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DoubleLine Podcasts

MMM Episode 42: Waning Energy, Crypto Holiday Chatter and Financial Repression

Jeff Mayberry and Sam Lau spend the Friday before Thanksgiving recapping the continued weak path for energy in the markets and reviewing a light load of macro data for the week of Nov. 15-19. Sam cites speculation about tapping the Strategic Petroleum Reserve, discussed in last week’s episode*, as detracting from portions of the energy sector (2:38). Bitcoin, up about 100% on the year, was down for the week as a possible precursor to the crypto bounce that has come during holiday seasons (7:20).

For the Question of the Week (14:07), Jeff and Sam break down the concept of financial repression, an intimidating moniker for a negative-real-yield scenario that functions as a tax on savers to the benefit of borrowers, particularly the government. Their deep dive includes discussion of the impact of such an investment environment (20:06) and coverage of some sectors that could provide positive returns (26:20), including a trio of previous QotW topics**: preferred stocks, closed-end funds and bank loans.

Jeff and Sam close the podcast by turning to the week ahead (31:39), including whether Jerome H. Powell will be enjoying Thanksgiving as the reappointed chair of the Federal Reserve or if he will be unseated by Lael Brainard (36:50). Betting markets favored Powell at about 60-40 at the end of the week. This episode was recorded Nov. 19, 2021.

The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].

Neither DoubleLine nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

DoubleLine is not providing any financial, economic, legal, accounting or tax advice in these podcasts. The receipt of these podcasts by any listener is not to be taken as constituting the giving of investment advice by any DoubleLine entity or individual to that listener, nor to constitute such person a client of any DoubleLine entity. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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