Stamos.
Financial Times – April 16, 2009
Gloom in Equities Shows Sign of Lifting
“It is still not clear how prices will be set and how many
troubled assets are lifted off banks’ balance sheets,” said
Michael Kastner, portfolio manager at Sterling Stamos.
Financial Times – March 31, 2009
Equities
Rally on Details of Asset Plan
“The market is cautiously optimistic about the Treasury
plan,” said Michael Kastner, portfolio manager at Sterling
Stamos. “It’s encouraging to see that the opening rally in
stocks has not faltered, but continued during the session.”
Financial Times – March 24, 2009
Debt-Protection Costs on Banks Surge
Fixed-income investors who had earlier shrugged off the gyrations of
the stock market are now wondering the weakness doesn't just speak to
earnings reports, but to the viability of the banks themselves, said
Michael Kastner, head of fixed income at Sterling Stamos Capital
Management.
Wall Street Journal – (login required) – February 20,
2009