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DoubleLine Podcasts

S8 E4 Robert Stein, CEO – Astor Investment Mgmt

Rob Stein, Founder of Astor Investment Management, Discusses Macro and Markets on the Sherman Show

Rob Stein, founder and CEO of Astor Investment Management, joins Sherman Show hosts Jeffrey Sherman and Samuel Lau in an interview recorded January 22, 2020 in Chicago. Mr. Stein began his career at the Federal Reserve under the legendary Paul Volcker before going on to trading and portfolio management positions at money-center Wall Street Banks. In 1994, he founded his registered investment advisory firm.

On the Sherman Show, he discusses his proprietary Astor Economic Index, designed to give a “now-cast” of the U.S. economy and used by the Astor team to set portfolio asset allocations. Rather than relying on economic forecasts, Mr. Stein and his team use contemporaneous reads of jobs, output and other data points, distilled into the Astor index, to weight portfolios toward or away from equities. “You can make portfolio shifts at a time that will still help prevent wealth destruction,” Mr. Stein says. In 2008, he notes, whether one identified recession “in January, February or March, April, May, June, you still were able to protect portfolios.”

Mr. Stein draws parallels between monetary policies at work today and those at the end of 1999. In both cases, the Federal Reserve injected significant liquidity into the system, liquidity that found its way into the stock market. He believes the U.S. will remain “in a low growth environment for a long period of time.” In support of that outlook, Mr. Stein cites the yield on the 30-year Treasury, “changing demographics, efficiencies in the efficiencies [of the economy], companies that are being supported by venture capital money that cannot go on forever.”

Guest Speaker Bio

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 info@doubleline.com.

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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