DoubleLine Podcasts

DoubleLine Capital portfolio manager Brendt Stallings joins DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and portfolio manager Samuel Lau for a broad discussion of the U.S. equity market on The Sherman Show. Much of their discussion centers on the prospects for forward-looking, long-term returns based on the Cyclically Adjusted Price-to-Earnings (CAPE®) ratio devised by Dr. Robert Shiller; the ratio’s use as a tool in making allocation decisions; the calculation of the ratio; and critiques of the CAPE® ratio as well as Mr. Stallings’ critiques of those critiques. Among other topics, the discussion also covers the divergence between the U.S. stock market versus stock markets outside the U.S., the durability of business-cycle theory in the face of the longest U.S. economic expansion post-World War II and valuing equities in a “bizarro world” of negative interest rates. This segment of The Sherman Show was recorded August 26, 2019.
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