In the latest episode of The Portfolio Fix, Marco Bravo makes sense of a confusing jobs report from December 2nd, 2022 and the likely impact on future Fed rate actions. Garrett Dungee outlines the coming accounting changes for Long Duration Targeted Improvements (LDTI), which will likely affect many of Life Insurance companies within the next several years.

Sources: Bureau of Labor Statistics, U.S. Census Bureau, Financial Accounting Standards Board 

This episode of The Portfolio Fix was recorded on November 18 and December 5, 2022. Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

All information contained herein is believed to be accurate as of the date(s) indicated, is not complete, and is subject to change at any time. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Asset Allocation & Management Company, LLC. (“AAM”); its accuracy or completeness cannot be guaranteed.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/

In this episode of The Portfolio Fix, Marco Bravo details why AAM believes future Fed rate hikes of at least 100 basis points are likely and Patrick McGeever provides his views on why the natural gas situation in Europe is likely to be a headwind again in 2023.

Sources:  Bureau of Labor Statistics, The Federal Reserve, Bloomberg, IMF

This episode of The Portfolio Fix was recorded on November 3 and November 18, 2022.  Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

All information contained herein is believed to be accurate as of the date(s) indicated, is not complete, and is subject to change at any time. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Asset Allocation & Management Company, LLC. (“AAM”); its accuracy or completeness cannot be guaranteed.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/

In the latest episode of The Portfolio Fix, Marco Bravo provides AAM’s gloomy outlook on inflation, interest rates, unemployment and growth for 2023. Andy Bohlin describes why the Chemical & Packaging Sector can give an early glimpse into economic cycles and the indicators that are suggesting a deteriorating economy.

Sources: Bureau of Economic Analysis, Blue Chip Financial Forecasts, Federal Reserve, Bloomberg, Department of Labor, Goldman Sachs

This episode of The Portfolio Fix was recorded on October 6 and October 19, 2022.  Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

All information contained herein is believed to be accurate as of the date(s) indicated, is not complete, and is subject to change at any time. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Asset Allocation & Management Company, LLC. (“AAM”); its accuracy or completeness cannot be guaranteed.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/

In the latest episode of The Portfolio Fix, Marco Bravo details why AAM expects inflation to remain higher than consensus and what that likely means for rates and risk assets. Dan Byrnes describes the new opportunity AAM sees in mortgages and notes how unrealized losses can affect portfolio management flexibility. 

Sources: The Federal Reserve, Bureau of Labor Statistics, Truist Securities

This episode of The Portfolio Fix was recorded on September 23, 2022. Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

All information contained herein is believed to be accurate as of the date(s) indicated, is not complete, and is subject to change at any time. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Asset Allocation & Management Company, LLC. (“AAM”); its accuracy or completeness cannot be guaranteed.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/

In this episode of The Portfolio Fix with AAM, Marco Bravo explains why yields have risen so much in the past month and why markets are suggesting a 75bps rate hike on September 21 is likely.  Additionally, Elizabeth Henderson and the corporate team discuss why liquidity, margin pressure and stretched valuations should lead to wider spreads in the upcoming months.

Sources: Bureau of Labor Statistics, Institute of Supply Management

This episode of The Portfolio Fix was recorded on August 26 & September 2, 2022.  Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

All information contained herein is believed to be accurate as of the date(s) indicated, is not complete, and is subject to change at any time. Certain information contained herein is based on data obtained from third parties and, although believed to be reliable, has not been independently verified by anyone at or affiliated with Asset Allocation & Management Company, LLC. (“AAM”); its accuracy or completeness cannot be guaranteed.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/

In this episode of the Portfolio Fix, Marco Bravo details what we learned about inflation and employment this past week and how that data is influencing the Treasury curve. Additionally, Gene Pretti of Zazove Associates explains what is driving convertible bond returns in this turbulent environment and why active management is outperforming convertible bond indices in 2022.

Sources: U.S. Bureau of Labor Statistics, Bloomberg

This episode of The Portfolio Fix was recorded on August 12, 2022.  Any timely data or views should be considered as of this date unless otherwise specified.

Opinions and statements of financial market trends that are based on market conditions constitute our judgment and are subject to change without notice. Historic market trends are not reliable indicators of actual future market behavior. This  material may contain projections or other forward-looking statements regarding future events, targets or expectations, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different than that shown here. The information presented, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Although the assumptions underlying the forward-looking statements  that may be contained herein are believed to be reasonable they can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. AAM assumes no duty to provide updates to any analysis contained herein.

Recommendations are that of AAM and subject to change should market conditions warrant. This material is for informational purposes only and does not constitute any advice or a recommendation to purchase any securities or other financial instruments, and may not be construed as such. 

AAM and Zazove have a sub-advisory relationship consisting of a fee-sharing arrangement.

For more information and a list of full disclosures please visit the disclaimers section at the bottom of the webpage: https://aamcompany.com/the-portfolio-fix-a-podcast-with-aam/