In this May 24, 2022, webcast, Portfolio Manager Samuel Lau gives an overview of his bullish outlook (1:13) for crude oil, oil distillates and industrial metals as well as the reasons (7:45), independent of that outlook, for holding commodities alongside traditional assets such as stocks and bonds. Then in his detailed case (15:26) for commodities to make further price gains, he points to constrained supplies after years of underinvestment in U.S. oil production and in global mining projects. Intersecting limited supplies will be surging demand, Mr. Lau says, due to the “global transformational event” of more than 190 countries investing in infrastructure and electric vehicles to achieve carbon neutrality. In the near term, he notes that the U.S. is entering the summer travel season (23:53) with crude oil and crude distillate inventories at multi-year lows and OPEC lacking the capacity (28:47), even if willing, to fill the gap. Returning to his longer-term outlook, (32:34), Mr. Lau uses projected copper demand as a proxy for industrial metals in general and outlines the copper-intensive nature of the net-zero campaign, in particular, the move to electric vehicles.
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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.