DoubleLine Portfolio Manager Jeff Mayberry and guest host Quantitative Analyst Eric Dhall March 3, 2023, examine the month of February, which reversed the January gains for stocks (2:17) and for bonds (4:35). Seeing a possible silver lining, Eric Dhall notes the volatility in bonds “is giving investors another opportunity” to lock in portfolio holdings at “these higher rate levels.” They next review macro news (9:25) for the week ended March 3, including evidence of the pressure of higher interest rates on the housing market and the message from fed funds future pricing regarding the expected peak rate in the fed funds. For the Topic of the Week (18:58), Jeff and Eric explain the construction and function of diffusion indexes, in particular, the PMI manufacturing and services surveys, and those surveys’ effectiveness in measuring economic strength and weakness. Looking ahead to the week of March 6-10 (29:01), they will be looking out for the JOLTS jobs survey (Wednesday March 8), initial jobless claims (Thursday) and nonfarm payrolls and labor force participation rate (Friday).
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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.
