Shows
DoubleLine MinutesMixed Stocks, Bull Steepener in Bond Yields (E230)Stocks (0:33) were mixed the week ended Sept. 5 as yields (1:51) fell across the fixed income universe and commodities (4:16) were flat with gold among the winners and crude oil and industrial metals lower. In the week’s macro news (5:12), DoubleLine Fixed Income Allocation Strategist Ryan Kimmel notes, was dominated by weakening in the labor market in August. That weakness, DoubleLine Portfolio Manager Jeff Mayberry says, translated into the federal funds futures market pricing in 2.9 quarter-point cuts over the last three meetings of the Federal Open Market Committee in 2025 and six cuts, totaling 150 basis points, over the next 15 months.
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2025-09-0519 minDoubleLine MinutesMarkets Price for Higher Term Premia (E216)DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey a rough week for stocks and bonds ended May 23, 2025. Those losses followed the May 16 announcement of Moody’s downgrade of the U.S. to Aa1 from Aaa on the rating agency’s outlook for the federal deficit to rise to nearly 9% of GDP by 2035 from 6.4% in 2024. Eric and Mark begin with a dive into fixed income markets (0:30), which saw Treasury yields rise on the long end of the curve. The yield on the long bond Wednesday through Friday closed above previous resistance of 5.00%. “With these concerning fiscal deficits, investors seem t...
2025-05-2322 minDoubleLine MinutesEquities Dip on Short Week Amid Mood Shift and Tightened Egg Rationing (E203)DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough recap a Presidents’ Day-shortened market week that included a tick down for equities (00:46), positivity in fixed income (3:32) and rising commodities buoyed by gold (4:52). Over in Macro Land (6:15), they look at the FOMC meeting minutes, which include Fed officials talking about pausing QT and assessing inflation amid policy uncertainty, and the least negative LEI reading since September 2022 (7:58). The composite S&P Global U.S. manufacturing and services PMI releases (9:25) provide food for thought, including chief business economist commentary that “The upbeat mood seen among U.S. businesses at the start of the...
2025-02-2120 minDoubleLine MinutesMarkets Take the Winding Road to Green (E202)DoubleLine Portfolio Manager Jeff Mayberry and Fixed Income Asset Allocation Strategist Ryan Kimmel survey stock (0:38), bond (1:54) and commodity (3:53) markets for Feb. 10-14, a week that ended in the green across all three asset classes but was punctuated by a whipsaw in bonds around inflation headlines. Their review of the week’s macro news (4:25) focused on the hotter-than-expected January CPI report, although Ryan Kimmel noted that 14 of the last 15 January CPI readings exceeded consensus forecasts.
2025-02-1420 minDoubleLine MinutesMorning for Mourning Manufacturers? (E201)DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough review a flattish stock market (0:40), a decline in bond yields (1:56) and stronger commodities (3:41) for the week ended Feb. 7. Then they turn to the week’s macro news (4:40), which was dominated by a raft of labor market reports as well as an expansionary print on the long-languishing ISM manufacturing survey. “We’ll temporarily ring a bell and say a 26-month streak of prints below 50 came to an end in January,” Mark says. “I hope that doesn’t get revised away next month.” In contrast to the week’s jobs-heavy news, the week of Feb. 10...
2025-02-0725 minDoubleLine MinutesFed Flusters Markets, DeepSeek Daunts Tech (E200)DoubleLine Portfolio Manager Eric Dhall and Fixed Income Asset Allocation Strategist Ryan Kimmel dissect the week of Jan. 27-31, 2025. The week saw the S&P 500 (0:33) suffer a tech selloff, bond prices (4:30) tick higher and commodities (5:26) lower with precious metals moving higher. The week’s macro news (6:30) was dominated by the Federal Reserve, whose hawkish-seeming policy guidance, followed by softer language during Fed Chair Powell’s news conference, whipsawed markets. Macro prints (9:31) on durable goods, GDP and jobless class were nonevents, but softish readings Friday on the Personal Consumption Expenditures index and the Employment Cost Index, Eric and Ryan noted, give...
2025-01-3121 minDoubleLine MinutesTrump 2.0 Headlines a Short Market Week (E199)DoubleLine Portfolio Managers Jeffrey Mayberry and Eric Dhall review the market week of Jan. 21-24, shortened by the Martin Luther King Jr. Day holiday and overshadowed by the launch of Trump 2.0. Fixed income and the S&P 500 saw mostly green, although energy stocks were impacted after comments by President Trump on oil prices. Commodities were down on the week, led by a declining energy sector. Over in Macro Land (4:36), President Trump’s swearing in and flurry of executive orders kicked off the week, with the U.S. dollar dinged by the absence of Day One tariffs. The otherwise light ma...
2025-01-2615 minDoubleLine MinutesGreen Market Week and Blossoming Optimism (E198)DoubleLine Portfolio Manager Jeffrey Mayberry and Analyst Mark Kimbrough tackle a positive run for the markets the week of Jan. 13-17 heading into a busy weekend of NFL playoffs and Monday’s Inauguration Day. They kick things off with a look at equities (00:56), with all 11 sectors of the S&P 500 Index up on the week, then break down positive runs for fixed income (2:50) and commodities (4:31), supported by a big move by WTI crude. Rosy sentiments bloomed in Macro Land (5:46), including an optimistic small-business survey and a series of inflation prints that could be read as positive. Next week (18:32) will br...
2025-01-1722 minDoubleLine MinutesGreen 2024 Survives December’s Red Market Run (E196)DoubleLine Portfolio Managers Jeffrey Mayberry and Eric Dhall kick off the new year with a rundown of 2024’s and December’s performance while also recapping the holiday week of Dec. 30-Jan. 3, naming the winners and losers (or laggards) in stocks, fixed income (3:30) and commodities (7:04). Over in Macro Land (10:18), Jeff and Eric catch up on recent news, including prints for homes prices and jobless claims as well as cap goods and ISM manufacturing numbers that raise speculation that some businesses might be stocking up in preparation for possible Trump tariffs. Next week (14:49) will bring a heavy dose of macro, including JOLT...
2025-01-0320 minDoubleLine MinutesA Red Week Nearing End of a Green 2024 (E195)In their last Minutes podcast for 2024, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review year-to-date and Dec. 16-20 returns for stocks (0:36), fixed income (3:16) and commodities (6:17) before taking up the week’s macro news (7:10). For the Topic of the Week (12:22), Jeff and Sam unpack the Dec. 18 meeting of the Federal Open Market Committee, Fed Chairman Jerome Powell’s news conference and the immediate impacts on financial markets and longer-term monetary expectations.
2024-12-2029 minDoubleLine MinutesA Friday-the-13th Week for Stocks and Bonds (E194)DoubleLine Portfolio Manager Eric Dhall and Analyst Mark Kimbrough survey a Friday-the-Thirteenth week for stocks (:033) and bonds (1:56) with commodities managing to end the week ended Dec. 13, 2024, in positive territory despite a rally in the dollar. For the week’s macro news (5:48), Mark Kimbrough notes an improvement in small business sentiment on hopes of lower taxes, easing regulation and inflation relief. He also discusses in-line consumer price index and stronger-than-expected producer price index readings for November. For their Topic of the Week (16:00), Eric Dhall discusses DoubleLine’s inflation model, which forecasts inflation in the 2% zone in 2025, provided energy prices remain tame...
2024-12-1325 minDoubleLine MinutesSoft Landing on the Horizon? (E193)After reviewing stocks (0:48), bond (2:43) and commodities (4:26), plus bitcoin (5:17) topping $100,000, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau unpack the past two weeks’ macro news (6:10). ISM manufacturing, payroll and jobs data suggestive, Jeff says, suggest that “maybe the Fed is going to be able to do the soft landing.” Turning to federal funds rate probabilities (12:27), future contracts are pricing in 3½ cuts through the end of 2025, inferring Sam notes more restrained policy than suggested to date in Fed guidance. Looking ahead to the Dec. 9-13 market week, topping their watch list will be the November CPI report, due Wednesday – the last CPI print...
2024-12-0618 minDoubleLine MinutesA “Benign” Green Scene for Markets Heading Into Thanksgiving Week (E192)DoubleLine Portfolio Manager Samuel Lau and Analyst Mark Kimbrough review a positive run in the markets for the week of Nov. 18-22. The S&P Index (00:33) inched up, supporting likely healthy returns for the month and year; fixed income (2:09) was also positive, with all components of the Agg rising; and the broad commodities market (3:54) was up, with gold marking a strong week. A light week in Macro Land (5:04) included a mixed picture for initial and continuing jobless claims, a “warning” signal framing for the Conference Board’s LEI and some post-election U.S. PMI numbers. It was also a light...
2024-11-2216 minDoubleLine MinutesTrump Trades, Powell Patience and Truss, Too (E191)DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough survey the Nov. 11-15 week for stocks (0:57), with the Trump-buoyed energy and financial sectors alone of the 11 S&P 500 sectors to post gains; fixed income (2:40) mostly lower on amid rising rates; and commodities lower (4:20), with energy prices perhaps reflecting the “drill, baby, drill” mindset of the president-elect. For the week’s macro news (6:05), Mark Kimbrough dives into an in-line CPI report for the month of October, a hotter-than-expected PPI report and, in his opinion, some “quite entertaining” retail sales revisions. Jeff Mayberry notes that remarks by Jerome Powell (18:55) showing the Fed chairm...
2024-11-1528 minDoubleLine MinutesStocks, Bonds, Commodities, Trump and Powell (E190)In their review of the Nov. 4-8 market week, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover election-turbocharged stocks (0:48), volatile bonds (4:01) and modest gains in commodities (6:11). After a review of the week’s macro news (8:08), including a resilient services sector, Jeff and Sam dive into Thursday’s Federal Open Market Committee meeting (10:14) and Fed Chair Jerome Powell’s news conference. Looking ahead to the Nov. 11-15 week (20:11), they will be on watch for the October prints of the Consumer Price Index (Wednesday) and Producer Price Index (Thursday) as well as jobless claims (Thursday).
2024-11-0825 minDoubleLine MinutesStocks, Bonds and Commodities Paint the Week Red (E189)DoubleLine Portfolio Manager Samuel Lau and Analyst Mark Kimbrough review the Oct. 28-Nov. 1 week of losses in stocks (1:45), led lower by tech and real estate; higher interest rates (4:03); and lower commodity prices (5:46), with energy getting pummeled. Their review of the week’s macro news (7:18) includes still strong housing prices, a strong GDP report for the third quarter and weaker-than-expected nonfarm payrolls. Looking to the week ahead (25:34), after the presidential and congressional elections, Thursday’s meeting of the Federal Open Market Committee and Federal Reserve Chairman Powell’s news conference will be topping Sam and Mark’s items to watch.
2024-11-0130 minDoubleLine MinutesA Light Week Ahead of a Busy Macro Calendar (E188)DoubleLine Portfolio Manager Jeff Mayberry and Analyst Mark Kimbrough cover the Oct. 21-25 week in stocks (0:39), fixed income (1:57) and commodities (3:36), then turn to the week’s light macro calendar (4:31), which included a mostly “stable” and “positive” Beige Book release by the Federal Reserve. The week of Oct. 28-Nov. 1 will hold more potentially market-moving news (10:42), including third quarter GDP (Wednesday); employment cost index, personal spending and income, and the PCE (Thursday); and ISM manufacturing and nonfarm payrolls (Friday).
2024-10-2517 minDoubleLine MinutesWaiting for Guy Fawkes Day (E187)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review for the week of Oct. 14-18 the stock (0:52) and bond (2:08) markets whose somewhat-muted volatility, according to Jeff, suggests investors are waiting for more labor market data and especially the outcome of the Nov. 5 presidential election. Commodities (4:01) ended in the red, led by a sharp decline in crude on reports Jerusalem will spare Iranian oil facilities in any reprisals over Tehran’s Oct. 1 missile attack against Israel. In a relatively quiet week on the macro front (5:54), retail sales came in stronger than expected. Looking ahead to the Oct. 21-25 week (11:02), Jeff an...
2024-10-1816 minDoubleLine MinutesMixed Markets, Tempering Fed Expectations (E186)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau on Oct. 11, 2024, review equity returns (0:44) at the start of the Q3 earnings season, a fixed income market (2:14) setting to higher yields and broad commodities (4:13) lower with energy up on geopolitical risk. The markets, they note, took the week’s macro news (5:57) in stride, including slightly higher-than-expected headline and core CPI reports for September. Jeff and Sam take note of a tempering (11:11) in market pricing of future fed funds rate cuts. Looking ahead to week of Oct. 14-18, they will be on the lookout (14:35) for export and import prices (Wednesday) and retail sa...
2024-10-1220 minDoubleLine MinutesStocks Mixed, Yields Rise, Energy Surges, Labor Surprises (E185)DoubleLine Portfolio Manager Samuel Lau and Macro Asset Analyst Mark Kimbrough begin their review of the week of Sept. 30-Oct. 4 with a mixed stock market (0:42). The energy sector led the equity market, share prices buoyed by concerns of direct conflict between Israel and oil exporter Iran. The bond market (1:57) suffered a surge in yields. Commodities (3:39) marked gains, led by the energy complex. The week’s macro news (5:06) was dominated by “blockbuster” labor market news, with Mark Kimbrough fleshing out the details of Tuesday’s JOLTS and Friday’s upside surprises from the nonfarm payrolls and unemployment reports. Looking ahead to the week...
2024-10-0429 minDoubleLine MinutesAnother Week, Another Run of Historic Highs for the S&P 500 (E184)DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall review market activity and macro news for the week of Sept. 23-27. Sam and Eric talk another strong run of almost daily historic highs for the S&P 500 Index (00:38), a flat week for fixed income (2:18) and a positive week for the Bloomberg Commodity Index despite struggling WTI crude (4:07). Over in Macro Land (6:09), they dive into a full week of prints that delivered few, if any, surprises, including the S&P Global PMI manufacturing and services reports, a resilient housing market, weakening consumer expectations and a Personal Consumption Expenditures Price...
2024-09-2721 minDoubleLine MinutesWhat’s the Impact of a Half-Point Rate Cut? (183)DoubleLine Portfolio Manager Jeffrey Mayberry and Quantitative Analyst Eric Dhall track the Sept. 16-20 week market activity leading up to and in the wake of the Federal Reserve’s big rate cut on Wednesday. Jeff and Eric look at a positive week for stocks (00:43), a down week for the Agg while the 2s10s spread de-inverted (2:00) and rising commodities boosted by energy (4:01). Over in Macro Land (5:20), prints they look at include retail sales, production numbers and what they might mean as a recession herald, jobless claims, and the LEI and its increasingly questioned data signal. They then turn to th...
2024-09-2128 minDoubleLine MinutesLeading Signals for Recession and the Fed Funds Rate (E182)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover the week of Sept. 9-13, 2024, which saw positive performances for stocks (0:30); fixed income (2:00), including a recessionary signal in the form of a Treasury yield curve de-inversion; and commodities (4:30). Topping the week’s macro news (5:35) were the August CPI and PPI reports. For their Topic of the Week (10:44), Jeff and Sam discuss the two-year Treasury as a leading indicator and the three-month T-bill as a coincident indicator of the federal funds target rate. Looking ahead (18:06) to the week of Sept. 16-20, apart from the FOMC meeting and Jerome Powell news conference on...
2024-09-1323 minDoubleLine MinutesRough Market Week Amid (Another) Emerging Recession Signal (E181)DoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau welcome back the NFL and then tackle a rough Sept. 2-6 run for the markets, including lots of red across equities (1:09); fixed income (3:04); and commodities (4:39), with even gold feeling ... Read More
2024-09-0629 minDoubleLine MinutesBenign Markets amid Muted Macro News (E180)DoubleLine Portfolio Manager Samuel Lau and Analyst Mark Kimbrough review a benign Aug. 26-30 week for stocks (1:04); bonds (3:26), taking note of a flattening Treasury yield curve; and commodities (7:34), with gold nearing $2500 per Troy ounce as markets ... Read More
2024-08-3023 minDoubleLine MinutesStocks, Bonds, Commodities All Aboard on Rate Cuts (E179)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover an Aug. 19-23 week that brought gains for stocks (0:52) and a broad rally in fixed income (2:11) as well as a commodities market (5:15) that Friday ratified accommodative guidance from ... Read More
2024-08-2320 minDoubleLine MinutesRate Cuts Still on Track But Perhaps Not So Aggressive (E178)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover a positive Aug. 12-16 week for equities (0:49), fixed income (2:37) and commodities (5:27), supported by tame inflation readings (6:38) for July and surprising strength in retail sales (8:47). The macro ... Read More
2024-08-1620 minDoubleLine MinutesA Volatile Week: Much Ado about Not Much? (E177)DoubleLine Portfolio Manager Jeff Mayberry and Macro Asset Allocation Analyst Mark Kimbrough comment on the whipsaws in stocks, bonds and commodities that by the Aug. 5-9 week’s end left markets little changed. The risk-off selloff that began Friday Aug. 2 ... Read More
2024-08-0917 minDoubleLine MinutesDovish Fed Day Flies Into Sahm Recession Signal on Friday (E176)DoubleLine Quantitative Analyst Eric Dhall and Macro Asset Allocation Analyst Mark Kimbrough cover a very exciting market week of July 29-Aug. 2, including a very rough Friday for stocks. Eric and Mark review the end-of-week selloff in stocks triggered by ... Read More
2024-08-0231 minDoubleLine MinutesTaking “Home Run” GDP with a Grain of Salt (E175)DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall survey the markets’ July 22-26 scoreboard for stocks (0:59), fixed income (3:01) and commodities (4:29) before turning to the week’s macro news (5:54). Macroland produced an unequivocally robust preliminary estimate ... Read More
2024-07-2723 minDoubleLine MinutesLower Markets, But Bear-Beating Beats (E174)DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall begin their review of the July 15-19 market week with returns in the red for stocks (0:52), bonds (2:18) and commodities (4:01). On the macro front (5:36), Eric Dhall ... Read More
2024-07-1924 minDoubleLine MinutesWeaker CPI, Conflicting Consumer Signals (E173)DoubleLine Portfolio Manager Samuel Lau and Macro Asset Allocation Analyst Mark Kimbrough end the week of July 8-12 with a roundup of stock (1:44), bond (4:06) and commodity (6:18) markets. Then they survey the week’s macro news (7:34), including a ... Read More
2024-07-1227 minDoubleLine MinutesA Low-Vol Week for Markets and Macro (E172)DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall Friday morning review the stock (1:08), bond (3:16) and commodity (5:44) markets for the week ended June 28, 2024. Then they discuss the week’s macro news (7:09), including further evidence ... Read More
2024-06-2923 minDoubleLine MinutesMixed-Bag Market Week; Homing In on One Fed Cut in 2024 (E171)DoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau cover the markets and macro news for the week of June 17-21, with markets closed Wednesday for the Juneteenth federal holiday. The S&P 500 Index was up on the week, boosted by ... Read More
2024-06-2119 minDoubleLine MinutesThe Fed Has the Same Data as Everybody Else (E170)DoubleLine Portfolio Managers Jeffrey Mayberry and Sam Lau cover the markets and macro news for the week of June 10-14, impacted as they were by the Topic of the Week: the June Federal Open Market Committee meeting and press conference ... Read More
2024-06-1434 minDoubleLine MinutesAwaiting a Wobbly Wednesday (E169)DoubleLine Portfolio Manager Jeff Mayberry and Macro Asset Allocation Analyst Mark Kimbrough cover the June 3-7 market week for stocks (0:31), on the way warning about naïve extrapolations of stock-split returns; bonds (2:42); and commodities (4:15), with energy diverging from ... Read More
2024-06-0723 minDoubleLine MinutesMarket and Macro Roundup for May 28-31 (E168)DoubleLine Capital Portfolio Managers Jeff Mayberry and Samuel Lau review markets for the week ended May 31, including a rare case of utilities as the leading equities sector year-to-date (1:00), fixed income (7:32) and commodities (9:36). Then they turn to ... Read More
2024-05-3122 minDoubleLine MinutesMixed Markets, Befuddled Fed, Falling Rate-Cut Odds (E167)DoubleLine Portfolio Manager Samuel Lau and Quantitative Eric Dhall review a mixed showing the week ended May 24, 2024, for stocks (1:09), bonds (4:04) and commodities (5:47). Turning to macro news (6:57), they note May 1 FOMC minutes show befuddlement ... Read More
2024-05-2420 minDoubleLine MinutesCPI Feeds a Green Trifecta (E166)DoubleLine Portfolio Manager Jeffrey Mayberry and Quant Analyst Eric Dhall recap a green trifecta for equities, fixed income and commodities for the week of May 13-17, powered by the CPI report, the main macro story. The CPI print was loved ... Read More
2024-05-1828 min
The Sherman ShowJefferies’ David Zervos on Evolution of the Fed Put and Jay Powell’s Learning Curve (E150)DoubleLine Deputy CIO Jeffrey Sherman and Portfolio Manager Jeffrey Mayberry welcome back David Zervos, Chief Market Strategist for Jefferies and Head of the Global Macro Division of Leucadia Asset Management. The last time Mr. Zervos was on in May 2019, ... Read More
2024-05-161h 00DoubleLine MinutesSenior Loan Officers: Tighter for Longer (E165)DoubleLine Portfolio Manager Samuel Lau and Quant Analyst Eric Dhall kick of their review of the May 6-10 market week combing through a green field of equities. The utilities sector is proving quite the player in 2024 while the leaders ... Read More
2024-05-1026 minDoubleLine MinutesMarket-Moving Prints, Tapering QT and Powell’s Purple Tie (E164)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review stock (0:57), bond (2:46) and commodity (5:40) markets for the week ended May 3, including notable volatility in equities and fixed income in the wake of inflation data, Fedspeak and jobs ... Read More
2024-05-0539 minDoubleLine MinutesLooking Out for Stagflation, Slower QT and Tsy Refunding Hiccups (E163)For the week ended April 26, 2024, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau review equities (1:00), fixed income (3:25) and commodities (5:52) markets. Then they discuss the week’s macro news (6:46), including more reports of sticky inflation and ... Read More
2024-04-2731 minDoubleLine MinutesRed Stocks and Bonds, Green Commodities (E162)As DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau note in their survey of markets for the week ended April 19, both equities as tracked by the S&P 500 (0:52) and fixed income as tracked by the Bloomberg US Aggregate ... Read More
2024-04-1927 minDoubleLine MinutesA Market Squeeze on Hotter Inflation, Falling Rate Cut Expectations (E161)DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall review the market week of April 8-12, for stocks (1:04) and fixed income (5:05). Both asset classes were stung by the April 10’s report of a hotter-than-expected consumer price index ... Read More
2024-04-1535 minDoubleLine MinutesTGA Balances and Treasury Securities Duration (E160)After their review of equity (1:08), fixed income (2:20) and commodity (4:14) markets for the week ended April 5 and of recent macro news, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau for their Topic of the Week (16:14) discuss ... Read More
2024-04-0535 minDoubleLine MinutesQ1 2024 Is in the Books (E159)DoubleLine Portfolio Managers Samuel Lau and Jeffrey Mayberry review the market week of March 25-28, 2024, shortened by the Good Friday holiday. Sam and Jeff also recap March and first quarter performances for equities, fixed income (3:59), commodities (6:24) and ... Read More
2024-03-2822 minDoubleLine MinutesFOMC Fedspeak: Hawkish or Dovish? (E158)For the market week ended March 22, 2024, DoubleLine’s Samuel Lau and Mark Kimbrough recap a mostly positive week for equities (2:39) and fixed income (4:03) while commodities dipped (6:43). For the Topic of the Week (13:20), Sam and Mark ... Read More
2024-03-2237 minDoubleLine MinutesStickier Inflation, Higher Yields, Lower Rate-Cut Expectations (E157)For the week ended March 15, 2024, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau survey the equities (1:17), fixed income (3:20) and commodities (5:44) markets. Then they dive into the week’s heavy macro news schedule (8:10), including CPI, PPI ... Read More
2024-03-1526 minDoubleLine MinutesJeff and Sam Demystify Divergent Labor Surveys (E156)DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau cover a negative week ended March 8 for the S&P 500 (0:48), contrasting with a positive week for that index’s equal-weighted cousin; a positive week (3:16) for all major fixed income sectors; ... Read More
2024-03-0933 minDoubleLine MinutesMoment of Capitulation on the LEI (E154)After covering the markets for the holiday-shortened week of Feb. 20-24, mostly positive for stocks (00:18) and bonds (1:52) and mostly negative for commodities (3:30), DoubleLine’s Jeffrey Mayberry and Mark Kimbrough run down a relatively light week of macro news ... Read More
2024-02-2429 minDoubleLine MinutesStudying a Market-Moving January CPI and Narrow S&P 500 Leadership (E153)After covering stock (1:01), bond (4:08) and commodity (7:08) markets for the week ended Feb. 16, 2024, DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall dive into the week’s macro news (8:50), including a January CPI report that ... Read More
2024-02-1742 minDoubleLine MinutesFederal Debt Spiral and Bond Vigilantes (E152)DoubleLine’s Jeff Mayberry and Eric Dhall review the market week (1:00) ended Feb. 9, 2024, including a new all-time high carrying the S&P 500 to close above 5000 for the first time, yields up across the investment grade segments of ... Read More
2024-02-1028 minDoubleLine MinutesStocks at New Highs, Strong GDP, but Diverging Macro Data (E150)DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall recap the markets for the week ended Jan. 26, 2024, noting stocks (0:38) were rather tame notwithstanding new highs on the S&P 500, while fixed income (2:03) was largely flat ... Read More
2024-01-2734 minDoubleLine MinutesRetail Sales Report: A Potential Market Mover (E149)For the holiday-shortened market week of Jan. 16-19, DoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau for the Topic of the Week (10:55) look at the Retail Sales Report, an always potentially market-moving print, as retail sales account for about ... Read More
2024-01-2029 minDoubleLine MinutesMMM E146: Stocks, Fixed Income Close Out 2023 Wrapped in GreenDoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau Kick off the last episode of 2023 with a yearly performance review of the markets, with equities and fixed income far removed from 2022’s double bear runs. The S&P 500 Index (00:50) ... Read More
2023-12-3025 minDoubleLine MinutesMMM E145: Everything Rallies, a Dovish Powell and a Quibbling WilliamsAfter reviewing “everything rallies” for the week ended Dec. 15 in stocks, bonds and commodities, and the week’s macro news, DoubleLine Portfolio Managers Jeff Mayberry and Samuel Lau discuss the Dec. 13 monetary policy decisions and guidance of the Federal ... Read More
2023-12-1744 minDoubleLine MinutesMMM E143: Financial Conditions, a Very Strong November and Fedspeak DiscordAfter covering positive market performance in the final week (Nov. 27-Dec. 1) of a very healthy November, DoubleLine Portfolio Managers Jeffrey Mayberry and Samuel Lau dive into the latest BIS paper on financial condition indices as the Topic of the ... Read More
2023-12-0240 minThe Sherman ShowTSS Episode 148: Andy Constan on Macro-Driven Investing, Inflation and the 3Ds of De-GlobalizationAndy Constan, founder, CEO and Chief Investment Officer of Damped Spring, joins DoubleLine’s Jeffrey Sherman and Samuel Lau to discuss his approach to macroeconomics-driven investing. They also discuss, among other timely topics, Mr. Constan’s outlook for persistent inflation above the ... Read More
2023-11-3055 minDoubleLine MinutesMMM Episode 142: Markets Express “Sense of Jubilation” While Fed Officials Caution Inflation Still a ChallengeAfter covering a broad-based positive run in the markets for the week of Nov. 13-17, DoubleLine Portfolio Manager Samuel Lau and Quantitative Analyst Eric Dhall break down the latest Consumer Price Index (CPI) print (11:35), one that Dhall notes was ... Read More
2023-11-1836 minDoubleLine MinutesMMM Episode 141: Macro Feeds the Bears, Powell Turns Colorful and Some SahmAfter reviewing stocks (0:51), fixed income (3:28), commodities (6:14) and somewhat bearish macro news (8:11) for the week ended Nov. 10, DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall cover the latest Fedspeak (14:34), including a bit of ... Read More
2023-11-1130 minThe Sherman ShowTSS Episode 147: DoubleLine’s Scott Thomson on the Evolution of ETFsDoubleLine ETF Specialist Scott Thomson discusses his role at the firm and describes the growing use and evolution of exchange-traded funds as vehicles for trading and investment with DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Macro Asset Allocation ... Read More
2023-10-2651 minThe Sherman ShowTSS Episode 146: SoFi’s Liz Young on Markets, DIY Investing and Capturing Gen Z InvestorsLiz Young, head of investment strategy at personal finance company and bank SoFi, discusses markets, the investor movement to DIY investing, and her investment process and market outlook with DoubleLine’s Jeffrey Sherman and Samuel Lau in this episode recorded Sept. ... Read More
2023-09-2846 minThe Sherman ShowTSS Episode 144: Wading Into the AI-Stirred Stock FrothDoubleLine Deputy CIO Jeffrey Sherman and Portfolio Manager Samuel Lau welcome Matt Forester, CIO of BNY Mellon Advisors, to The Sherman Show. Mr. Forester kicks off the episode by discussing the recent branding shift from Lockwood Advisors to BNY Mellon ... Read More
2023-08-1057 minThe Sherman ShowTSS Episode 143: Mayberry’s Midyear Score Card and 2H2023 OutlookJeff Mayberry, Portfolio Manager on DoubleLine’s Macro Asset Allocation team, on July 10, gets graded by Jeffrey Sherman and Samuel Lau on his forecasts for 1H2023 and shares his outlooks for the second half of the year. Jeff Mayberry gets ... Read More
2023-07-141h 08The Sherman ShowTSS Episode 142: Robert Cohen on Credit Selection and the Coming Default CycleRobert Cohen, head of DoubleLine’s Global Developed Credit team, discusses navigating the waters of investment grade and high yield corporate bonds and leveraged loans as these markets enter the late stage of the economic and credit cycles. He speaks June ... Read More
2023-06-2249 minThe Sherman ShowTSS Episode 140: StoneX’s Vincent Deluard on Recession Skepticism, Not Balancing the Books and Going Lighter on DurationDoubleLine Deputy CIO Jeffrey Sherman and Portfolio Manager Samuel Lau welcome StoneX Director of Macro Global Strategy Vincent Deluard to The Sherman Show. Mr. Deluard begins the episode by sharing how his passion for collecting actual paper money and coins ... Read More
2023-05-2552 minThe Sherman ShowTSS Episode 139: J.P. Morgan’s Michael Feroli on the Fed’s One Tool, the Separation Principle, Immaculate Disinflation, and the Magic RegressorDoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau welcome J.P. Morgan Chief U.S. Economist Michael Feroli to The Sherman Show. Mr. Feroli kicks the episode off by recounting his educational transition from philosophy to finance and ... Read More
2023-05-1158 minThe Sherman ShowTSS Episode 138: Morris Chen on Opportunities in Commercial Real Estate DebtMorris Chen, head of DoubleLine’s Commercial Mortgage-Backed Securities (CMBS) and Commercial Real Estate Debt (CRE) team, on April 18, 2023, discusses the merits of his asset class with hosts Jeffrey Sherman and Samuel Lau. He describes CMBS-CRE both as a ... Read More
2023-04-2754 minThe Sherman ShowTSS Episode 137: Ken Shinoda on Mortgage Investing and the Housing MarketKen Shinoda, who chairs DoubleLine’s Structured Products Committee and leads the firm’s non-Agency mortgage securities team, discusses his asset class and housing market outlook with Jeffrey Sherman and Samuel Lau on April 10.
Mr. Shinoda discusses his path in asset management, ... Read More
2023-04-1346 minThe Sherman ShowTSS Episode 136: GeoWealth’s Jen Wing on TAMPs, Serving RIAs and Customized Portfolio ModelsJen Wing, Head of Asset Management at GeoWealth, a proprietary technology and turnkey asset management platform (TAMP) to registered investment advisors (RIAs), appears March 28, 2023, with DoubleLine’s Jeffrey Sherman and Samuel Lau. Mr. Sherman asks Ms. Wing (0:59) to ... Read More
2023-03-3149 minThe Sherman ShowTSS Episode 135: Fairlead’s Katie Stockton Charts a Path Into Technical AnalysisDoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau welcome Fairlead Strategies Founder and Managing Partner Katie Stockton, the first technical analysis specialist to visit The Sherman Show. Ms. Stockton kicks off the show by recounting what ... Read More
2023-03-1648 minThe Sherman ShowTSS Episode 134: Capital Allocators’ Ted Seides on Literal Rich Uncles, Platforming CIOs and Fewer Unforced ErrorsDoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau welcome Ted Seides, founder of Capital Allocators, a podcast ecosystem that includes gatherings, and advisory to managers and allocators. The episode kicks off with Mr. Seides recounting how ... Read More
2023-03-0248 minThe Sherman ShowTSS Episode 133: Quadratic’s Nancy Davis on Selling Vol, Yield Curve Hand Signals and DeflationDoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau welcome back Nancy Davis, Founder, Managing Partner and Chief Investment Officer of Quadratic Capital Management, to The Sherman Show. Messrs. Sherman and Lau, and Ms. Davis kick things ... Read More
2023-02-1757 minThe Sherman ShowTSS Episode 132: Jeff Mayberry’s 2022 Score Card and 2023 LineupDoubleLine Portfolio Manager Jeff Mayberry returns as a guest to share his market and macro outlooks for 2023 with DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau. Noting Mr. Mayberry gave his outlooks a year ago ... Read More
2023-01-261h 08The Sherman ShowTSS Episode 130: Other Way ’Round, Bro IIIThe Sherman Show host Jeffrey Sherman, deputy CIO of DoubleLine, closes out his end-of-the-year guest tour on The Investors First Podcast, produced by CFA Society Orlando. Investors First hosts Colby Donovan and Steve Curley get Mr. Sherman’s take on ... Read More
2023-01-0548 minThe Sherman ShowTSS Episode 129: Other Way ’Round, Bro IIThe Sherman Show host Jeffrey Sherman, deputy CIO of DoubleLine, again plays the role of guest with a visit to FEG Insight Bridge and host Greg Dowling, head of research and CIO at FEG, an institutional investment consultant and OCIO ... Read More
2022-12-0855 minThe Sherman ShowTSS Episode 128: Other Way ’Round, BroThe Sherman Show flips the script as DoubleLine Deputy CIO Jeffrey Sherman visits The Acid Capitalist podcast, where Hugh Hendry promotes iconoclastic thinking and interviews figures from the world of investment. The episode begins with Mr. Sherman discussing his career ... Read More
2022-11-231h 16The Sherman ShowTSS Episode 123: Masterworks’ Allen Sukholitsky on Adding Art to Your PortfolioJeffrey Sherman and Sam Lau welcome Allen Sukholitsky, chief investment officer at art investment platform Masterworks, to DoubleLine’s The Sherman Show to discuss art as an asset class. Mr. Sukholitsky kicks off the discussion recounting how his background in researching ... Read More
2022-09-0147 minThe Sherman ShowTSS Episode 119: Michael Green on Passive Momentum, Fed Puritanism and Rate-Inelastic ConsumersMichael Green, portfolio manager and chief strategist of Simplify Asset Management, joins DoubleLine’s Jeffrey Sherman and Samuel Lau in this episode of The Sherman Show, recorded July 5, 2022. A student of market structure for more than 30 years, ... Read More
2022-07-0852 minThe Sherman ShowS12 E10: Jane Street’s Ugo Egbunike on ETFs, and the Comforts and Benefits of Passive InvestingUgo Egbunike, a fixed income specialist at Jane Street, joins DoubleLine’s Jeffrey Sherman and Samuel Lau on The Sherman Show during the InsideETFs conference in Hollywood, Florida. Mr. Egbunike kicks the episode off by recounting his time as a Bowdoin ... Read More
2022-06-2848 minThe Sherman ShowS12 E6: Robert Cohen on Steering Corporate Credit Through a Transitioning EconomyRobert Cohen, Director of DoubleLine’s Global Developed Credit team, comes on The Sherman Show to share his views across corporate credit: the investment-grade and high-yield bonds and leveraged loans. As he tells hosts Jeffrey Sherman and Samuel Lau (1:50), ... Read More
2022-04-1445 minThe Sherman ShowS12 E5: Investing in Chile, the Protests of 2019 and Drafting a Woke ConstitutionDoubleLine’s Jeffrey Sherman and Sam Lau welcome Dr. Robert Funk, a political analyst at GlobalSource Partners, an assistant professor of political science at the University of Chile, and a political risk consultant and partner at Andes Risk Group. Dr. ... Read More
2022-03-311h 00The Sherman ShowS12 E4: Women in Investment Management, the Brussel Sprout Utility Sector and Fallen-Angel BailoutsDoubleLine’s Jeffrey Sherman and Sam Lau welcome Ellen Carr, principal and high yield portfolio manager at majority-women-owned Barksdale Investment Management and adjunct professor of finance at Columbia Business School, to discuss her book on the lack of women in investment ... Read More
2022-03-1753 minThe Sherman ShowS12 SpE3: A Global Survey of Geopolitical RiskThe world today is challenging many of the foundations of a status quo that have stood since the end of World War II in 1945 and the fall of the Soviet Union at the end of 1991. DoubleLine Deputy Chief ... Read More
2022-03-0359 minThe Sherman ShowS12 E1: Outlook for 2022 – Stocks, Bonds, Rates, Macro and Global AllocationsAfter a review of January market returns, co-hosts Jeffrey Sherman and Samuel Lau are joined by fellow DoubleLine portfolio manager Jeff Mayberry to discuss their outlooks for securities and ideas on asset allocation for 2022. Mr. Mayberry foresees a relatively ... Read More
2022-02-031h 01The Sherman ShowS11 E14: Jared Dillian on Investor Sentiment and Market Volatility, the Theory of Constraints and The Awesome PortfolioDoubleLine’s Jeffrey Sherman and Sam Lau welcome Jared Dillian, editor of The Daily Dirtnap market newsletter, investment strategist at Mauldin Economics, podcaster (Be Smart) and DJ (DJ Stochastic), for Mr. Dillian’s take on today’s markets and his thoughts on ... Read More
2021-12-1651 minThe Sherman ShowS11 E11: Matt Hougan on Minor League Origins, the Present and Future of Crypto, and a Three-Minute Crypto PrimerDoubleLine’s Jeffrey Sherman and Sam Lau welcome Bitwise Chief Investment Officer Matt Hougan for a deep dive into crypto investing. Messrs. Sherman, Lau and Hougan discuss why indexing is good in the crypto world (6:28), why crypto deserves a ... Read More
2021-11-0454 minThe Sherman ShowS11 E9: Yaya J. Fanusie on Crypto Cheerleading, Digital Asset Due Diligence and CBDC Trailblazer ChinaDoubleLine’s Jeffrey Sherman and Sam Lau welcome Cryptocurrency AML Strategies founder Yaya J. Fanusie, an adjunct senior fellow at the Center for a New American Security who early in his career gave up the high-stress job of high school math ... Read More
2021-10-0752 minThe Sherman ShowS11 E8: Goldman Sachs’ David J. Kostin on Profit Margins, Duration and ESGDoubleLine’s Jeffrey Sherman and Sam Lau welcome David J. Kostin, chief U.S. equity strategist at Goldman Sachs, to talk about the dramatic comeback of profit margins (2:34), the impact of duration on investing (5:08), the demand and supply for equities ... Read More
2021-09-2351 minThe Sherman ShowS11 E5: HIERS’ Elizabeth Burton on Meeting Target Returns, Protecting Retirement BenefitsElizabeth Burton, Chief Investment Officer of the Hawaii Employees Retirement System (HIERS), discusses her management of the pension’s $21 billion in assets with DoubleLine’s Jeffrey Sherman, Deputy Chief Investment Officer, and Samuel Lau, Portfolio Manager. Among other issues, Ms. Burton ... Read More
2021-08-1255 minThe Sherman ShowS11 E2 Tony Robbins Points to the Keys to FulfillmentEntrepreneur, author, philanthropist and world-famous life and business strategist Tony Robbins joins DoubleLine’s Jeffrey Sherman and Samuel Lau for a special edition of “The Sherman Show.” He is perhaps best known for his efforts to empower millions of people through ... Read More
2021-07-0251 minThe Sherman ShowS11 E1 Jim Reid Discusses a New Economic Orthodoxy Under QEDoubleLine’s Jeffrey Sherman and Samuel Lau welcome highly rated and much awarded analyst Jim Reid, Deutsche Bank Global Head of Credit Strategy and Thematic Research, to “The Sherman Show,” recorded June 15, 2021. The inflation debate quickly takes center stage, ... Read More
2021-06-1750 minThe Sherman ShowS10 E7 Louis Gave of Gavekal Research on the New Structural Bear and Bull MarketsLouis Gave, founding partner and CEO of @GavekalResearch, tells DoubleLine’s Jeffrey Sherman and Samuel Lau that the price shifts of three key assets is not a “dead-cat bounce” but “the start of a new trend” in markets that will require ... Read More
2021-04-0859 minThe Sherman ShowS10 E6 Larry McDonald Brings Together Inflation Risk, Yield Curve Control and ReconciliationDoubleLine’s Jeffrey Sherman and Samuel Lau welcome political risk expert Lawrence McDonald, a New York Times bestselling author and regular contributor to CNBC, to “The Sherman Show.” Mr. McDonald is the creator of a finance and politics talk show on ... Read More
2021-03-2553 minThe Sherman ShowS10 E4 Richard Bernstein Helps to Navigate the NoiseDoubleLine’s Jeffrey Sherman and Samuel Lau welcome Richard Bernstein, CEO and chief investment officer of Richard Bernstein Advisors, to “The Sherman Show,” recorded on Feb. 22, 2021. The discussion kicks off with a reference to Mr. Bernstein’s 2001 book, “Navigate ... Read More
2021-02-2551 minThe Sherman ShowS10 E3 Grant Williams on Bubbles, Power Struggles and Inflation“The Sherman Show” guest Grant Williams brings his wide experience across asset classes and the world’s financial centers to this Feb. 8, 2021, episode with DoubleLine’s Jeffrey Sherman and Samuel Lau. Mr. Williams is a senior advisor to Matterhorn Asset ... Read More
2021-02-1157 minThe Sherman ShowS10 E2 Gerard Minack Sees a Future of Reflation & Lagging U.S. EquitiesGerard Minack, founder of Minack Advisors, joins DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau to discuss his global macroeconomic outlook and asset allocations. With U.S. stocks at or near record valuations, Mr. Minack also observes ... Read More
2021-01-2852 minThe Sherman ShowS6 E7 Joe Mezyk, CLO Analyst – DoubleLine, The Sherman ShowCLO analyst Joe Mezyk joins The Sherman Show to explain the $750 billion collateralized loan obligation market with DoubleLine’s Jeffrey Sherman and Samuel Lau. Their discussion starts by explaining floating-rate bank loans which form the collateral of CLOs and how ... Read More
2019-09-2656 minThe Sherman ShowS6 E6 Brendt Stallings, Portfolio Manager – DoubleLine, The Sherman ShowDoubleLine Capital portfolio manager Brendt Stallings joins DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and portfolio manager Samuel Lau for a broad discussion of the U.S. equity market on The Sherman Show. Much of their discussion centers on the prospects ... Read More
2019-09-1243 min