DoubleLine’s Jeffrey Mayberry and Samuel Lau recap the market week of Aug. 21-25, which continued to mark a red monthly run for the S&P 500 (up more than 15% year-to-date (YTD)) (00:43). They also run down fixed income, where the Agg held on to its positive YTD performance (3:05); commodities had a green week except for energy (6:24); and Bitcoin was flat on the week but still up 56% YTD (8:03). Over in Macro Land (8:52), a light week of prints left more room for Fedspeak coverage of Federal Reserve Chair Jerome H. Powell’s speech at the Jackson Hole Symposium (11:30). Jeff and Sam note the Fed’s stance of higher for longer remains in effect while also discussing some comedic and poetic moments courtesy of the Fed chief.
Next week, August will close out with a slew of data releases (18:03), including home prices, the ADP employment report, the PCE deflator and the ISM Manufacturing PMI. This episode was recorded Aug. 25 before market close.
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.