Stocks crashed back to Earth this week after a breathtakingly fast rebound from the bear market of February and March. What caused the plunge? And is the rally over? Medley Global Advisors macro strategist Ben Emons and Bloomberg’s Cameron Crise discuss the drivers of the wild week in markets and the hoards of newly minted day-traders who took advantage of the rebound on the latest episode of the “What Goes Up” podcast. Mentioned on this podcast: Hundreds of Thousands of Tiny Buyers Swarm to Ins...
Jun 12, 2020•34 min
As lockdowns are eased across the country, Americans are slowly but surely getting out of their homes and engaging with the world outside again. That provides some opportunities for investors to benefit from the next group of stocks that will perform well, according to Shawn Snyder, head of investment strategy at Citigroup’s Personal Wealth Management unit. Still, some shares that did well during the lockdown represent the “future of America” and aren’t just flashes in the pan, he says. Mentione...
Jun 05, 2020•33 min
Investors across Wall Street are beginning to wonder if the risk rebound has further room to run. Fed policy is extremely stimulative, economies are reopening, and slices of the market hit hard by Covid-19 are joining in on the rally. But GMO, the famous money manager founded by Jeremy Grantham, isn’t buying it. Mentioned in this podcast: Investors Pile Into Stocks That Win in a Full Economic Recovery U.S. Corporate Bond Sales Smash Record, Soaring Over $1 Trillion Bored Day Traders Locked at Ho...
May 29, 2020•36 min
What explains the resiliency of the U.S. stock market, despite the worst economic data in most of our lifetimes? Susan Schmidt, head of U.S. equities at Aviva Investors in Chicago, says the market is already looking ahead to next year. That doesn’t mean there won’t be some more volatility in the near term. Mentioned in this podcast: U.S. Equity Markets Stubbornly Ignore the Doom Everywhere Extreme Behavior Is on Display Everywhere in the Stock Market Black Swan Author Spars With Quant Legend Ove...
May 22, 2020•38 min
It was 10 years ago this month that the S&P 500 dropped 5% in four minutes. Now, the infamous day is known as the Flash Crash of May 6, 2010, and a decade later global markets are again facing extreme volatility – albeit in a different way. Joining the “What Goes Up” podcast this week is Liam Vaughan, the author of a new book, “Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History,” to chronicle the historic day and how a 36-year-old day trader got ...
May 15, 2020•44 min
This is a year when unthinkable events have become commonplace. That has some investors wondering if the Federal Reserve could end up making what was previously an unthinkable move: purchasing stocks. Vincent Deluard, global macro strategist for brokerage INTL FCStone, discusses. Mentioned in this podcast: With Stocks Buybacks Halted, We’ll See How Much They Matter Stock Fear Gauge Falls to Nine-Week Low After Topping 2008 Highs See omnystudio.com/listener for privacy information....
May 08, 2020•34 min
The U.S. Treasury is auctioning a dizzying amount of bonds to pay for the government’s economic relief efforts. Will the market be able to digest this mountain of supply? Wells Fargo Securities macro strategist Zachary Griffiths discusses. Mentioned in this podcast: Bond Traders Signal the Path to Reopening Will Be Long and Bumpy Kudlow Says China Will Be ‘Held Accountable’ for Coronavirus See omnystudio.com/listener for privacy information....
May 01, 2020•36 min
As several states take tentative steps to reopen their economies following lockdowns to slow the spread of Covid-19, the big question for investors is whether a V-shaped recovery is in store. Baird strategist Michael Antonelli discusses why he believes the economic re-openings won’t be greeted with a rally in stocks. Mentioned in this podcast: Bad Data Is a Given for Wall Street Gaming Out Lockdown Exit What an Oil ETF Has to Do With Plunging Oil Prices ‘They Don’t Know What to Say’: Company Ear...
Apr 24, 2020•32 min
They say every crisis is also an opportunity, and some trend-following investment strategies are proving that true by reaping strong returns amid the chaos in markets triggered by the Covid-19 pandemic. AlphaSimplex Group’s Managed Futures Strategy Fund is up more than 7% in 2020, reaping what the firm’s chief research strategist Kathryn Kaminski refers to as “crisis alpha.” Kaminski discusses how trend following works and how the firm’s strategy saw the crisis brewing in other markets before it...
Apr 17, 2020•26 min
The Covid-19 virus is messing with all our heads, and that can cause investors to make some classic mistakes. Meanwhile, government stimulus efforts could lead to some skewed incentives for consumers and businesses. Edward Jones investment strategist Nela Richardson, who holds a doctorate in economics, gives her diagnosis of the role behavioral economics plays in the pandemic. Mentioned in this podcast: A Bull’s Conundrum: Rally In Stocks Is Built on Staying Inside See omnystudio.com/listener fo...
Apr 10, 2020•33 min
While the world agonizes over grim statistics showing the growing number of victims of the novel coronavirus, professional money managers are forced to make important decisions on behalf of clients without much hard data on the economic damage being done. Diane Jaffee, senior portfolio manager at TCW Group Inc., discusses how the upcoming earnings season will help provide some much-needed information. Some highlights of the conversation are below. Mentioned in this podcast: A Lot Is Riding on St...
Apr 03, 2020•31 min
Quick to fall, quick to rise -- such has been the story of the stock market. After tumbling more than 30%, this week was met with the fastest period of gains since the 1930s. But will the fierce rally last? Dan Chung, the chief executive officer of Alger, shares his thoughts and explain where the fund firm is looking for investment opportunities. Mentioned in this podcast: False Bottom or Start of Something Big: On This Rally’s Stamina Extreme Valuations, Gaping Margins and a Haven in Market Sto...
Mar 27, 2020•28 min
Harnessing Bloomberg's reporting from every continent, Bloomberg's daily Prognosis podcast brings the news, data and analysis you need for living in the time of Covid-19. In around ten minutes, we will explain the latest developments in health and science, the impact on individuals, industries and governments and the adaptions they are making in the face of the global pandemic. Come back every weekday afternoon for a short dose of the best information about the novel coronavirus from more than 1...
Mar 25, 2020•56 sec
While the bear market in stocks has been alarming, dislocations in the corporate credit markets are arguably more dangerous for the stability of the financial system and the economy. Winifred Cisar, head of credit strategy at Wells Fargo Securities, gives her thoughts on the situation. Mentioned in this podcast: Global Credit Market Turmoil Rips From Australia to U.S. Munis Fed Feels Heat to Pump Out More Loans, Go Past Crisis-Era Rules See omnystudio.com/listener for privacy information....
Mar 20, 2020•28 min
As if the last few weeks weren’t volatile enough, this one was even worse. Swings were so wild that exchange-rules forced trading halts – multiple times. Thursday saw the worst day for the S&P 500 since 1987’s Black Monday crash, and the record long bull market came to a close. Cracks are forming in the credit markets, and classic hedges aren’t working the way they should. Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investments, explains why she’s not y...
Mar 13, 2020•28 min
Spasms of volatility continued to shake financial markets this week as the novel coronavirus spread in the U.S. and Europe. When will it all end and when will it be safe to buy this epic dip in the stock market? No one knows for sure. However, Naufal Sanaullah, chief macro strategist at hedge fund EIA All Weather Alpha Partners, explains what he’s looking for as a signal the tide is turning. Also joining the show is Bloomberg reporter Luke Kawa, who discusses how volatility markets are handling ...
Mar 06, 2020•28 min
Financial markets around the world have been roiled by the spread of the novel coronavirus, and it’s unclear what if anything the Federal Reserve and other central banks can do to stop the bleeding. Kathy Jones, chief fixed income strategist at Charles Schwab Corp., joins this week’s “What Goes Up” podcast to discuss the limited impact the Fed may have. Bloomberg’s Chris Nagi also joins the discussion to discuss the historic plunge in the stock market. Mentioned in this podcast: Wall Street Seek...
Feb 28, 2020•36 min
Flows into ProShares exchange-traded funds this year show investor appetite for investments that benefit from a declining stock market as the coronavirus threatens economic growth and investor confidence. Simeon Hyman, head of investment strategy at ProShares, and Bloomberg’s Rachel Evans explain how investors are positioning themselves amid the uncertainty. Mentioned in this podcast: Riskiest ETFs Get Green Light, But Brokers Might Not Touch Them See omnystudio.com/listener for privacy informat...
Feb 21, 2020•36 min
With passive and factor investing dominating the strategies of more and more investors, one would be forgiven for thinking that traditional bottoms-up stock picking is a dying art. But they’d be wrong. This week features Glenn Gawronski, who led the JPMorgan Small Cap Equity Fund to a top 1% performance in its Morningstar category before leaving to start his own investing firm called Byron Place Capital Management. Also joining the show is Bloomberg columnist John Authers, who talks about some o...
Feb 14, 2020•30 min
China’s intense effort to contain the deadly new coronavirus is causing major damage to the nation’s economy and sending ripples through global financial markets. But it hasn’t shaken the conviction of Barry Gill, head of investments at UBS Asset Management, who is bullish on China’s long-term prospects as the nation continues to shift to a consumer-oriented economy. Bloomberg consumer-team editor Sally Bakewell also discusses how the coronavirus is affecting U.S. companies. Mentioned in this po...
Feb 07, 2020•27 min
Paranoia about the coronavirus is spreading rapidly around the world, and the reaction in financial markets has been swift. Principal Global Investors strategist Seema Shah discusses how the “velocity of risk” is much faster now than it was during the outbreak of a similar virus, severe acute respiratory syndrome or SARS, in 2003. Also joining the podcast is Bloomberg Opinion’s health-care columnist Max Nisen, who explains how the clinical trial process and the profit incentives for drugmakers m...
Jan 31, 2020•31 min
Déjà vu? A week dominated by headlines of a spreading respiratory virus had investors recalling pandemics past, from SARS in 2003 to the Ebola scare six years ago. To discuss what the Wuhan virus could mean for markets, Dave Lafferty, chief market strategist at Natixis Investment Managers, and Ye Xie, a contributor to Bloomberg’s Markets Live blog, join the “What Goes Up” podcast. Some highlights from Natixis’ Lafferty: "There’s always sort of two phases: there’s the knee-jerk sort of risk-off, ...
Jan 24, 2020•36 min
Sometimes, it’s best to rip up the playbook, hold your nose and buy some of the worst stocks you can find. That’s the message from Jonathan Golub, chief U.S. equity strategist at Credit Suisse. He joined this week’s “What Goes Up” podcast to explain. “We like high quality portfolios, we like stocks that don’t have a lot of debt, we like stocks with growth and big global footprints,” Golub says. “But every one of those characteristics does well—or poorly—in certain situations.” Right now, the lat...
Jan 17, 2020•33 min
Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. See omnystudio.com/listener for privacy information.
Jan 13, 2020•2 min
U.S. benchmark stock indexes climbed to record highs this week even as the U.S. and Iran appeared to be on the brink of war. The return of investment-risk appetites was attributed to what appears to be a de-escalation of tensions after Iranian missiles hit U.S. targets in Iraq without causing any casualties. So is that the end of that? Not so fast, says Jonathan Mackay, senior market strategist at Schroders. Also joining the podcast is Bloomberg journalist Vildana Hajric, who discusses her repor...
Jan 10, 2020•32 min
New year, new predictions. With 2020 off to the races, projections from strategists across Wall Street are now set in stone. Will market leadership change? Will a correction materialize over the next few months? What are the biggest risks? Chris Harvey, the head of equity strategy at Wells Fargo Securities, gives his view. Mentioned in this podcast: Maybe It’s Time to Start Worrying About Euphoria in U.S. Stocks See omnystudio.com/listener for privacy information....
Jan 03, 2020•23 min
An inverted yield curve. Fears of recession. Three rate cuts from the Federal Reserve. And a boatload of negative yielding debt. All remnants of a year to remember, when everything rallied and U.S. stocks notched one of their best in decades. Matthew Peron, chief investment officer for City National Rochdale recounts 2019’s highlights. See omnystudio.com/listener for privacy information.
Dec 27, 2019•22 min
It was a fabulous year to be invested in stocks or bonds. But what’s in store for 2020? Nela Richardson, an investment strategist at Edward Jones, and Bloomberg columnist Cameron Crise give their outlooks. Richardson says a lot of older clients are reluctant to make less risky investments due to the huge returns they’ve enjoyed in 2019. Meanwhile, the rally in bonds has pushed interest rates down and made the returns on fixed-income look unappealing. Mentioned in this podcast: Maybe It’s Time to...
Dec 20, 2019•37 min
Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market. Mentioned in this podcast: Job-Crusader Powell Signals Long Policy Pause Amid Low Inflation Fed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks It Took 13 ...
Dec 13, 2019•30 min
Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities. Mentioned in this podcast: Pe...
Dec 06, 2019•30 min
