TRADING UP: Salman to CoinList; BNY Mellon Adds Elias

TRADING UP: Salman to CoinList; BNY Mellon Adds Elias

Rob Salman, previously on the business development team at IEX, onboarded with crypto startup CoinList as its head of product development, according to people familiar with the situation. Founded in 2017, CoinList provides a platform for companies to conduct token sales, a crypto-twist on the initial public offering process. State Street Corporation has appointed Angela Summonte as senior vice president and head of Asset Owner and Official Institutions Sector Solutions for Europe, the Middle East and Africa (EMEA). In her new role, Summonte will be responsible for leading the firm’s…

High-yield bond ETFs fell victim to stock slump

High-yield bond ETFs fell victim to stock slump

Investors fled from high-yield corporate bonds as stock-market contagion spared few corners of the investment universe last week. Exchange-traded funds focusing on high-yield corporate paper, or “junk” debt, struggled to stem outflows from an asset class that has largely survived the turmoil in broader bond markets. Such bonds are issued by firms that carry a below investment-grade credit rating due to their debt-laden balance sheets and other factors. See: This recession indicator shows investors have faith U.S. growth has room to run According to TrimTabs Investment Research, high-yield bond exchange-traded…

Vanguard Utilities ETF Powering Up as Rates Rise

Vanguard Utilities ETF Powering Up as Rates Rise

The major stock indexes took a pummeling last week over fears that interest rates are rising too quickly. The Dow Jones Industrial Average (DJIA) gave up a cumulative 1,300 points or roughly 5% on Wednesday and Thursday before recovering slightly in Friday trading. Surprisingly, the utilities sector, which typically moves lower when interest rates rise due to higher funding costs, has outperformed the broader market in October 2018. While the Standard and Poor’s 500 index (S&P 500) is down 5% so far this month, the Vanguard Utilities ETF (VPU) –…

Lipper’s six things to learn from the ‘blame game’

Michael Lipper: my short-term downturn strategies

As is often the case, media and politicians look to blame “the guilty” for any perceived negative event. Clearly an 1100 point drop in the Dow Jones Industrial Average (DJIA) on Wednesday and Thursday was caused by bad people and their bad actions. Thus, when the bad people are found and punished for their bad actions we will avoid future problems. Except, that means we have learned nothing from the event that will help us avoid similar problems in the future. Those who believe that only evil forces created the…