The Sherman Show™ podcast
Subscribe to The Sherman Show™ Podcast on:
SoundCloud | Spotify | Stitcher | Google Podcasts
iTunes
Search “The Sherman Show”
You can also access The Sherman Show™ on your mobile device.
Comments and suggestions should be directed to the ShermanShow@DoubleLine.com
The Sherman Show™

Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, a DoubleLine Portfolio Manager, host a series of podcasts with distinguished guests, giving listeners insight into DoubleLine’s strategies, Portfolio Managers and industry innovators.
2020 – Jeffrey Sherman’s, The Sherman Show Podcast (@shermanshowpod) named one of the “10 Must-Listen Podcasts” by Business Insider
Season 10
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 … Read More
“The Sherman Show” guest Grant Williams brings his wide experience across asset classes and the world’s financial centers to this Feb. 8, 2021, episode with DoubleLine’s Jeffrey Sherman and Samuel Lau. Mr. Williams is a senior advisor to Matterhorn Asset … Read More
Gerard Minack, founder of Minack Advisors, joins DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and Portfolio Manager Samuel Lau to discuss his global macroeconomic outlook and asset allocations. With U.S. stocks at or near record valuations, Mr. Minack also observes … Read More
DoubleLine Deputy Chief Investment Officer Jeffrey Sherman and co-host Samuel Lau with Portfolio Manager Jeff Mayberry conduct a brief recap of markets in 2020, then they turn to market expectations for 2021, and market pricings as well as possible mis-pricings. … Read More
Season 9
DoubleLine Capital’s Jeffrey Sherman and Sam Lau welcome Dr. Ben Hunt, co-founder and chief investment officer of Second Foundation Partners, and creator of Epsilon Theory, a newsletter and website that examines markets through the lenses of game theory and history. … Read More
DoubleLine Capital’s Jeffrey Sherman and Samuel Lau welcome Charles Schwab Senior Vice President and Chief Investment Strategist Liz Ann Sonders to “The Sherman Show,” recorded on Dec. 10, 2020. Messrs. Sherman and Lau speak to Ms. Sonders about market momentum … Read More
James Grant, founder of Grant’s Interest Rate Observer and author of the biography “Bagehot,” the life of times of the muse of modern central banking (published in 2019), returns to “The Sherman Show” to discuss, among other topics, paradoxical market … Read More
Famed economist Ed Yardeni joins this episode of “The Sherman Show,” where he discusses, among other topics, the importance of monetary policy for stock and bond returns, the risks of the traditional 60-40 stock-bond allocation given the outlook for near-zero … Read More
DoubleLine Capital’s Jeffrey Sherman and Samuel Lau welcome back SkyBridge Founder and Co-Managing Partner Anthony Scaramucci and his trademark color and candor to “The Sherman Show,” recorded on Oct. 27, 2020. With one week to go before the Nov. … Read More
Ivy Zelman, CEO and co-founder of Zelman & Associates, speaks with “The Sherman Show” hosts Jeffrey Sherman and Samuel Lau on the state of the multifamily and single-family housing markets and her outlooks for these asset classes. Founded in 2007, … Read More
Ryan Simonetti, CEO and cofounder of Convene, joins “The Sherman Show” to discuss the future of commercial real estate, particularly in the office and hospitality sectors. Convene designs and services premium places to meet and work. Founded in 2009, Convene … Read More
Season 8
Veteran investment executive Katie Nixon joins Jeffrey Sherman and Samuel Lau on “The Sherman Show” to discuss the ways in which her client-facing background as a portfolio manager informs her work as a chief investment officer, how meeting a client’s … Read More
DoubleLine’s Jeffrey Sherman and Sam Lau welcome Daniel Crosby, a psychologist and behavioral finance expert, to “The Sherman Show” to discuss what roles education and experience play in investment decisions and how automation can counter an investor’s worst impulses. Mr. … Read More
In a tour d’horizon of markets, macro and monetary mavens, returning guest Danielle DiMartino Booth joins DoubleLine’s Jeffrey Sherman and Samuel Lau to survey the landscape post-COVID-19. This episode was recorded July 10, 2020. Ms. DiMartino Booth is CEO and … Read More
Bob Brinker, founder and publisher of the Marketimer Investment Letter, comes on The Sherman Show to discuss “Quantitative Easing Infinity” under Federal Reserve Chairman Jerome Powell, the consequences of a Biden versus Trump election victory for the federal deficit, “free … Read More
Ed Hyman, Chairman of Evercore ISI and head of the firm’s Economic Research Team, shares with DoubleLine’s Jeffrey Sherman and Samuel Lau the macroeconomic insights he believes are most relevant to investors at this time. This episode of The Sherman … Read More
Mark Zandi joins DoubleLine’s Jeffrey Sherman and Samuel Lau to discuss, among other topics, if June’s recovery means an end to the recession, what shape the next federal fiscal package might take, the fallout from layoffs possibly spreading into higher-wage … Read More
Sean Trende joins DoubleLine’s Jeffrey Sherman and Samuel Lau to discuss, among other topics, the use of aggregate polling to forecast election results, the challenges in creating accurate sample sizes in the era of the cellphone and internet, how personal … Read More
David Rosenberg joins DoubleLine’s Jeffrey Sherman and Samuel Lau to share, among other topics, his view on the (dim) prospects for a sustained V-shaped recovery; his choice of indicators for how the economy is progressing; the 10-year divorce between the … Read More
Sherman Show hosts Jeffrey Sherman and Sam Lau are joined by returning guest Jeff Mayberry as they try to assess how macroeconomic fundamentals stack up versus U.S. market prices. Among other issues in this June 3, 2020, discussion, Messrs. Sherman, … Read More
The Sherman Show hosts Jeffrey Sherman and Samuel Lau are joined by Bart van Ark and Erik Lundh, economists at The Conference Board, a leading non-profit think tank and economic forecaster. Dr. van Ark is Chief Economist and Executive Vice … Read More
Gregory Whiteley Tours the Treasury Market
Gregory Whiteley, head of DoubleLine’s U.S. government debt team, delves into the strange new world of Treasury securities, a market today priced by quasi-permanent manipulation by the Federal Reserve rather than markets. Among other topics, … Read More
After Samuel Lau and Jeffrey Sherman march through their mid-week macro-market-monetary menagerie, DoubleLine CLO analyst Joe Mezyk returns to the Sherman Show to discuss the state of the $750 billion market of collateralized loan obligations. In the wake of … Read More
Bill Campbell on Global Bond Markets over the Near and Medium Term
In this episode of the Sherman Show, recorded the morning of May 6, 2020, Sam Lau does the weekly macro and market update; then DoubleLine’s Bill Campbell … Read More
Ken Shinoda Joins This Week’s Market Round-Up with His Review of the Housing and Mortgage Sectors
DoubleLine Portfolio Manager Ken Shinoda, appears as a guest on this episode of The Sherman Show to explain the state of the housing market and … Read More
For these extraordinary times, The Sherman Show has been producing weekly reviews of the financial markets, macroeconomic data, fiscal actions by the U.S. government and monetary actions by the Federal Reserve. In this episode, recorded the morning of April 22, … Read More
Andrew Hsu, a DoubleLine Portfolio Manager who trades and constructs portfolios from nearly all major sectors of the securitized asset universe, explains on The Sherman Show the basics of this market and its revisions in the wake of the present … Read More
In a discussion recorded the morning of April 8, 2020, Sherman Show co-hosts Jeffrey Sherman and Samuel along with returning guest Jeff Mayberry conduct a tour d’horizon of stocks, gold and bond markets and a review of the macroeconomic and … Read More
Jeffrey Sherman, Deputy Chief Investment Officer of DoubleLine Capital, and Samuel Lau are stepping up the frequency of episodes of The Sherman Show to address the extraordinary changes in our post-COVID 19 world. In this episode, the co-hosts are joined … Read More
Terry Savage, personal finance professional, nationally syndicated columnist and author of best-selling books, including The Savage Truth on Money, joins DoubleLine’s Jeffrey Sherman and Sam Lau on the Sherman Show. In this episode, recorded January 23, 2020, the Sherman Show … Read More
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 … Read More
The Sherman Show Interviews James Bianco in Chicago
Jim Bianco, a favorite guest of the Sherman Show, returns for another discussion with DoubleLine’s Jeffrey Sherman and Sam Lau. Among other topics, Mr. Bianco, president of Chicago-based Bianco Research, shares his insights … Read More
David Rosenberg, widely regarded for his decades of original and insightful research on macroeconomic cycles and financial markets, joins DoubleLine’s Jeffrey Sherman and Samuel Lau in this episode of the Sherman Show. Mr. Rosenberg is founder, chief economist and strategist … Read More
Jeffrey Sherman, Deputy Chief Investment Officer of DoubleLine Capital, and portfolio managers Samuel Lau and Jeffrey Mayberry review the markets in 2019 and share their outlooks for 2020 on The Sherman Show. Among their ideas, Mr. Mayberry suggests U.S. stocks … Read More
Season 7
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, … Read More
Michael Ryan, Chief investment Officer, Americas, at UBS Wealth Management, joins DoubleLine’s Jeffrey Sherman and Samuel Lau on the Sherman Show. Among the topics Mr. Ryan discusses are the three critical functions of his role as CIO (helping to shape … Read More
Wayne Wicker, Senior Vice President and Chief Investment Officer for Vantagepoint Investment Advisors and ICMA-RC, is a guest on the Sherman Show. This is a new set of podcasts devoted to chief investment officers. The idea is to delve into … Read More
Dr. Robert Shiller, Sterling Professor of Economics, Yale University, returns to the Sherman Show to discuss his latest research in behavioral finance and his new book, “Narrative Economics: How Stories Go Viral and Drive Major Economic Events”. The podcast, hosted … Read More
Chris Hyzy, CIO of Merrill and Bank of America Private Bank, joins Jeffrey Sherman and Sam Lau on the Sherman Show. Mr. Hyzy discusses private banking, his team’s investment process, their approach to goals-based asset allocation, the management of risk, … Read More
Season 6
Raoul Pal, founder of Real Vision after retiring at age 36 from running one of the world’s largest hedge funds, joins DoubleLine’s Jeffrey Sherman and Sam Lau on The Sherman Show. Mr. Pal discusses his career as a hedge fund … Read More
CLO analyst Joe Mezyk joins The Sherman Show to explain the $750 billion collateralized loan obligation market with DoubleLine’s Jeffrey Sherman and Samuel Lau. Their discussion starts by explaining floating-rate bank loans which form the collateral of CLOs and how … Read More
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 … Read More
Gad Levanon, Ph.D., The Conference Board’s chief economist for North America, joins DoubleLine’s Jeffrey Sherman and Sam Lau to discuss his work in forecasting the U.S. economy and his new research on labor markets. In 2014, Dr. Levanon issued a … Read More
Anthony Scaramucci brings his trademark color and candor to The Sherman Show in a conversation recorded with DoubleLine Capital’s Jeffrey Sherman and Samuel Lau May 9, 2019 during Mr. Scaramucci’s SALT conference in Las Vegas. Scaramucci shares his views of … Read More
Andrew Hsu Conducts a Tour d’Horizon of the Structured Products Universe
Andrew Hsu, a founding partner of DoubleLine Capital and head of the firm’s Global Infrastructure and Asset-Backed Securities teams, takes listeners on a survey of structured products, from one of … Read More
In a conversation recorded July 2, 2019 for The Sherman Show, DoubleLine CEO Jeffrey Gundlach, Deputy Chief Investment Officer Jeffrey Sherman and portfolio manager Samuel Lau, among other topics, cover the roller-coaster ride in the equity markets, rising odds of … Read More
In a discussion on July 1, 2019, Jeffrey Sherman, deputy chief investment officer of DoubleLine, and portfolio managers Jeff Mayberry and Sam Lau conduct their mid-year review of the financial markets, including the return of “central bankers back in charge,” … Read More
Season 5
Nancy Davis, founder, managing partner and chief investment officer of Quadratic Capital Management, discussed May 9, 2019 on The Sherman Show her philosophy toward options trading, Quadratic’s plan to democratize the markets by giving investors more choices better access to … Read More
Last year on The Sherman Show, Danielle DiMartino Booth, CEO and Director of Intelligence at Quill Intelligence, discussed her optimism in Jerome Powell’s leadership at the Federal Reserve. In her return recorded May 7, the author of the best-selling book … Read More
In this episode of The Sherman Show, David Zervos, Ph.D., Chief Market Strategist for Jefferies LLC and Chief Investment Officer for the Global Macro Division of Jefferies Investment Advisers, LLC, describes how his academic path mutated to macroeconomics from electrical … Read More
A broad macroeconomic thinker and keen Fed watcher, Jim Bianco returns as a guest on the Sherman Show. In this episode, recorded April 16, 2019, the president of Chicago-based Bianco Research shares with DoubleLine’s Jeffrey Sherman and Sam Lau his … Read More
Ron Redell, president of DoubleLine Group, discusses his career in asset management, the creation from scratch of DoubleLine’s operational infrastructure, the challenges of navigating the changes in asset management and the DoubleLine culture in a Sherman Show podcast recorded March … Read More
Francisco Blanch, head of Global Commodities and Derivatives at Bank of America Merrill Lynch, joins DoubleLine’s Jeffrey Sherman and Sam Lau to discuss his pioneering work in the creation of enhanced commodities indices and the complex web of supply, demand, … Read More
Jeffrey Sherman, deputy chief investment officer of DoubleLine, and portfolio manager Samuel Lau welcome to The Sherman Show podcast Torsten Slok, chief international economist at Deutsche Bank Securities, Inc. Among their topics are the mirage of Modern Monetary Theory (a … Read More
In his return to The Sherman Show, Peter Cecchini, global chief market strategist at Cantor Fitzgerald, discusses the unfolding intersection of the end of the secular decline in interest rates and the next recession. Mr. Cecchini, DoubleLine Deputy Chief Investment … Read More
On his way to the World Economic Forum in Davos, Dr. Robert Shiller, Sterling Professor of Economics, Yale University and CAPE Index co-creator, sat down in Zurich, Switzerland, as guest on The Sherman Show with DoubleLine’s Jeffrey Sherman and Sam … Read More
Bill Hughes, a managing director at Colony Capital, discusses real estate investment trusts (REITs) as a source of attractive returns and diversification in the latest edition of The Sherman Show™ podcast hosted by Jeffrey Sherman and Samuel Lau. However, … Read More
Political brinksmanship as a source of a deceleration in consumer & business sentiment, market complacency over the Fed’s commitment to tightening and likelihood of higher rates come up in a tour d’horizon by DoubleLine’s Jeffrey Sherman, Jeff Mayberry and Sam … Read More
Season 4
DoubleLine portfolio manager Brendt Stallings joins Jeffrey Sherman and Sam Lau on The Sherman Show to discuss the change of the S&P 500’s former Telecommunication Services sector into the new Communication Services sector. This represents the biggest change to the … Read More
Drawing on his decades in the financial markets, Joseph Galligan, a founding partner of DoubleLine, shares lessons on crowd behavior, market bubbles and panics, and how to risk-manage and survive them, with DoubleLine Deputy CIO Jeffrey Sherman and portfolio manager … Read More
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Portfolio Manager welcome to the studio Josh Emanuel, CIO of Wilshire Funds to chat about diversification, risk and managing expectations within the wealth management business.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Portfolio Manager talk with Danielle DiMartino Booth, CEO and Director of Intelligence at Quill Intelligence, LLC about Wall Street, The Fed and writing her book.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Portfolio Manager discuss market “truisms” with DoubleLine’s CEO, Jeffrey Gundlach
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Portfolio Manager talk commodities, the Fed and fiscal tenability with Peter Schiff, founder and chairman of SchiffGold
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, from DoubleLine’s Asset Allocation team welcome Noreen Beaman, CEO of Brinker Capital, to discuss Brinker Capital as a solutions based provider, empowering the financial advisor and the evolution of advisory business.
Jeffrey Sherman, DoubleLine’s Deputy CIO, Sam Lau, DoubleLine Asset Allocation Analyst & Jeff Mayberry, DoubleLine Asset Allocation Analyst talk about where the markets are headed in the premier episode to begin season 4.
Season 3
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Asset Allocation, talk financial reporting with the host of CNBC’s Fast Money Halftime Report, Scott Wapner.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Asset Allocation, sit down to discuss the Financial side of Journalism, the recent history of the Fed and the current state of the economy with Jim Grant, the Founder of “Grant’s … Read More
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Asset Allocation, sit down to discuss the recent market volatility and fed policy with Pete Cecchini, the Global Chief Market Strategist at Cantor Fitzgerald.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Asset Allocation, welcome DoubleLine PM Morris Chen to discuss commercial mortgages & commercial real estate.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Macro Asset Allocation, welcome Mark Christiansen and Su-Fei Koo from DoubleLine’s International Fixed Income team to discuss Emerging Markets.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Macro Asset Allocation, host Jim Bianco of Bianco Research to discuss current market conditions, inflation, bond markets and independent research.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Macro Asset Allocation, strike up a conversation with Bill Harding , Senior VP & CIO at Jackson National Asset Mgmt, to talk about variable annuities and the insurance space.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine Macro Asset Allocation, talk to Ryan Kimmel, DoubleLine Multi-Asset Growth Analyst about the markets, macro-asset strategies, trading and surfing.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, talk about where the markets are headed in the premier episode to kick off 2018.
Season 2
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, sit down & chat Emerging Markets with Luz Padilla, DoubleLine’s Director of Emerging Markets Fixed Income
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, talk behavioral alpha, opportunistic investing and the investment process within the Closed End Fund space with Patrick Galley, CIO of RiverNorth.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, have a colorful conversation with Jim Ross, Executive Vice President of State Street Global Advisors (SSGA) and Chairman of the Global SPDR Business. He also serves as Chairman … Read More
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, discuss Fixed Income Allocation in the mortgage sector with Joe Galligan, Executive Vice President and founding member of DoubleLine.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, visit with Meb Faber co-founder and Chief Investment Officer of Cambria Investment Management. He manages Cambria’s ETFs, separate accounts and private investment funds. He has authored numerous white … Read More
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, host a candid conversation with Ken Shinoda, Portfolio Manager, discussing mortgages, the mortgage crisis and where we are today in the sector.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, host a candid conversation with Jeff Mayberry, member of the management team and trading for derivatives based and multi-asset strategies at DoubleLine, discussing commodities, Europe, the economy, and … Read More
Season 1
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, host a candid conversation with Barry Ritholtz, Founder of Ritholtz Wealth Management, Bloomberg view columnist and host of Bloomberg’s “Masters in Business” podcasts. Discussing everything from how Barry … Read More
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, host a candid conversation with Josh Brown, CEO of Ritholtz Wealth Management. Author of the financial blog “The Reformed Broker” and regular contributor on CNBC. They discuss everything … Read More
Jeffrey Sherman, Deputy CIO and Sam Lau, DoubleLine’s Asset Allocation Analyst host an interesting interview with Jeffrey Gundlach, DoubleLine’s CEO, who turns the tables on the fearsome duo.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, discuss “DoubleLine’s Credit, team, Floating Rate and Loans” with Robert Cohen, Director of DoubleLine’s Global Developed Credit team.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, discuss “U.S. Credit” with Monica Erickson, DoubleLine’s Global Developed Credit portfolio manager.
Jeffrey Sherman, DoubleLine’s Deputy CIO & Sam Lau, DoubleLine’s Asset Allocation Analyst, talk “Global Investment Strategies” with Bill Campbell, DoubleLine’s Global Bond portfolio manager.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine’s Asset Allocation Analyst, talk “Rising Rates, Markets and Fixed Income” with Jeff Mayberry, a member of DoubleLine’s Asset Allocation portfolio management team.
Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine’s Asset Allocation Analyst, talk “Infrastructure” strategy & investing with Damien Contes and Andrew Hsu, DoubleLine’s Global Infrastructure Investment Portfolio Managers.
Jeffrey Sherman, Doubleline’s Deputy CIO and Sam Lau, Doubleline’s Asset Allocation Analyst, host Dr. Robert Shiller, Sterling Professor of Economics, Yale University.
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.