In addition to recapping market events for the week of Jan. 23-27, DoubleLine’s Jeff Mayberry and Sam Lau mark the 100th episode of Monday Morning Minutes expressing much gratitude to the listeners as well as the firm’s staff and resources that make the podcast possible (14:28). Jeff and Sam share some of their favorite Topics of the Week, including such diverse subjects as the Fed’s overnight reverse repo facility, preferred securities, the supplementary leverage ratio and the hosts’ favorite books. Many of the topics remain particularly pertinent to today’s market environment.
For the market week, “the worst shall be first” continued to hold true in the first month of 2023, as consumer discretionary and consumer services, big laggards in 2022, have been strong performers in the equities sector (02:01). In fixed income (4:18), Treasuries were up across the curve while the worst-to-first baton was carried by emerging markets and investment grade corporate credit. Commodities were down for the week (7:23), gold was flat (8:19), and Bitcoin was basically flat for the week but way up on the year (8:36). Over in Macroland (9:15), Jeff and Sam review an LEI print that points to recession, contractionary PMI numbers (9:53) and PCE data that should make the Fed happy (12:06).
Next week (32:27) will bring reports on home price appreciation and the labor market in addition to another FOMC press conference from Fed Chair Jerome H. Powell, which Jeff and Sam will break down in detail.
Thanks again for supporting MMM through its first 100 episodes!
Subscribe to the Monday Morning Minutes podcast on:
iTunes | Soundcloud | Stitcher | Spotify | Google Podcasts
Follow us on Twitter
Comments and suggestions should be directed to Minutes@doubleline.com
Mr. Mayberry joined DoubleLine in 2009. He is a Portfolio Manager on DoubleLine’s strategic commodity strategy while working in portfolio management and trading for derivatives‐based and multi‐asset strategies. Mr. Mayberry is a Strategist on the Fixed Income Asset Allocation Committee and a contributing member on our Global Asset Allocation and Macro committees. He also co-hosts DoubleLine’s weekly Monday Morning Minutes (Twitter @DLineMinutes, Minutes@Doubleline.com) podcast. Prior to DoubleLine, Mr. Mayberry was a Senior Vice President at TCW for nine years within the Mortgage Group, where he specialized in portfolio and fund monitoring and analytics. He holds a B.S. in Engineering from Harvey Mudd College and an M.S. in Financial Engineering from the Peter F. Drucker Graduate School of Management at Claremont Graduate University.
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.
