November 22, 2022 | The Sherman Show

TSS Episode 128: Other Way ’Round, Bro

The Sherman Show flips the script as DoubleLine Deputy CIO Jeffrey Sherman visits The Acid Capitalist podcast, where Hugh Hendry promotes iconoclastic thinking and interviews figures from the world of investment. The episode begins with Mr. Sherman discussing his career and role at DoubleLine (1:53) before Messrs. Sherman and Hendry get into how an investment firm operates, including team composition and harnessing the talents of quirky people (6:06) so that you stand out in your industry – but not too far. “You’ve got to be sexy enough, right, to get people to have interest,” Mr. Sherman notes. “You can’t be so sexy that no one wants to come to the party with you.” They also get into the importance of nurturing junior members of a firm (12:48), the value of not just copying what your industry peers are doing (16:54) and how “ruthless” a manager has to be (22:36). “If we had some roadmap that was guaranteed to success, then we would all be on it, and probably it wouldn’t be as successful,” Mr. Sherman says about the challenges of forming an effective team.

Mr. Hendry also questions Mr. Sherman about what it is like to operate in a down environment, with the two getting into portfolio positioning when clients are understandably anxious (27:44), the outlook for 2023 (35:52) and naïve extrapolators, who try to read too much into recent history (52:48). The Fed looms large in their discussion, with both of them noting the agency’s data dependency and history of lagging responses. “The last thing is always the Fed to get it. It’s the guy at the end of the queue,” Mr. Hendry notes. “You can't wait for the Fed.”

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About the Guest

About the Guest

  • Jeffrey Sherman, CFA

    Jeffrey Sherman, CFA

    As DoubleLine’s Deputy Chief Investment Officer, Jeffrey Sherman oversees and administers DoubleLine’s Investment Management sub-committee coordinating and implementing policies and processes across the investment teams. He also serves as lead portfolio manager for multi-sector and derivative-based strategies. Mr. Sherman is a member of DoubleLine’s Executive Management and Fixed Income Asset Allocation Committees. He can be heard regularly on his podcast “The Sherman Show” (Twitter @ShermanShowPod, where he interviews distinguished guests, giving listeners insight into DoubleLine’s current views. In 2018, Money Management Executive named Jeffrey 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. He was a statistics and mathematics instructor at both the University of the Pacific and Florida State University. Mr. Sherman taught Quantitative Methods for Level I candidates in the CFA LA/USC 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 the Claremont Graduate University. Mr. Sherman is a CFA® charterholder.