Harry Rady News

Despite an over two-month long surge in prices, there was little good news to maintain the market’s upward trend of the week ending on May 23rd. Advising caution, Harry Rady of Rady Asset Management remarked,

“Everything is overpriced. A very long, protracted recession is still very much alive.”

According to an article on “BradentonHerald.com” the week began on a positive note with stocks rallying on Monday. As the week progressed however, markets began a downward slide in response to several pieces of “not-so-good’ news which were announced during the week.

The federal government expects unemployment to reach as much as 9.6 percent, a much worse prediction than previously, and Standard and Poor’s may demote the British government from their present credit rating of AAA.
Hopes were thwarted when an early market gain on Friday ended the day with a total 15 point loss for the Dow Jones industrial average. As for the gains of the week, the major indicators all finished in the black, but only just.  The Dow squeeked ahead by 0.10 percent; S & P 500 index did slightly better with a 0.47 percent rise; and the Nasdaq did the best, almost finishing up by one whole percentage point at 0.71 percent increase in value.

The 10 week rally has lifted stocks by 30 percent since their 12-year low in March. With not much good news to continue to fuel this market surge stocks have been teetering and tottering without much gain in recent days.

The upcoming economic calendar is full of data such as reports of home sales levels, orders for manufactured products and indicators of consumer confidence, which should help determine which way this market is heading for the next few weeks.

Harry Rady of Rady Asset Management discusses his apprehension concerning the stress tests that government regulators are subjecting financial institutions to during the present economic downturn that the United States is facing at the moment.
Rady’s first concern is that the regulators don’t really have the “big picture” in mind. He believes that the stress tests are too homogeneous and rely too heavily on quantitative metrics.
His other concern is that there is a built in conflict of interest between the regulators, shareholders and management. The job of the regulators is to make sure that the companies stay solvent and that the flow of capital is unobstructed. They are not doing anything to protect the interests of the shareholders.
Listen to the entire interview now.

The Stock Market continued its downward progress after six weeks of an upward climb causing investors to speculate on what to expect in the coming days.

Despite the fact that Bank of America posted large profits for the first quarter of 2009, declaring net income triple its previous quarter, there was an overall 23% slide in their stocks value. The acquisition of Merrill Lynch added more than 3 billion dollars to its bottom line, but due to net charge-offs rising and huge credit card business losses the overall picture for B of A was not positive.

Commenting on the latest market swing Harry Rady of Rady Asset Management declared:

“The bank earnings so far just seem to be smoke and mirrors and the other companies aren’t reporting quality earnings. It’s just reducing expenses and dipping into reserves.”

For a more in depth discussion please follow the link to the full article: ‘US Stocks Lower As Banking Concerns Lead To Broad Sell-Off.’

A general downturn in small capitalization stocks was posted last Monday, April 21st, 2009. In addition to smaller, regional banks crude oil prices, metals such as copper, and energy, and materials stocks all helped contribute to the reversal of what had been a six-week steady improvement in stock market results.

The Russell 2000, which is the index of small-capitalization stocks, posted a loss of 26.88 points, which is 5.61%, falling to a value of 240.85.

Improving consistently for the past 6 weeks, the Russell increased value by over 30% since its low at the beginning of March.

Credit markets have not been improving, even with the posted gains in small caps. Corporations just don’t seem to be signaling positive signs.

“Because these earnings haven’t been as bad as feared, it’s just provided an opportunity to put on more shorts. It’s just another head fake,” said Harry Rady of Rady Asset Management.

See the full article here:US Small Caps Close Lower On Slide For Regional Banks

Rebecca Jarvis of the popular CNBC financial news program “Closing Bell” interviewed Harry Rady of Rady Asset Management located in San Diego, California along with Alex Sanchez, the President of the Florida Banker’s association, on March 3, 2009. In wake of the “economic free fall” the U.S. economy has been experiencing, Harry Rady shares his thoughts on what creative action the U.S. government might take in order to boost the economy and help homeowners maintain economic health and security. Rady suggests in this interview that the U.S. government should initiate a 4% mortgage program which he believes will refinance all these “toxic mortgages” off the balance sheets and put between $2,000 and $4,000 into the hands of every homeowner. In response to Rebecca Jarvis’s question of how this action would help increase cash flow to small business in America, Rady responds that in order to get the economy back on its feet we must begin with the housing industry. Hear and see the interview below.

Harry Rady has been at the forefront of the investment and hedge fund industries for a number of years, serving as CIO (Chief Investment Officer) in a number of companies, across varied fields and financial spheres. There is a lot of information available about Rady’s past achievements as well as his current activities.

Visit Business Week’s site on the internet for some of the information about Harry Rady and the different companies he holds positions in.

EXECUTIVE PROFILE
Harry M. Rady

BACKGROUND
Harry M. Rady serves as Chief Investment Officer of ICW Group. Mr. Rady serves as Chief Investment Officer of American Assets, Inc…

CORPORATE HEADQUARTERS
11455 El Camino Real
San Diego, California 92130

United States

Phone: 800-877-1111
Fax: 858-350-2704
BOARD OF DIRECTORS MEMBERSHIPS
…
EDUCATION

…

View BusinessWeek.com page for the full Harry Rady information sheet.

Father and son Ernst and Harry Rady were both nominated to serve on the board of Westcorp. For info about this, visit sec.edgar-online.com/westcorp-ca/def-14a-proxy-statement-definitive/2005/03/28/Section4.aspx.

There you will see important information about Harry Rady as follows:

Harry Rady served in the capacity of  director of Westcorp and Western Financial Bank as of 2003. Rady served as Chief Investment Officer (CIO) and Director of American Assets, Inc. from 1996 until the end of November 2004. He also has served as CIO through November 2004, then continuing as a Director of Insurance Company of the West.

As the name of this site, HarryRadyNews.com, indicates, all news that appears in any form of the press regarding Harry Rady and his various investment activities will make an immediate appearance here. The place to find the news and views as they happen is here, among the posts that appear on this site.

For the archives and a complete (and soon to be comprehensive) list of all this news items, as well as links to the articles themselves on our site as well as in their original form, visit our Press page.