September Newsletter 2023
“All of us, particularly as we get older, try to eliminate risk from our lives. In the United Sates, as we’ve matured as a nation, we constantly have attempted to eliminate risk. We want the government to take care of various things for us, protect us from changes in the weather, from interest rate changes, from unemployment, etc. The sad thing about risk is that when you eliminate risk you also eliminate the future.”
- Michael Milken
The 10-year Treasury yield closed on September 25, 2023, at 4.54%, a 16-year high. In April of 2023, the 10-year Treasury Note was under 3.4%.
I have included the Raymond James September 22, 2023, “Weekly Headings: Thoughts of the Week”, by Raymond James’ Larry Adam, Chief Investment Officer, Private Client Group. Please contact me at your convenience if you would like to discuss.
I recently read “Witness to a Prosecution: The Myth of Michael Milken,” written by Richard V. Sandler and published on August 1, 2023. Mr. Sandler was Michael Milken’s personal lawyer and childhood friend. Mr. Milken was the head of Drexel Burnham Lambert’s High Yield and Convertible Bond Department. He was an innovative and successful financier in the late 1970s and the 1980s who helped “democratize” the financial markets by giving companies and investors greater access. In 1986, as part of the prosecution of Ivan Boesky, a financier convicted of insider-trading, Milken and his firm came under investigation by the U.S. Attorney for the Southern District of New York and the SEC. The author, as Mr. Milken’s personal attorney, coordinated the defense that was led by several leading white collar defense firms. Mr. Sandler makes a very compelling case on behalf of Mr. Milken and against a highly flawed and overzealous prosecution. It is a very interesting book.
Thanks for reading and please contact me with any questions or comments.
Regards,
Frank R. Hampton
Financial Advisor
