DoubleLine Capital, Released on 1/20/23 (Recorded on 1/11/24)

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For Part 4 of this interview, CLICK HERE

During the markets segment of its 2024 edition, participants in DoubleLine Round Table Prime present their outlooks on various markets and topics for 2024.

(00:29) Charles Payne discusses the state of the IPO pipeline heading into 2024 and how that pipeline has punished investors for 15, 20 years. He also shares his Word of the Year for stock investors: nimble.

(5:06) Jim Bianco says the art of stock picking is very much alive, breaks down “a multi-year bear market in bonds,” talks the resilience of the U.S. dollar as a reserve currency, and discusses China’s slow recovery and its impact on commodities.

(10:44) Jeffrey Gundlach looks at valuations and price-to-earnings since the November start of the Everything Rally then talks about how a secular shift from a long period of declining interest rates to a period of rising interest rates will impact participants’ and prognosticators’ understanding of the markets. He also discusses the potential economic backdrop that would have him looking at EM and lower tiers of credit, and he shares why he has put money in India and doesn’t even look at it. He closes with his thoughts on mortgage spreads, high yield bond defaults and TIPS.

(25:18) David Rosenberg talks about how the CPI is a flawed statistic, the S&P 500’s flat two-year performance with no improvement in valuations, how there’s so much psychology involved in the stock market, the equity risk premium, and how the soft landing is real and how historically it has served as a precursor to contraction. He also shares his thoughts on positioning and the outlook for several countries, including Japan and Canada.

(42:08) The markets section concludes with Danielle DiMartino Booth discussing private markets juxtaposed against public markets and the impact of public pension funds flowing into private equity a few years ago, and speculating on who will be living in Illinois if Indiana gets rid of its state income tax.

Jeffrey Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine Capital. He is recognized as an expert in bond and fixed income investments. His investment strategies have been featured in leading publications from around the world In 2013, he was named “Money Manager of the Year” by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

David Rosenberg is the chief economist & strategist of Rosenberg Research & Associates, an economic consulting firm he established in January 2020. He received both a Bachelor of Arts and Masters of Arts degree in economics from the University of Toronto. Prior to starting his firm, he was Gluskin Sheff’s chief economist & strategist. Mr. Rosenberg was also chief North American economist at Bank of America Merrill Lynch in New York and prior thereto, he was a senior economist at BMO Nesbitt Burns and Bank of Nova Scotia. Mr. Rosenberg previously ranked first in economics in the Brendan Wood International Survey for Canada for seven straight years, was on the US Institutional Investor All American All Star Team for four years, and was ranked second overall in the 2008 survey.

Jim Bianco is President and Macro Strategist at Bianco Research, L.L.C. Since 1990 Jim’s commentaries have offered a unique perspective on the global economy and financial markets. Unencumbered by the biases of traditional Wall Street research, Jim has built a decades long reputation for objective, incisive commentary that challenges consensus thinking. In nearly 20 years at Bianco Research, Jim’s wide ranging commentaries have addressed monetary policy, the intersection of markets and politics, the role of government in the economy, fund flows and positioning in financial markets. Prior to joining Arbor and Bianco Research, Jim was a Market Strategist in equity and fixed income research at UBS Securities and Equity Technical Analyst at First Boston and Shearson Lehman Brothers. He is a Chartered Market Technician (CMT) and a member of the Market Technicians Association (MTA). Jim has a Bachelor of Science degree in Finance from Marquette University (1984) and an MBA from Fordham University (1989).

Danielle DiMartino Booth spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas. Danielle left the Fed in 2015 to found Money Strong, LLC, an economic consulting firm and launched a weekly economic newsletter She is the author of Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America. DiMartino Booth began her career in New York at Donaldson, Lufkin & Jenrette and Credit Suisse, where she worked fixed income and the public and private equity markets. Danielle earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.

  bonds, charles payne, david rosenberg, investing, Jeffrey Gundlach, Jim Bianco, stocks