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The Spread Between High Yield Bonds and 10-Year U.S. Treasury Bonds

Posted by CM Advisors on Aug 2, 2018 1:56:38 PM

Despite all of the news about tariffs and trade, the spread between high yield junk bonds and 10-year Treasuries is currently within 10% to 20% of the narrowest spreads that have occurred over the past 10 years, and more than 35% below the 30-year average spread. In other words, the bond market is suggesting the U.S.economy is in good shape and growth is not a concern at this time. 

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Topics: Charts, Home Feature

Fund Manager Says Oil Is Going Higher, Buy Oil Drillers

Posted by CM Advisors on Jul 9, 2018 11:35:23 AM

Forbes interviewed Jim Brilliant on June 22, 2018 about our belief that oil prices are going higher and the opportunities that we see in energy.  In this interview Jim states that:

  • We believe that oil prices are going higher.
  • We believe that the IEA has underestimated demand for energy.
  • Energy demand from India and China is growing exponentially.
  • We are finding value in the offshore drillers.

Click here for full article

 

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Topics: News, Articles, Our Views

CM Update - OPEC CONTEMPLATES EASING OFF SUPPLY CUTS - MORE EVIDENCE OF A TIGHT MARKET

Posted by CM Advisors on May 30, 2018 3:09:30 PM

 


On May 29, 2018, Century Management posted a report that discusses its latest thoughts on oil.   

 

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Topics: News, Our Views, Articles

Century Management's Brilliant Says Apple Repatriation Won't Move Markets

Posted by CM Advisors on Jan 23, 2018 1:31:38 PM

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James Brilliant, Century Management Investment Advisors co-CIO, discusses with Bloomberg's Julia Chatterly and Scarlett Fu on Bloomberg Markets:

  • The impact of Apples repatriation of assets.
  • What fed rate hikes could mean for bond investors.
  • Synchronized global growth in 2018.
  • Deregulation and tighter labor markets we believe leads to domestic wage growth.
(Source: Bloomberg).

 

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Topics: News, Video, Our Views, Articles

Five-star manager says bond market's fear is overblown

Posted by CM Advisors on Jan 18, 2018 11:00:59 AM

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On January 12, 2018, MarketWatch interviewed Jim Brilliant for his thoughts on whether the shrinking gap between high-yield bonds and Treasuries is typically a warning of bad times ahead.  Jim believes it's different this time.

 

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Topics: News, Articles, Our Views

The Long-Term Price of Oil Hangs on the Short-Term Focus of Consensus

Posted by CM Advisors on Sep 28, 2017 3:55:41 PM

On September 20, 2017, Century Management posted a report that discusses its latest thoughts on oil.  

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Topics: Commentary, Our Views, News

Century Management's Brilliant Says Oil Industry Resilient to Storms

Posted by CM Advisors on Sep 14, 2017 12:16:46 PM

 

Century Management's Brilliant Says Oil Industry Resilient to Storms

James Brilliant, Century Management Investment Advisors co-CIO, discusses the impact of Hurricane Harvey on the oil industry with Bloomberg's Julia Chatterley and Joe Weisenthal on "What'd You Miss?" (Source: Bloomberg).

 

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Topics: News, Video, Our Views

Forbes Interview of James Brilliant, CFA

Posted by CM Advisors on Aug 29, 2017 5:09:29 PM

Forbes interview of Jim Brilliant, CFA.  

Jim Brilliant, CFA, CIO, and portfolio manager for the CM Advisors Fixed Income Fund (CMFIX), was interviewed by Forbes’ own Wallace Forbes on August 10, 2017. The title of the interview wasLoading Up On Bonds Of Companies That Have Gotten Priced As If They're Never Going To Survive

      

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Topics: News, Articles, Our Views

Fiscal Breakeven Pressure on OPEC

Posted by CM Advisors on May 23, 2017 2:52:32 PM

OPEC producers continue to be squeezed by their fiscal breakeven levels, which on average is between $90 and $100 per barrel of Brent Crude. In other words, this is not their breakeven price to produce a barrel of oil. Rather, this is the price per barrel of Brent Crude, in U.S. dollars, these countries need in order to balance their budgets, most of which include large social programs which are very difficult to reduce or cut. 

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Topics: Charts

CNN Money: "Big Oil could be ready for a big comeback"

Posted by CM Advisors on Apr 2, 2017 8:36:00 AM

Jim Brilliant discusses the potential for rising oil prices with CNN Money.  Click here to read the article.

 

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Topics: News, Articles

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Fixed Income, Value Approach

As a total total return bond fund, we have the flexiblity to invest in treasuries and corporate bonds of any maturity or credit quality. Given the current economic climate, we are focused on a mix of short-term U.S. Treasuries and corporate bonds. 

 

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