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cover of episode Talk Your Book: Interest Rates Go Kablooey

Talk Your Book: Interest Rates Go Kablooey

2025/4/21
logo of podcast Animal Spirits Podcast

Animal Spirits Podcast

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C
Christian Hoffmann
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Jason Greenblath
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我观察到投资者更倾向于短期债券,主要原因是可以锁定更高的收益率,并且在经济增长和美联储降息存在不确定性时,风险相对较低。 近几十年来,固定收益市场发生了巨大变化,投资级公司债券市场规模增长迅速,新的行业和结构涌现,投资者数量也大幅增加,增加了市场复杂性。全球范围内的通货膨胀、贸易政策变化以及全球化趋势的不确定性,使得短期债券成为投资者更稳妥的选择。 “锁定收益率”指的是投资2-4年期短期债券,而不是短期货币市场工具。主动管理的短期债券ETF(如SDSI)比被动指数基金具有更高的收益率和主动管理优势,能够更好地应对信用风险。 我的投资组合包含投资级公司债券、短期高收益公司债券、银行贷款、证券化资产和新兴市场债券。在短期债券投资中,信用风险管理至关重要,需要对借款人的信用状况进行深入尽职调查,以确保本金安全。短期债券的信用风险取决于对借款人信用质量的评估,以及对经济衰退的预期。 如果经济放缓,未来利率可能下降,现在锁定高利率是一个机会。在市场波动加剧时,主动管理策略能够更好地捕捉市场错配机会。

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Shownotes Transcript

On this two-part episode of Animal Spirits: Talk Your Book, Michael Batnick) and Ben Carlson) speak with Jason Greenblath of American Century Investments) about short duration fixed income, remaining active during recessions, inflationary spikes and fixed income. Then, at the 21:30 mark, the guys speak with Christian Hoffmann of Thornburg Investment Management) to discuss opportunities in global credit markets, recession risk, heightened volatility, the Fed and inflation, and much more!

Find complete show notes on our blogs:

Ben Carlson’s A Wealth of Common Sense)

Michael Batnick’s The Irrelevant Investor)

Feel free to shoot us an email at [email protected]) with any feedback, questions, recommendations, or ideas for future topics of conversation.

 

Check out the latest in financial blogger fashion at The Compound shop: https://www.idontshop.com)

Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here:

https://ritholtzwealth.com/podcast-youtube-disclosures/)

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