For those lured by past returns as a promising prologue for the future, TIPS might tempt. However, I believe the time is at hand to limit or even reduce allocations to Treasury inflation-Protected Securities. This opinion is based on pricing … Read More

As the pandemic continues to trouble the world’s economies and challenge policymakers, the advent of effective vaccines in the U.S. has, for now, led to a significant decline in daily new cases and has helped push state and local economies … Read More

Following the drop in mortgage rates to historic lows, Agency MBS prepayments have climbed to the highest levels since the refinance wave of the early 2000s. For a majority of the last year, prepayment speeds were above 30 constant prepayment … Read More

The Total Return Strategy concept, which I started nearly 30 years ago, began as a result of observing that it was possible to have the same or higher income with the same or lower risk than that of the Bloomberg … Read More

The rise of special purpose acquisition companies (SPACs) over the last year has been a significant news story in capital markets. For years, SPACs have had a tarnished reputation
for having conflicts of interest and lackluster returns. On the surface, investing … Read More

Traders betting on a further sustained rise in interest rates might want to listen more closely to what the US Federal Reserve is saying. There have been a lot of comparisons made in markets between recent volatility and the so-called … Read More

For every action, there is an equal and opposite reaction. In the case of international trade and global payments, the U.S. made aggressive use of sanctions and tariffs. With some merit, Washington has argued that these actions level the playing … Read More

Popular ERISA safe harbor features expose DC participants to increased levels of risk and retirement income insecurity.

DoubleLine’s investment team follows a mandate that tries to avoid taking risks that historically have led to catastrophic principal losses. In fact, the name … Read More

The year 2020, and the decade leading up to it, have led to some interesting reversals in U.S. corporate credit, including irregularities across the investment grade (IG), high yield and bank loan markets. What is the state of play? Investment … Read More

If launched, central bank digital currencies (CBDCs), as I have recently warned, will put at risk the independence of monetary policy and what little is left of fiscal discipline within their borders of circulation. Central banks are not stopping at … Read More