Nontraditional fixed income sectors aided investors, and traditional fixed income sectors did little to blunt the effects of rising interest rates on fixed income portfolios in 2021, a year in which the Bloomberg US Aggregate Bond Index (the “Agg”) returned … Read More

We believe opportunities will remain throughout 2022 to generate alpha in securitized credit. While we expect fundamentals to be strong across U.S. consumer-related securitizations and leveraged loans, the combination of heavy supply and uncertainty around inflation, monetary policy, and the … Read More

Since its acceptance into the World Trade Organization on Dec. 11, 2001, China has become an ever-more dominant player on the stage of global trade and growth. Today, the Chinese wield influence in many countries through trade and financial linkages, … Read More

For three quarters of a century, the U.S. dollar has reigned supreme as the world’s reserve currency. Even amid America’s declining share of the global economy and, since the Global Financial Crisis (GFC), massive monetization of the U.S. national debt, … Read More

As the Federal Reserve winds down its Secondary Market Corporate Credit Facility (SMCCF), let’s take a long-term look at the investment grade corporate bond market. The purpose of this exercise is to compare the past to the present and see … Read More

“Investors need to be worried about inflation. But it’s not a stagflation world yet,” Jeffrey Sherman, deputy chief investment officer at DoubleLine, tells ThinkAdvisor in an interview. “The best asset class to hedge against inflation is commodities,” he argues. The … Read More

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

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

The distinct roles of copper versus gold – the red metal’s industrial necessity, the popular perception of the yellow metal as a safe haven – can embed useful information in their market prices, particularly in relationship to each other. Broadly … Read More

From the flawless right-hand point breaks of Santa Barbara and Malibu to the thumping beach breaks of Oxnard and Newport Beach, Southern California hosts an abundance of surf spots. On the best days, these surf breaks are world class. Unfortunately … Read More