DoubleLine’s Jeffrey Mayberry and Samuel Lau on the final day of June review the markets for the week of June 26-30 and also provide performance snapshots for the month, second quarter and year-to-date. After bidding farewell to LIBOR*, Jeff and Sam discuss the S&P 500’s performance (3:05), including the big performers and laggards as well as the healthy shot in the arm from AI companies. In their recap of fixed income (8:44), they discuss the Rip Van Winkle effect in regard to 10- and 30-year U.S. Treasuries despite some large fluctuations amid March’s banking crisis. It was a rough half-year for commodities (14:24) while Bitcoin’s performance (up 85%) looms large (16:31).
Over in Macro Land (17:12), quarterly GDP numbers are starting to look stronger than expected while the week also delivered a mixed bag of economic numbers, including prints on home prices, jobless claims, personal income and savings, and the latest PCE. Next week (23:11), which includes the Fourth of July holiday, will deliver the June FOMC meeting minutes and JOLTS numbers, and we’ll see where the manufacturing and services prints land in terms of expansion and contraction.
*If you would like to hear more on the history of LIBOR and why it was shown the door, check out:https://podcasts.apple.com/us/podcast/mmm-2021-mar-week-3/id1556154252?i=1000513939317
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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 (FIAA) 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.