{"id":42771,"date":"2021-12-06T21:45:36","date_gmt":"2021-12-07T02:45:36","guid":{"rendered":"http:\/\/prefblog.com\/?p=42771"},"modified":"2021-12-06T21:45:36","modified_gmt":"2021-12-07T02:45:36","slug":"december-6-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42771","title":{"rendered":"December 6, 2021"},"content":{"rendered":"

This is worth highlighting … How the Wealth Was Won: Factors Shares as Market Fundamentals<\/a> by Daniel L. Greenwald, Martin Lettau, and Sydney C. Ludvigson, NBER Working Paper No. 25769:<\/p>\n

Why do stocks rise and fall? From 1989 to 2017, $34 trillion of real equity wealth (2017:Q4 dollars) was created by the U.S. corporate sector. We estimate that 44% of this increase was attributable to a reallocation of rewards to shareholders in a decelerating economy, primarily at the expense of labor compensation. Economic growth accounted for just 25%, followed by a lower risk price (18%), and lower interest rates (14%). The period 1952 to 1988 experienced less than one third of the growth in market equity, but economic growth accounted for more than 100% of it.<\/p><\/blockquote>\n

One last trip to the trough for the Baby Boomers? Or is that real estate?<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.24 %<\/td>\n3.83 %<\/td>\n51,452<\/td>\n19.69<\/td>\n1<\/td>\n-0.3684 %<\/td>\n2,696.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-2.2173 %<\/td>\n4,971.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.21 %<\/td>\n3.27 %<\/td>\n84,976<\/td>\n18.99<\/td>\n3<\/td>\n-2.2173 %<\/td>\n2,864.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3805 %<\/td>\n3,664.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.68 %<\/td>\n4.21 %<\/td>\n51,457<\/td>\n3.81<\/td>\n5<\/td>\n-0.3805 %<\/td>\n4,376.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3805 %<\/td>\n3,414.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.15 %<\/td>\n1.00 %<\/td>\n43,078<\/td>\n0.09<\/td>\n28<\/td>\n0.1252 %<\/td>\n3,248.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.78 %<\/td>\n4.89 %<\/td>\n65,999<\/td>\n15.62<\/td>\n6<\/td>\n-0.6572 %<\/td>\n3,788.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.93 %<\/td>\n4.06 %<\/td>\n125,415<\/td>\n17.32<\/td>\n37<\/td>\n1.8337 %<\/td>\n2,809.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.03 %<\/td>\n4.52 %<\/td>\n92,315<\/td>\n13.86<\/td>\n20<\/td>\n-0.4658 %<\/td>\n3,607.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.50 %<\/td>\n2.83 %<\/td>\n30,007<\/td>\n20.19<\/td>\n2<\/td>\n-0.9635 %<\/td>\n2,753.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.73 %<\/td>\n3.98 %<\/td>\n117,610<\/td>\n3.64<\/td>\n33<\/td>\n0.0662 %<\/td>\n2,702.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.8337 %<\/td>\n2,871.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.14 %<\/td>\n3.92 %<\/td>\n92,616<\/td>\n17.24<\/td>\n19<\/td>\n-0.0069 %<\/td>\n2,914.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-12.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-5.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n-5.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-3.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 19.93
\nEvaluated at bid price : 19.93
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Prem<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.97
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
RS.PR.A<\/td>\nSplitShare<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.57
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 2.14 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.68
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.38
\nEvaluated at bid price : 24.76
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.38
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 20.42
\nEvaluated at bid price : 20.42
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 13.43
\nEvaluated at bid price : 13.43
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.67
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.78
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 18.15
\nEvaluated at bid price : 18.15
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Premium<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.58
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 22.95
\nEvaluated at bid price : 24.13
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 14.80
\nEvaluated at bid price : 14.80
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n3.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.90
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n4.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n5.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 19.66
\nEvaluated at bid price : 19.66
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n87.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n103,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 2.89 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n88,990<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n51,131<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.38
\nEvaluated at bid price : 24.76
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n39,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Prem<\/td>\n29,619<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.78
\nEvaluated at bid price : 25.04
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Prem<\/td>\n28,992<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.51
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
There were 20 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 22.25 – 26.14
\nSpot Rate : 3.8900
\nAverage : 2.7609<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 23.80 – 25.20
\nSpot Rate : 1.4000
\nAverage : 0.8847<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 23.53
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 16.50 – 17.99
\nSpot Rate : 1.4900
\nAverage : 1.1048<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 13.10 – 14.30
\nSpot Rate : 1.2000
\nAverage : 0.8399<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n

NA.PR.E<\/td>\nFixedReset Prem<\/td>\nQuote: 24.51 – 25.30
\nSpot Rate : 0.7900
\nAverage : 0.4940<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.51
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.00 – 24.00
\nSpot Rate : 1.0000
\nAverage : 0.7188<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-12-06
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

This is worth highlighting … How the Wealth Was Won: Factors Shares as Market Fundamentals by Daniel L. Greenwald, Martin Lettau, and Sydney C. Ludvigson, NBER Working Paper No. 25769: Why do stocks rise and …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-42771","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42771"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42771\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}