mcmillan.ben@gmail.com

The Case for Including CLOs in a Diversified Bond Portfolio

fixed income /

April 2, 2025 Introduction: What Are CLOs? Collateralized Loan Obligations (CLOs) are structured financial securities backed primarily by a pool of senior-secured, non-investment-grade corporate loans. Through securitization, these loans are packaged into tranches with varying levels of risk and return and sold to investors. Unlike the infamous CDOs of the 2008 financial crisis, modern CLOs […]

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A Primer on Collateralized Loan Obligations

fixed income /

April 2, 2025 Introduction: What Are CLOs? Collateralized Loan Obligations (CLOs) are financial instruments that pool a variety of loans, typically non-investment grade, senior-secured corporate loans, into a single security. This process is known as securitization, which allows these loans to be packaged and sold to investors as marketable securities. CLOs are often used by

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IDX on Bloomberg

macro /

IDX on Bloomberg December 20, 2024 On this segment, Ben McMillan talks with Paul Sweeney and Lisa Mateo about Bitcoin, interest rates and 2025 outlook. Key Points: Information presented herein is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments,

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Risk Weighted Models

macro /

December 4, 2024 Overview In an era where market concentration risk has reached concerning levels in traditional cap-weighted indices, institutional investors are increasingly seeking innovative approaches to portfolio construction that can deliver both improved risk-adjusted returns and consistent market exposure. Risk-weighted investment models (specifically those employing volatility weighting), are a time-tested and reliable solution for

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The Implications for Crypto Post-Election

crypto /

The Implications for Crypto Post-Election November 11, 2024 The 2024 election cycle has fundamentally altered the regulatory landscape for digital assets, with the crypto industry’s unprecedented political spending strategy yielding dramatic results. While markets often react to political developments with temporary volatility, the structural shifts we’re seeing suggest more permanent changes to the regulatory environment.

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credit interest rates fed idx unemployment

The Interplay of Credit Markets, Unemployment, and Economic Recovery

macro, Uncategorized /

Executive Summary: Credit Market Tightening and Its Economic Ripple Effects A recent Federal Reserve Bank of San Francisco analysis shows that banks have tightened their lending standards considerably over the past year. While some of this tightening is a natural response to changing economic conditions, about half appears to stem from banks becoming less willing

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Stock Market Concentration at Multi-Decade Highs

Uncategorized /

Stock Market Concentration at Multi-Decade Highs The stock market has experienced its steepest concentration rise in 60 years, with a small number of stocks driving most returns (Nvidia ring a bell?). This trend is a not an entirely surprising byproduct of the massive migration from “Active” to “Passive” funds since the Great Financial Crisis…which has

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