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DoubleLine Podcasts

MMM Episode 46: 2021 Was the Right Year for Risk Assets

DoubleLine’s Jeff Mayberry and Sam Lau wrap up 2021 with a breakdown of the Dec. 17-31 market week and performance summation for the year, a great period to own risk assets, buoyed by fiscal stimulus checks and the Fed’s accommodative policy. The S&P 500 Index finished the year up almost 29%, posting 70 record highs across 2021 and leaving little opportunity to buy the dip (3:54). On a sector basis, energy was the year’s best performer, up 53%, and the worst performer on a relative basis was communication services, up 16% (5:42). Large caps beat small caps (7:50), and growth stocks beat value stocks (9:26). Jeff and Sam review the performance of fixed income assets, noting that despite the Bloomberg US Aggregate Bond Index marking only its fourth negative annual return since 1976, there were strong returns to be found in nontraditional sectors (10:23). A look at commodities, where coffee was the big winner, and bitcoin rounds out the rundown on risk assets (14:44). A review of macro factors (20:08) leads to a look at 2022, with inflation and the labor market expected to be among the major issues next year (29:29). Happy New Year! This episode was recorded Dec. 31, 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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