DoubleLine’s Ken Shinoda Talks Macro, Structured Products and His Thoughts on Risk on The Julie La Roche Show
DoubleLine Portfolio Manager Ken Shinoda and host of podcast Channel 11 gets to sit in the guest chair during his visit to The Julie La Roche Show, recorded March 22, 2023. Mr. Shinoda kicks things off (00:45) by recounting what brought him into the business and eventually to DoubleLine and how trading mortgages through the Global Financial Crisis was more instructive than earning an MBA. The two then discuss the macro big picture, particularly the state of regional banks (2:24) and its potential impact on the structured products that he focuses on at DoubleLine (5:32). “If we were ‘soft landing’ before,” Mr. Shinoda says of the slowing economy, “it’s going to be less of a soft landing now.”
Ms. La Roche and Mr. Shinoda also get into, among other topics, why the real estate sector is such fertile ground for clickbait doom-and-gloom headlines (13:53), whether tech jobs and high-tax states will still drive migration (19:17), the lack of supply holding back millennial homebuyers (24:10), the different tacks taken by DoubleLine’s residential mortgage-backed securities (RMBS) and commercial MBS teams (30:32), why the Agency RMBS space is no longer boring (34:52) and downtown L.A.’s ghost-town vibe (42:15). Mr. Shinoda concludes the episode with his outlook on risk (45:05).
The Barron’s article by Mr. Shinoda that Ms. La Roche references can be found here
Mr. Shinoda joined DoubleLine at inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in investing in non-Agency mortgage-backed securities, residential whole loans and other mortgage-related opportunities. Mr. Shinoda is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Mr. Shinoda is also a permanent member of the Fixed Income Asset Allocation Committee, as well as, participating in the Global Asset Allocation Committee. In addition, he hosts DoubleLine’s “Channel 11 News” (Twitter @DLineChannel11, firstname.lastname@example.org), a webcast series that provides market insights and commentary with peers and industry experts. Prior to DoubleLine, Mr. Shinoda was Vice President at TCW where he worked in portfolio management and trading. He holds a B.S. in Business Administration from the University of Southern California and is a CFA® charterholder.