During the markets segment of its 2024 edition, participants in DoubleLine Round Table Prime present their outlooks on various markets and topics for 2024. Coming together for Round Table Prime are DoubleLine CEO Jeffrey Gundlach and moderator DoubleLine Deputy Chief Investment Officer Jeffrey Sherman with their guests James Bianco, President and Macro Strategist at Bianco Research; Danielle DiMartino Booth, CEO of Quill Intelligence; Charles Payne, author and Fox Business Anchor; and David Rosenberg, President of economic consulting firm Rosenberg Research & Associates. Round Table Prime was held Jan. 11, 2024.
(00:29) Charles Payne discusses the state of the IPO pipeline heading into 2024 and how that pipeline has punished investors for 15, 20 years. He also shares his Word of the Year for stock investors: nimble.
(5:06) Jim Bianco says the art of stock picking is very much alive, breaks down “a multi-year bear market in bonds,” talks the resilience of the U.S. dollar as a reserve currency, and discusses China’s slow recovery and its impact on commodities.
(10:44) Jeffrey Gundlach looks at valuations and price-to-earnings since the November start of the Everything Rally then talks about how a secular shift from a long period of declining interest rates to a period of rising interest rates will impact participants’ and prognosticators’ understanding of the markets. He also discusses the potential economic backdrop that would have him looking at EM and lower tiers of credit, and he shares why he has put money in India and doesn’t even look at it. He closes with his thoughts on mortgage spreads, high yield bond defaults and TIPS.
(25:18) David Rosenberg talks about how the CPI is a flawed statistic, the S&P 500’s flat two-year performance with no improvement in valuations, how there’s so much psychology involved in the stock market, the equity risk premium, and how the soft landing is real and how historically it has served as a precursor to contraction. He also shares his thoughts on positioning and the outlook for several countries, including Japan and Canada.
(42:08) The markets section concludes with Danielle DiMartino Booth discussing private markets juxtaposed against public markets and the impact of public pension funds flowing into private equity a few years ago, and speculating on who will be living in Illinois if Indiana gets rid of its state income tax.
Mr. Gundlach is CEO of DoubleLine. In 2011, he appeared on the cover of Barron's as "The New Bond King." In 2013, Institutional Investor named him "Money Manager of the Year." In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.
As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.