In the latest episode of DoubleLine’s Sherman Says, Deputy CIO Jeffrey Sherman and Strategist Ryan Kimmel are led by Relationship Manager Nick Dalgety through a wide-ranging conversation on the Federal Reserve, inflation and where they see value in markets today. Mr. Sherman gives new Fed Chairman Kevin Warsh credit so far, noting the market had been betting he was secretly a “dove in hawk’s clothing” who would eventually cave and cut rates, a narrative Mr. Sherman thinks has now fallen apart. “The bond market is doing its job,” he says. “It’s sniffing out the data.” He’s just as skeptical of the private credit pitch making the rounds, brushing off claims of investment grade quality dressed up in complex structures as little more than “magical beans.”
The conversation also touches on where the team is finding value in fixed income, the growing bond-market scrutiny of AI-related debt and a candid, no-frills take on Social Security’s math problem. “This is not your money,” Mr. Sherman says bluntly. “Don’t retire. Keep working. Keep grinding. It’s the American way.” The episode wraps with the recurring Sherman Says rapid-fire Q&A segment, covering everything from Fed task forces to the World Cup.
For the full discussion that includes strategies and portfolios, please register and watch live.
Jeffrey Sherman, DoubleLine’s Deputy Chief Investment Officer, is a thought leader, portfolio manager and public speaker in the industry. Mr. Sherman is a member of DoubleLine’s Fixed Income and Global Asset Allocation committees, and he serves as lead portfolio manager for the firm’s multi-sector and derivative-based strategies. In his role, Mr. Sherman guides the investment teams in developing top-down macro views and collaborative asset allocation processes throughout a market cycle. Additionally, he is a member of DoubleLine’s Executive Management Committee. In 2018, Money Management Executive named Mr. Sherman as one of “10 Fund Managers to Watch” in its yearly special report. Prior to joining DoubleLine in 2009, Mr. Sherman was a Senior Vice President at TCW, where he worked as a portfolio manager and quantitative analyst focused on fixed income and real-asset portfolios. Prior to that, he was a statistics and mathematics instructor at the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the USC/CFALA CFA® Review Program for many years. He holds a B.S. in Applied Mathematics from the University of the Pacific and an M.S. in Financial Engineering from Claremont Graduate University. Mr. Sherman is a CFA® charterholder.
Mr. Dalgety joined DoubleLine in 2013 and is responsible for managing our National Accounts and Retirement teams. He has more than 20 years of experience in the financial service industry. Prior to DoubleLine, Mr. Dalgety was a Vice President with Goldman Sachs. Within that role, he worked with financial intermediaries on manager selection, asset allocation decisions and practice management. Mr. Dalgety later worked as a Financial Adviser to high net worth clients and business owners. He has been a speaker at various industry conferences and has served on the Scenemakers Board for the Goodman Theater in Chicago, Illinois. Mr. Dalgety holds a BBA in Finance from the University of Iowa. He is a CFP® certificant and holds the Series 7 and 63 Licenses.
Mr. Kimmel joined DoubleLine in 2013. He is a Strategist on the Macro Asset Allocation team, the Fixed Income Asset Allocation (FIAA) Committee and a contributing member on our Global Asset Allocation Committee. Mr. Kimmel also co-hosts DoubleLine’s weekly “Minutes” podcast (X @DLineMinutes, Minutes@Doubleline.com). Prior to DoubleLine, he was a Proprietary Trader at Gelber Group. Prior to that, he was an Investment Banking Analyst at Morgan Stanley. Mr. Kimmel holds a B.A. in Business Economics from the University of California, Los Angeles (UCLA), and an MBA from the Anderson School of Management at UCLA.
