Episodes
Sometimes it feels like you need to be a rocket scientist to trade successfully in modern markets. Well, George Patterson used to be one, having began his career at NASA’s Jet Propulsion Laboratory before turning his attention to investing with quantitative strategies.Now he’s the chief investment officer of PGIM Quantitative Solutions, which oversees about $91.5 billion of PGIM’s $1.5 trillion in assets under management. Patterson joined the latest episode of the “What Goes Up” podcast to...
Published 09/23/22
Published 09/16/22
George Cipolloni’s son is a video-game aficionado, and the teenager’s language has clearly worn off on his father. Indeed, the portfolio manager at Penn Mutual Asset Management jokes he’s found a “cheat code” in the bond market that’s helped his balanced strategy beat its benchmark with a heavy allocation to high-yield corporate debt. But don’t be alarmed: His “code” is really just fundamental analysis used to find bonds with attractive yields, but little risk. Cipolloni joined the latest...
Published 09/16/22
Selling bonds short—a trade that for decades hadn’t worked consistently—has helped fuel a 37% return so far this year for the managed-futures strategy fund at AlphaSimplex Group. And the trade looks like it has further to go, according to Kathryn Kaminski, chief research strategist at the quantitative-investing firm. She joined the “What Goes Up” podcast to discuss this and other market moves that have made trend following in futures markets such a lucrative strategy this year.  “The...
Published 09/09/22
Rising food prices have been one of the big drivers of inflation this year as farmers across America were hit with price spikes for fertilizer and fuel. They’ve also been forced to grapple with lingering supply-chain issues and labor shortages. Brian Duncan, operator of a family farm and vice president of the Illinois Farm Bureau, joins this week’s episode of “What Goes Up” to talk about the agricultural commodities markets and offer his perspective on the US economy as he plans for next...
Published 09/02/22
Jeremy Siegel, a longtime professor of finance at the University of Pennsylvania’s Wharton School and author of “Stocks for the Long Run,” joined the latest episode of the “What Goes Up” podcast alongside Jeremy Schwartz, global chief investment officer at WisdomTree, to discuss the state of the economy, inflation and markets. Siegel also threw in some advice for retail traders caught up in the meme-stock craze. “I always recommend to young people, if you want to play with 10% or 15% of your...
Published 08/26/22
By mimicking strategies common among some quantitative hedge-fund firms, the iM DBi Managed Futures Strategy ETF has surged 21% so far this year—beating the S&P 500 Index by about 30 percentage points. Andrew Beer, one of the managers of the active exchange traded fund, joined the latest episode of the “What Goes Up” podcast to explain the secrets of its success amid a brutal year for both stocks and bonds.  See omnystudio.com/listener for privacy information.
Published 08/19/22
The chief investment officer of Morgan Stanley Wealth Management has a warning for investors who are chasing the latest rally in stocks: Don’t get too excited about a potential peak in inflation after the consumer price index cooled off a bit in July. Lisa Shalett joined this week’s episode of the “What Goes Up” podcast to explain the firm’s cautious stance toward the market, and how CPI is still elevated enough that the Federal Reserve needs to continue lifting rates aggressively. “The...
Published 08/12/22
Investors are turning to some thematic exchange-traded funds to hedge against inflation and take advantage of the renewed performance of value stocks this year, according to Jay Jacobs, US head of thematics and active equity ETFs at BlackRock. Jacobs joined the “What Goes Up” podcast to discuss how the firm is sizing up investing opportunities amid the uncertain economic outlook.  See omnystudio.com/listener for privacy information.
Published 08/05/22
Mimi Duff, senior client adviser at the $3 billion registered investment adviser GenTrust, joined this week’s “What Goes Up” podcast to discuss the outlook for markets, the economy and borrowing costs following the latest Federal Reserve interest-rate increase and a second-straight quarter of negative economic growth. Duff also explains the rationale behind some of the more interesting investments her firm is excited about, including biotech and uranium exchange-traded funds. And she gives...
Published 07/29/22
While China’s stock market has been seen as a pariah by some global investors this year, Citigroup is taking a contrarian view, positing a bullish outlook for the nation’s equities even while favoring defensive stocks in the US.  Shawn Snyder, head of investment strategy at Citi US Wealth Management, joined the “What Goes Up” podcast to discuss how the firm is sizing up investing opportunities amid an uncertain economic outlook.  See omnystudio.com/listener for privacy information.
Published 07/22/22
Mark Zandi, who has been an economist for more than three decades, says he’s never seen so many people convinced that a recession is imminent. And while he believes the US economy can still avoid an economic downturn, sentiment is so poor that it poses its own risks. Zandi, the chief economist at Moody’s Analytics, joined the “What Goes Up” podcast to discuss his outlook after government data this week showed the highest level of inflation in almost 41 years. “I talk to CEOs, CFOs, investors,...
Published 07/15/22
During the day-trading craze that erupted amid the Covid-19 pandemic’s lockdowns, market professionals repeatedly warned a new flock of Reddit-reading, Robinhood-using retail investors that equity options were risky, and that bold bets in that market could end badly. It turns out their caution was spot on. Day-traders managed to lose more than $1 billion during the bull market, with the bill climbing to $5 billion when the cost of doing business with market-makers is factored in, according...
Published 07/08/22
It’s a common motto among investors: Cash is trash. But Oksana Aronov, head of market strategy, alternative fixed income at J.P. Morgan Asset Management, says not so fast. “I’ve been hearing about investors losing money sitting in cash, and that cash is trash for as long as I’ve been in this industry,” she said on this week’s episode of “What Goes Up.” “But the reality is that if you have been in cash for the last five years, you’ve essentially outperformed the Bloomberg Barclays aggregate...
Published 07/01/22
Fiona Cincotta, senior financial markets analyst at City Index in London, joined this week’s “What Goes Up” podcast to discuss what she expects in markets, especially as US investors brace for what some say is the increasing potential for recession. “I think a ‘soft landing’ is optimistic—we’ll put it that way,” Cincotta says, adding that she puts the probability of a downturn in the near future at more than 50%. However, the still-hot American jobs market could ease the sting of any...
Published 06/24/22
Anastasia Amoroso, the chief investment strategist at iCapital, joined the latest episode of “What Goes Up” to discuss the market volatility that followed the US Federal Reserve’s interest-rate hike and how hedge funds are attracting client interest again after years of languishing in the bull market.  “In this environment, where nothing seems to be working, investors are looking for something that is—and right now that is in the hedge fund space,” she says.  See omnystudio.com/listener for...
Published 06/17/22
It’s a market environment that Alanis Morissette could write a verse about. Any positive upcoming US economic data may very well receive a poor reaction in the stock market, since it could embolden the Federal Reserve to continue its aggressive campaign to tame inflation. Anthony Saglimbene, global markets strategist at Ameriprise Financial, joined the latest episode of “What Goes Up” to discuss how to navigate a market where good news is bad news again. Isn’t it ironic? See...
Published 06/10/22
Wenting Shen, an analyst and portfolio manager at Harding Loevener, is traveling through China while navigating the country’s strict Covid-zero policies, visiting executives at the companies she covers to see how they’re faring. She joins the latest episode of “What Goes Up” to discuss what she’s learned on her trip, and how Covid-19 and the trade war begun by Donald Trump have altered China’s economy. See omnystudio.com/listener for privacy information.
Published 06/03/22
Victoria Greene, founding partner and chief investment officer at Texas-based G Squared Private Wealth, joined the latest episode of “What Goes Up” to discuss the mood of clients and why she thinks the 2022 market selloff isn’t over yet. “Not to sound like a snob, but I need a solid panic,” she says. “We just haven’t seen that solid, absolute capitulation—everything selling off. We aren’t there yet.”  See omnystudio.com/listener for privacy information.
Published 05/27/22
Daniel Yergin was at the St. Petersburg International Economic Forum in 2013 when he got a daunting request: Could he pose the first question from the audience to Vladimir Putin? “I started to ask a question, I mentioned the word ‘shale,’” he recalls, referring to a once-unconventional source of oil and natural gas that by then was flowing freely in the US “And he started shouting at me, saying shale’s barbaric.” Yergin, the vice chairman of S&P Global, discussed the incident on the...
Published 05/20/22
As the Federal Reserve’s efforts to tame inflation roil both stocks and bonds, investors everywhere are struggling to figure out the best way to play defense in markets amid concerns that a recession is on the horizon. One of the top executives at Goldman Sachs Asset Management has a surprising idea: Beyoncé. Katie Koch, the chief investment officer for public equities at GSAM, quips that “Beyoncé is ultimately recession-resistant” and so are other popular artists. That’s why the portfolios...
Published 05/13/22
The U.S. Federal Reserve’s effort to tame inflation with aggressive interest-rate hikes has some investors worried that a recession is inevitable, leading to a plunge in stock prices this year. Not so fast, says Jeremy Zirin, senior portfolio manager and head of private client U.S. equities at UBS Asset Management. Zirin joined the latest episode of What Goes Up to discuss his outlook for markets and the economy, and why he thinks the probability of a soft landing and longer expansion is...
Published 05/06/22
Former Federal Reserve Chairman Alan Greenspan famously used the phrase “irrational exuberance” to describe the euphoric investor sentiment that sent tech stocks soaring in the late 1990s. And everyone knows what happened next, when that exuberance wore off. Now, history is repeating itself when it comes to some of the disruptive and innovative companies that were market darlings during the lockdown phase of the pandemic, but have since been clobbered by a “dose of realism,” according to...
Published 04/29/22
Investors have a lot to worry about: Russia’s war on Ukraine, inflation, Covid-19 and China’s lockdowns reigniting supply-chain woes— the list goes on. As a result, many money managers have ratcheted down their expectations for stock returns this year. But what if fears of a possible U.S. recession are overblown, and the second half turns out better than expected? Given still-strong earnings from corporate America, things may not end up as bad as some are predicting. Sylvia Jablonski, chief...
Published 04/22/22
It’s been difficult for even the most-seasoned veterans to discern a market message right now. Oil’s up one day and stocks fall. The next day, crude prices rise and so do stocks. Or bonds rally, and so do equities, and then the reverse happens just a few days later. Peter van Dooijeweert, managing director of multi-asset solutions at Man Group, joined this week's "What Goes Up" podcast to talk about that and the right asset classes to be in as the Federal Reserve continues its fight against...
Published 04/15/22