DoubleLine Portfolio Manager Jeff Mayberry and Quantitative Analyst Eric Dhall review the Oct. 7-11 week, which saw strong large gains in stocks (2:21) and across all major bond sectors, led by emerging markets debt (4:42). Amid a slight decline in commodities (6:58) and a 21% drop in Bitcoin, gold staged a surprising 5% gain. In the week’s macro news (9:19), the big market movers were headline and core prices for October. Prints in both indexes came in 20 basis points year-over-year below expectations on Thursday, triggering rallies in stocks and bonds. However, Jeff Mayberry cautions (14:35) that it remains to be seen whether October marks the beginning of a disinflationary trend or a mere aberration. He also notes loosening financial conditions on the week, a development that runs contrary to the policy objectives of Federal Reserve tightening.
Looking ahead for the week of Nov. 14-18 (21:42), Messrs. Mayberry and Dhall will be on the lookout for the October producer price index on Tuesday, retail sales on Wednesday, jobless claims on Thursday and the Conference Board US Leading Index on 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 (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.