Stephanie Lang, CFA, Principal and Chief Investment Officer at Homrich Berg Wealth Management, joins as guest on the Sherman Show. She discusses her firm’s use of fund of funds, the search for private assets offering a premium over public markets, role of alternatives and private placements in client portfolios, the progression of her career, her role as CIO and the investment process at Homrich Berg. As she explains to DoubleLine’s Jeffrey Sherman and Samuel Lau, a key question at her firm’s investment committee is “are we going into recession and when?” She finds worrisome signs in the Treasury curve and manufacturing, but the consumer, who represents 70% of the U.S. economy, is holding up well as exhibited by such data as retail sales and consumer confidence. A key risk she sees for the consumer is the possibility of an escalation of the U.S.-China trade war, the confrontation already having led to tariffs on trade goods. Outside the economy, Ms. Lang also considers such factors as momentum (“looking pretty good”) and valuations (“average” at present). Another big question facing Lang and the Homrich Berg investment committee is the mix between domestic and international equities. Advantage: domestic equities. The podcast was recorded on September 5, 2019.
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