DoubleLine Portfolio Manager Samuel Lau and Quant Analyst Eric Dhall kick of their review of the May 6-10 market week combing through a green field of equities. The utilities sector is proving quite the player in 2024 while the leaders of recent previous quarters continue in their new roles as laggards. In fixed income (4:16), it was a mostly flat week for U.S. Treasury yields and the Agg. Commodities delivered for another week with gold continuing to flex (5:59).
Over in Macro Land (7:11), a light week brought a tighter-for-longer narrative in the latest Senior Loan Officer Opinion Survey, leading Sam and Eric to discuss how different businesses are experiencing the current economy. The bears got some food this week from a spike in initial jobless claims (11:55), and the University of Michigan Consumer Sentiment Index provided some insight into the Wisdom of the Common Person in regard to inflation expectations (12:47). The week’s Fedspeak roundup tracks Fed officials maintaining the message on persistent inflation (16:19). Looking ahead to a week of inflation prints (20:34), including PPI and CPI, Sam and Eric will also be keeping an eye on retail sales, import prices and the LEI. This episode was recorded May 10, 2024, after market close.
Mr. Lau joined DoubleLine in 2009. He is a Strategist on the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on the Global Asset Allocation and Macro Committees. Mr. Lau is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives-based and multi-asset strategies, including DoubleLine's Shiller Enhanced CAPE®, Shiller Enhanced International CAPE®, Real Estate and Income, and Multi-Asset Trend strategies. He also co-hosts the Sherman Show (Twitter @ShermanShowPod, ShermanShow@Doubleline.com) and Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcasts. Prior to DoubleLine, Mr. Lau was a Vice President at TCW where he worked under Jeffrey Gundlach as a Research Analyst in the Mortgage Group. He holds a B.S. from the University of Wisconsin, Madison and an MBA from the Marshall School of Business at the University of Southern California.
