DoubleLine’s Jeff Mayberry and Samuel Lau shrug off Jeff’s summer vacation sniffles to cover the July 26-30 market week, the last week in July (thanks, Myla!). The S&P 500 finished up for the month despite a lagging energy sector, which is still up big on the year. The Agg was up 1% on the month, and the broad commodity market was up 2%. On the macro front, the week delivered a mixed bag of data with home prices way up, another nothing burger from the FOMC and some positive prints greeted with disappointment. For the Question of the Week* (starts at 17:40), Jeff and Sam discuss preferred stocks as a source of income. They break down how “preferreds” function relative to common stock, review their poor performance during the GFC and 2020, and weigh them as a fixed income alternative. Looking ahead to the week of Aug. 2-6, Jeff and Sam expect a quiet week but are a loath to say it.
*Jeff and Sam note that the $1 trillion threshold has been broken by the overnight reverse repurchase facility, a topic raised during the Episode 18 QoW (June 1-4) found here.
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.
