DoubleLine’s Jeffrey Sherman and Sam Lau welcome Emidio Checcone, the firm’s portfolio manager of actively managed equity value and core strategies. Mr. Checcone shares how his history in the business, including experience at both growth- and value-focused shops, informs his investment philosophy and influences his differentiated equity research approach. He also highlights how incorporating DoubleLine’s macro viewpoints into his bottom-up research process confers added insights. The trio discusses the equities market’s performance amid the pandemic and whether we have seen “peak earnings growth” (starts at 6:01), how this period of unprecedented fiscal stimulus impacts traditional valuation metrics (11:12) and what it would mean for equities if the Fed tapers its bond purchases (14:00). They also examine the risk of inflation and even stagflation (18:24); the relative performance and attractiveness of value versus growth stocks (24:37); and current portfolio positioning within each strategy, including a discussion of some larger individual holdings (28:25). This episode was recorded Aug. 24, 2021.
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