TSS S10 E2: Gerard Minack Sees a Future of Reflation & Lagging U.S. Equities
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 “so much good news is in the price. The consensus is so tightly clustered.” Even after stripping out the FAANGs and Microsoft, he regards U.S. stocks as expensive. These are among the factors behind his outlook for U.S. equities to underperform other equity markets.
Developed economies are on the cusp of reflation, which among other influences would serve as a further “carrot” to attract capital into non-U.S. stock markets. Mr. Minack describes a world shifting from “three decades of monetary-policy dominance to a new era of fiscal-policy dominance,” with “large, sustained fiscal deficits where central banks are playing a backstopping, supportive role” by monetizing most of those deficits. The catalyst for this sea change is the COVID-19 pandemic.
Broadly speaking, with respect to equities, Mr. Minack favors cyclical companies with operational leverage, especially in Japan, Europe and emerging markets. Among his industry themes, he likes the “beat-up goods producers,” including “conventional car makers” (not necessarily Tesla), construction companies and miners. “They’re all very cyclical, and the cycle looks very strong.” He also believes the commodity take-off of the last nine months has more room to run.
• This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice.
• The material represents DoubleLine’s intellectual property. No portion of this presentation may be published, reproduced, transmitted, or rebroadcast in any media in any form without the express written permission of DoubleLine. To receive permission from DoubleLine, please contact media@doubleline.com.
• The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals.
• DoubleLine® is a registered trademark of DoubleLine Capital LP.
• ©2021 DoubleLine
Видео TSS S10 E2: Gerard Minack Sees a Future of Reflation & Lagging U.S. Equities канала DoubleLine Capital
Developed economies are on the cusp of reflation, which among other influences would serve as a further “carrot” to attract capital into non-U.S. stock markets. Mr. Minack describes a world shifting from “three decades of monetary-policy dominance to a new era of fiscal-policy dominance,” with “large, sustained fiscal deficits where central banks are playing a backstopping, supportive role” by monetizing most of those deficits. The catalyst for this sea change is the COVID-19 pandemic.
Broadly speaking, with respect to equities, Mr. Minack favors cyclical companies with operational leverage, especially in Japan, Europe and emerging markets. Among his industry themes, he likes the “beat-up goods producers,” including “conventional car makers” (not necessarily Tesla), construction companies and miners. “They’re all very cyclical, and the cycle looks very strong.” He also believes the commodity take-off of the last nine months has more room to run.
• This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice.
• The material represents DoubleLine’s intellectual property. No portion of this presentation may be published, reproduced, transmitted, or rebroadcast in any media in any form without the express written permission of DoubleLine. To receive permission from DoubleLine, please contact media@doubleline.com.
• The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals.
• DoubleLine® is a registered trademark of DoubleLine Capital LP.
• ©2021 DoubleLine
Видео TSS S10 E2: Gerard Minack Sees a Future of Reflation & Lagging U.S. Equities канала DoubleLine Capital
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