In the Markets segment of DoubleLine’s 2026 Round Table Prime, DoubleLine Deputy CIO Jeffrey Sherman moderates a discussion on how investors should interpret equity, fixed income and credit markets amid elevated valuations, structural shifts in market plumbing and changing Federal Reserve dynamics. The segment explores how policy expectations, sentiment and passive flows are increasingly shaping market outcomes independent of traditional fundamentals.
DoubleLine CEO-CIO Jeffrey Gundlach outlines why the Fed continues to follow the two-year Treasury rather than lead markets, emphasizing the implications of heavy short-term debt issuance, rising interest expense and limited long-duration financing. Charles Payne of Wall Street Strategies and host of Fox Business’ “Making Money” discusses how equity markets respond more to the perception of an accommodative Fed than the magnitude of rate cuts. He also highlights rotation beneath headline indices, the growing dominance of passive investing and why stock selection matters more than index-level returns.
David Rosenberg of Rosenberg Research delivers a cautionary assessment of valuations, sentiment and risk premiums, arguing that U.S. equities have entered “extra innings” as cyclically adjusted multiples reach historic extremes. The panel also examines tight credit spreads, the migration of risk into private credit markets and the illusion of stability created by non-mark-to-market assets. The discussion provides a nuanced framework for navigating markets when confidence, liquidity and structural forces increasingly outweigh traditional guideposts.
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.
Jeffrey Sherman, DoubleLine’s Deputy Chief Investment Officer, is a thought leader, portfolio manager and public speaker in the industry. Mr. Sherman is a member of DoubleLine’s Fixed Income and Global Asset Allocation committees, and he serves as lead portfolio manager for the firm’s multi-sector and derivative-based strategies. In his role, Mr. Sherman guides the investment teams in developing top-down macro views and collaborative asset allocation processes throughout a market cycle. Additionally, he is a member of DoubleLine’s Executive Management Committee. In 2018, Money Management Executive named Mr. 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. Prior to that, he was a statistics and mathematics instructor at the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the USC/CFALA CFA® 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 Claremont Graduate University. Mr. Sherman is a CFA® charterholder.
