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DoubleLine Podcasts

S10 E4 Richard Bernstein Helps to Navigate the Noise

DoubleLine’s Jeffrey Sherman and Samuel Lau welcome Richard Bernstein, CEO and chief investment officer of Richard Bernstein Advisors, to “The Sherman Show,” recorded on Feb. 22, 2021. The discussion kicks off with a reference to Mr. Bernstein’s 2001 book, “Navigate the Noise: Investing in the New Age of Media and Hype,” in which he writes about the tech bubble and how investors were being guided by secular stories and not fundamentals. “Buying a green pepper on the internet was technology, but building a fighter plane was not,” he recalls of some investors’ mind-set at that time. Mr. Bernstein sees that hype dynamic operating today at higher levels to the benefit of 30% of the equities market while opportunities in the other 70% are ignored. Among other topics, Messrs. Sherman and Lau get Mr. Bernstein’s thoughts on the difference between the stock market and a horse race: “It’s not like you’re betting on a horse, it’s like you’re buying a horse”; bitcoin: “It’s kind of loony”; and SPACs: “People have enough trouble understanding companies that do have fundamentals. I don’t quite understand why people would buy stocks of companies that have nothing. … Call me crazy on that one.”

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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].

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