Most Long-Duration Bonds Remain Unattractive, Says Veteran Fixed-Income Investor

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Күн бұрын

On todays episode, Craig Manchuck Vice President & Portfolio Manager at Osterweis joins the show for a discussion on the end of the zero interest rate era.
We deep dive into the bond market sell-off over the past 3 years, where to find opportunities in the bond market & the rise of private credit. To hear all this & more, you'll have to tune in!
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Follow Jack Farley on Twitter / jackfarley96
Follow Forward Guidance on Twitter / forwardguidance
Follow Blockworks on Twitter / blockworks_
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Timestamps:
00:00 Introduction
00:43 The Low Interest Rate Era Is Over
06:55 The Fed's Tightening Will Lead To A Recession
17:47 Investing In A Zero Rate Regime vs Today
23:34 The Indexation Of Fixed Income
27:22 How CLOs & Passive Have Impacted Bonds
41:33 Where Is The Pain From Higher Interest Rates Being Felt?
48:10 The Heyday Of Private Equity Is Over
01:00:19 Liquidity In Private Credit
01:09:35 Understanding The Credit Spread Curve
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Пікірлер: 25

@stevee8318 8 ай бұрын

Enjoyed the interview. if money managing doesn't work out for Craig, I think he's got a future as voice actor as well.

@penderyn8794 8 ай бұрын

To help insomniacs get to sleep?

@Paul.Morgan 8 ай бұрын

This was highly educational.Thanks Jack.

@robertstilson9294 8 ай бұрын

Great interview🎉 I’m 30% fixed income split between 3-month and 26-week Tbills.

@rohitkothari3890 8 ай бұрын

Where is weston nakamura? Havent seen his videos for a month. Is he ok?

@almasakchabarov3695 8 ай бұрын

thank for your work, Jack

@digita1dope 8 ай бұрын

I am so glad I found the guy that actually understands markets.

@JustBob-sw4rf 8 ай бұрын

This is the best overall assessment of the US commercial debt market that I’ve heard in a long time. Craig Manchuck was an excellent speaker on the topic.

@nikolazunic6580 8 ай бұрын

This guy hits my buttons too...

@mattanderson6672 8 ай бұрын

Thanks guys

@Giovanni6067 8 ай бұрын

Finally someone with some commonsense, many are just betting the farm on the fact that the fed HAS TO PIVOT. Really? This is gambling not investing.

@shad00w239 8 ай бұрын

God I love the older guys who have seen this all before. Have such great insight. I wonder if banks would ever go back to underwriting loans as a primary practice? Doesn't seem like a great regulatory scheme to have that offloaded to private credit, but insofar as it has been, private credit seems like an interesting asset class. Of course, we're going to need to get through this upcoming credit event that the Fed is trying to engineer before private credit looks attractive but it is attractive to me as someone who wants to invest in value creation. Well Private Equity and Hedgefunds are looking pretty scary right now going off of Craig's insights. That's mightily unfortunate.

@0DTEVIXCALLS 8 ай бұрын

50:30 Important Hedgefund lore

@jonathanbaxter5821 8 ай бұрын

Great stuff. One question I would love to hear answered sometime: what fraction of leveraged buyouts are actually good for the company long-term. From my admittedly ill-educated perspective, they mostly look like a mechanism to hollow out otherwise productive concerns by bringing forward future earnings to pay off the PE guys.

@anthracite405 8 ай бұрын

Great interview. Too bad a lot of the comments, here and on other podcasts now, are not-so-subtle advertisements for financial advisors. I dont think they are really listeners.

@uniworldtech1727 8 ай бұрын

Interesting interview. How likely is it for etf TMF to go to zero or basically bust? Can anyone answer that?

@jackgoldman1 8 ай бұрын

MN gasoline, $3.40 per gallon.

@detectiveofmoneypolitics 8 ай бұрын

Economic investigator Frank G Melbourne Australia is still watching this very informative content cheers Frank as subscriber to this channel 😊

@douginorlando6260 8 ай бұрын

US Treasury bonds are backed by the good faith of the country’s economic strength. As interest rates increase, housing and auto markets and discretionary spending will take a beating. Hopefully nobody notices this will hollow out the economic strength that backs the Federal Reserve Notes. Otherwise bond holders will realize they are holding a bag of hope and spare change.