Robert Cohen, head of DoubleLine’s Global Developed Credit team, Nov. 12, 2024, surveys relative values and expected returns for stocks and corporate bonds in an appearance with CNBC’s Kelly Evans. Mr. Cohen notes the contrast between those asset classes at the outset of Trump 1.0 vs. today, heading into Trump 2.0. In 2017, equities were competitively valued vs. corporates; today, credit priced is at attractive all-in yields vs. stocks. Corporate earnings and credit markets, he tells CNBC, also are presaging positive economic growth and M&A volume. As those corporate indicators are “closer to the ground” of the business cycle than traditional macro indicators such as the LEI and yield curve, which have been flashing recession for extended periods, Robert Cohen is inclined to give greater weight to corporates as an economic signal, at least for the near term.
Mr. Cohen joined DoubleLine in 2012 and serves as Director of Global Developed Credit. In this role, he oversees the firm’s corporate credit team and is the lead portfolio manager for investment grade, high yield and leveraged loan credit strategies. Mr. Cohen also developed DoubleLine’s leveraged finance investment platform, which is utilized across closed-end fund, floating-rate, CLO and multi-sector fixed-income strategies. In addition, he is a permanent member of the Fixed Income Asset Allocation Committee. Mr. Cohen has over 30 years of experience in corporate credit investing. Prior to joining DoubleLine, he held investment roles at West Gate Horizons Advisors, ING Capital Advisors, Union Bank and Bank of Montreal. Mr. Cohen holds a B.A. in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA® charterholder.
