Treasury Partners

"Impending regime of lower interest rates provides fuel for equities to move higher," said Richard Saperstein Chief Investment Officer of Treasury Partners in email commentary to Pensions & Investments. “Abundant liquidity coupled with declining inflation and an accommodative central bank will provide the backdrop for higher stock prices.”

Asset managers agree rate cuts ahead, but plot different courses for portfolios Markets are pricing in two rate cuts at the end of the year.

"Our approach is two steps and a stumble, I'd like to see things settle out first before we start committing more capital"
Richard Saperstein, Chief Investment Officer, Treasury Partners

Saperstein on CNBC Closing Bell: 'Guarding' client capital during a selloff In his August 7th appearance on CNBC's Closing Bell, Richard Saperstein joined Scott Wapner from the floor of the New York Stock Exchange to share his views ...

“Investors who are maintaining large cash balances are basically taking a very one-sided position that rates will not go lower,” said Richard Saperstein, chief investment officer at Treasury Partners, to The Wall Street Journal

Americans Chasing High Interest Rates Risk Falling Into a ‘Cash Trap’ Investors must decide whether to sit on their cash or redistribute it ahead of expected rate cuts.

"We're concerned about how expensive the market is, but where else are you going to be right now?"
Richard Saperstein, Chief Investment Officer, Treasury Partners

Saperstein on CNBC Halftime Report: Large Cap Tech Dominance In his June 18th appearance on CNBC’s Halftime Report ", Richard Saperstein joins Scott Wapner to share his views on opportunities in large cap tech. Aired: ...

“The Vigilante of the bond market could occur this year”
Richard Saperstein, Chief Investment Officer, Treasury Partners

Saperstein on CNBC Halftime Report: On U.S. deficit In his February 13th appearance on CNBC’s Halftime Report ", Richard Saperstein joins Scott Wapner to share his views on the Vigilante of the bond market. A...

“If you travel 1,000 miles to go fishing, the most important aspect is the last 30 feet where you’re presenting the fly to the fish,” said Richard Saperstein in emailed commentary to The Wall Street Journal . “Inflation has come down, yet the final stage in moving it towards [the Fed’s] anticipated goal of 2% is not occurring.”

Inflation Surprise Rattles Markets Stocks fall, Treasury yields rise after a hotter-than-expected CPI reading.

We are pleased to announce that Richard Saperstein and Treasury Partners have been ranked #2 in New York State on the 2024 Barron's Top 1200 State Advisors List. This marks 20 + consecutive year's that Richard has been recognized by Barron's.

Our team is proud of this accomplishment and we thank our clients for their continued support, trust and friendship.

Throughout 2023 both the real economy and markets held up remarkably well despite the countervailing pressure of elevated interest rates, a hawkish Federal Reserve, and a flurry of steadily weakening economic indicators. Looking ahead, with inflation moderating and the Fed signaling the possibility of rate cuts, is the coast clear for investors? Read on for our thoughts on how to position for the year ahead.

https://treasurypartners.com/whitepapers/2023-Review-and-2024-Outlook/index.html

"It's a good time to pull back on risk and focus on where there's opportunity, especially in the tax-free muni market,"
Richard Saperstein, Chief Investment Officer, Treasury Partners

Saperstein on CNBC Halftime Report: Earnings and interest rates In his November 1st appearance on CNBC's "Halftime Report", Richard Saperstein joins Scott Wapner and the investment committee from the floor of the New York...

In his October 27th appearance on Fox Business “Barron’s Roundtable”, Richard Saperstein discusses the current opportunity for investors to diversify their portfolios.

This provides investors an opportunity to diversify their portfolios: Richard Saperstein | Fox Business Video Treasury Partners CIO Richard Saperstein breaks down the stock market and bond market on 'Barron's Roundtable.'

"There's great opportunity in the bond market, which was un-investable for roughly 15 years."

Richard Saperstein, Chief Investment Officer, Treasury Partners
In his September 14th appearance on CNBC's "Closing Bell", Richard Saperstein joins Scott Wapner from the floor of the New York Stock Exchange to share his views on the current market and why he still remains cautious on markets despite the stock market’s rally so far this year. He also discusses how Treasury Partners has been taking advantage of a rare opportunity that has emerged in the bond market over the past year, in an effort to protect client capital during times of uncertainty.

Saperstein on CNBC Closing Bell: Is the Rally on Shaky Ground? Richard Saperstein, Treasury Partners chief investment officer, joins CNBC ‘Closing Bell’ to discuss current opportunity in the bond market.Original Air Date...

"It's time to exercise caution and have patience"
Richard Saperstein, Chief Investment Officer, Treasury Partners
As we reach 2023's halfway point, the underlying economic fundamentals are deteriorating. Equities seem unconcerned, trading at prices that reflect a suspiciously rosy outlook. The S&P 500's price return is up 16% YTD, clawing back to approximately 7% of the all-time peak. Moreover, its P/E ratio is already elevated, and on the back of what we view as inflated EPS expectations to boot. Read on for our views for the second half of the year.

https://treasurypartners.com/whitepapers/2023-Mid-Year-Review-and-Outlook/index.html?mkt_tok=MTE1LVpOVy0xNzQAAAGNmMjVvV7f6dZbP6QTr4iCuyyqvFbi7TJa79nu9RMwZLbEf5uj0uwZUuAxdQvNCUCfvj7AF7OnECsKAReTAA

“Cash is the lifeblood of every business and it’s crucial to keep it safe and sound.”
Jerry Klein, Managing Director, Treasury Partners

Amid this year's stress in the banking system, CFOs must know where their company's cash is being held and how it is managed. Jerry Klein shares his corporate cash playbook in the post-SVB world in an op-ed article with CFO.com, titled "3 Ways to Mitigate Corporate Cash Liquidity Risk". Click the link to read more.

3 Ways to Mitigate Corporate Cash Liquidity Risk The corporate cash playbook has changed for CFOs in the post-Silicon Valley Bank world.

We are pleased to announce that Richard Saperstein and Treasury Partners have been ranked #4 Nationwide on the 2023 Barron's Top 100 Financial Advisors survey. This marks the 20th consecutive year that Richard has been recognized by Barron's.

Our team is proud of this accomplishment. We thank our clients for their continued support, trust and friendship.

Richard Saperstein reacts to the recent bout of market volatility on CNBC's HalftimeReport

Saperstein on CNBC Halftime Report: Broader views on the market environment Saperstein on CNBC Halftime Report: Broader views on the market environmentOriginal Air Date is March 16, 2023.

Richard Saperstein on why the Fed can't abandon its inflation fight

Saperstein on CNBC Halftime Report: Fed cannot abandon its inflation fight Saperstein on CNBC Halftime Report: Fed cannot abandon its inflation fightOriginal Air Date is March 16, 2023.

We are pleased to announce that Richard Saperstein and Treasury Partners have been ranked #2 in New York State on the 2023 Barron's Top 1200 State Advisors List. This marks the 20th consecutive year that Richard has been recognized by Barron's.
Our team is proud of this accomplishment and we thank our clients for their continued support, trust and friendship.

"Going forward, we expect tighter bank lending standards, cautious investing on the part of private equity and venture capital funds and a further decline in economic activity as a result of this incident"
Richard Saperstein reacts to the SVB fallout in a recent interview with Reuters:

Instant View: Bank stocks tank, markets rethink rate-hike path Bank stocks around the world plunged on Monday even as President Joe Biden vowed to take whatever action was needed to ensure the safety of the U.S. banking system, after Silicon Valley Bank and Signature Bank collapsed late last week.

In recent client meetings, there have been questions regarding our decision to extend maturities. For certain mandates, it's time to extend; for others, continued patience is key. This Alert explores three prior Fed tightening campaigns and expands on our rationale, which is based on a fundamental point: markets are forward-looking and lead the Fed. Read on for our recommendations on how to position portfolios.

https://treasurypartners.com/whitepapers/Corp-Cash-Alert-Follow-the-Market-Final/index.html

"Investors seldom get paid enough for taking on the many risks of international stocks,” wrote Richard Saperstein, chief investment officer of Treasury Partners, in emailed commentary to The Wall Street Journal “If the U.S. sneezes, the non-U.S. world will catch a cold."

International Stocks Lure Investors Seeking Bargains Overseas companies and stock indexes have seen major rallies in recent months.

In his February 13th appearance on CNBC's "Closing Bell: Overtime", Richard Saperstein joins Scott Wapner from the floor of the New York Stock Exchange and shares his views on why he is cautious on the broader markets for 2023.

Saperstein on CNBC: the 2023 'pivot rally' and the 'closed' municipal bond opportunity In his February 13th appearance on CNBC's "Closing Bell: Overtime", Richard Saperstein joins Scott Wapner from the floor of the New York Stock Exchange and s...

Last October, we noted bond markets - particularly municipals - were offering investors an excellent opportunity to lock-in elevated yields for the long haul. Since then, yields have declined substantially to alter the risk-reward characteristics of buying long-term bonds. Read on for our current thoughts, and how we are adjusting our municipal bond strategy.

https://treasurypartners.com/whitepapers/Alert-Rates-Have-Come-Full-Circle/index.html

“Thursday’s GDP report is expected to show a slower pace of economic growth for the fourth quarter of 2022, and slowing economic growth will be a big theme for 2023, which will put pressure on corporate earnings,” wrote Richard Saperstein, chief investment officer at Treasury Partners in email commentary to U.S. News & World Report “The 10-year Treasury yield has declined by 70 (basis points) from its peak and the yield curve remains firmly inverted, signaling a weaker economic outlook in the second half of 2023.”

Earnings Reports, Layoffs Reflect Slowing Economy as 4Q GDP and Inflation Data Loom Companies are still coming to grips with the recovery from the pandemic.

“Markets have been reacting favorably to moderating inflation and expectations of a reduced pace of Fed tightening,” wrote Richard Saperstein, chief investment officer of Treasury Partners in emailed commentary to Barron's. “But the lag effects of the Fed's tightening so far will slow the economy in the second half of 2023.”

Stocks Edge Down as Earnings Roll in Stocks wobbled Wednesday as corporate earnings rolled in, casting a grim shadow over the technology sector. The Dow Jones Industrial Average rose 10 points, or 0.03%. The S&P 500 was down marginally by 0.02%, while the Nasdaq Composite was down 0.2%. The tech-heavy index had marked its best 15 days

Last December, we titled our 2022 Outlook "Volatility Returns", predicting more turbulent markets ahead as the Fed embarked on a new tightening cycle. What an understatement. Read on for our thoughts.

https://treasurypartners.com/whitepapers/2022-Review-and-2023-Outlook/index.html