Jeff Mayberry and Samuel Lau first survey (2:30) the performance of financial markets, including the alliterating Lau’s “podium of positive performers”: the four sectors in the S&P 500 that now show positive returns year-to-date. Then they turn to the major macro and market news (14:32) for the two weeks ended Dec. 2, 2022, notably a contractionary reading on the S&P Global manufacturing survey and a persistently tight readings for the labor market. For their Questions of the Week, they start by refreshing their take (25:17) on what Jeff considers the Biden administrations “short-sighted” releases from the Strategic Petroleum Reserve. (For Jeff and Sam’s detailed introduction to the reserve, please see the Nov. 12, 2021, episode of Monday Morning Minutes.) Then the podcast hosts dive into the vagaries of oil exportation-importation surrounding the G-7’s adoption of a $60/barrel price cap on Russian oil (28:45), whose potential for effectiveness they regard with a skeptical eye.
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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.