What Goes Up

Investors’ imagination often goes to “dark places” in the face of uncertainty around issues like the new Covid variant and this week they might have overreacted, according to Kara Murphy, the chief investment officer of Kestra Investment Management who joined Bloomberg’s “What Goes Up” podcast to discuss the wild week in markets. Mentioned in this podcast Hawkish Jerome Powell Is a Force Markets H...

Wall Street forecasters have been saying all year that a slowdown in the bull market might be in the cards thanks to inflation and growth concerns. The average projection from strategists for the S&P 500 at the end of 2022 represents a mere 3% advance from current levels. Candice Bangsund, vice president and portfolio manager of global asset allocation at Fiera Capital, joins “What Goes Up” th...

A stellar year for the stock market is coming to a close and money-managers are looking ahead to what 2022 might have in store. But worries persist, including the perennially nagging question of whether the stock market is overvalued and in a bubble. Sébastien Page, head of global multi-asset at T. Rowe Price, talks about his views on that, his team’s current strategy, the need for diversification...

Steve Kurz, head of asset management at Michael Novogratz’s crypto firm Galaxy Digital, discusses how pensions, endowments and other institutional investors are approaching the digital-asset class. See omnystudio.com/listener for privacy information.

Rob Arnott, chairman and founder of Research Affiliates, discusses how he identifies stock-market bubbles and how to use valuation gaps to identify attractive equities.   See omnystudio.com/listener for privacy information.

This week, U.S. economic growth came in lower than expected, some high-profile companies posted disappointing earnings results and central banks worldwide took steps toward withdrawing pandemic-era stimulus. Yet stocks are broaching new records and October shaped up to be the best month of the year. To Wall Street veteran Doug Ramsey, Leuthold Group chief investment officer and co-manager of the L...

Dave Abner, global head of business development at crypto exchange Gemini Trust Co. and a two-decade veteran of the ETF industry, talks about the launch of Bitcoin futures exchange-traded funds, who’s buying into it and what the prospects are for a physically-backed crypto fund.  See omnystudio.com/listener for privacy information.

Halloween is coming, so it’s time to confront a common source of fear: bank stocks. Ever since the global financial crisis, many investors have been terrified of risks associated with lenders, according to Chris Davis, chairman and portfolio manager at Davis Advisors. He joined the latest episode of the “What Goes Up” to discuss why it’s time get over that phobia, explaining that banks may continu...

On Breakthrough, a new series from the Prognosis podcast, we explore how the pandemic is changing our understanding of healthcare and medicine. We start with an examination of long Covid, a mysterious new illness that has stumped doctors attempting to treat symptoms that last for months and potentially years. It has changed the way hospitals work and forced healthcare officials to prepare for the...

Up 1% one day, down an equal amount the next, the stock market’s been serving up a bout of volatility traders haven’t seen all year. There’s plenty to worry about and, by many measures, pessimism among investors is growing. Lori Calvasina, RBC Capital Markets’ head of U.S. equity strategy and a two-decade Wall Street veteran, talks about the mood of the market, value versus growth, why the debt-ce...

Treasury yields started to spike soon after the Federal Reserve signaled it’s edging closer to winding down its pandemic-era bond buying. But can stocks do well in that type of environment? Brian Nick, chief investment strategist at Nuveen, talks about that and what the surge in yields is signaling about the well-being of the economy. Plus, he shares his current strategy and discusses areas of the...

Non-fungible tokens, or NFTs, went from non-existent to taking over the world in record fashion. But what is their utility besides being collectibles? Brian Mosoff, chief executive officer at Ether Capital, talks about how something can "meme" its way into becoming valuable and why NFTs are gaining traction in an environment where everyone's searching for scarcity. Plus, he shares his views on how...

Stocks tied to the economic reopening had a banner 2020 before their performance petered out a few months ago. But Andrew Slimmon, a senior portfolio manager at Morgan Stanley Investment Management who oversees around $7.5 billion, is making big bets on reopening plays, banks and other value stocks. He talks about his strategy and goes into why the market's not had a significant pullback this year...

El Salvador is not a nation that comes up in global-macro investing discussions very often, but its embrace of Bitcoin as legal tender marks an interesting milestone in the evolution of the cryptocurrency’s role in financial markets. Ben Emons, strategist at Medley Global Advisors, joined this week’s “What Goes Up” podcast to discuss El Salvador’s embrace of Bitcoin and correlations it’s exhibitin...

Some economic reports are coming in weaker than expected as the back-to-normal recovery drags on. To many investors, it means the Federal Reserve will keep the punch bowl fuller for longer. Kim Forrest, founder and chief investment officer at Bokeh Capital Partners, discusses about why bad news can be seen as good news again in this environment and why she prefers tech stocks for the long run. Men...

Extraordinary loose monetary policy has led to what Interactive Brokers Chief Strategist Steve Sosnick calls a “flight to crap,” or investor interest in the most-speculative corners of financial markets. He discusses how the likely reduction in bond purchases by the Federal Reserve could affect those investments. He also shares his thoughts on how algorithmic trading strategies interact with meme...

The rebound in the stock market from the pandemic-induced recession has been breathtaking, with the S&P 500 doubling from its low point in March 2020. Has the proverbial “easy money” all been made? Emily Roland, co-chief investment strategist at John Hancock Investment Management, discusses what to expect in the second year of the bull market. She also talks about the outlook for interest rate...

Many traders expected this summer to be a volatile one for U.S. markets, but so far it’s been quiet as can be. What happened? Chris Gaffney, head of world markets at TIAA Bank, joins the “What Goes Up” podcast to discuss.  See omnystudio.com/listener for privacy information.

Chris Mack, a portfolio manager at Harding Loevner, discusses his firm’s investment process and how his fund's hunt for “under-the-radar growth” stocks led him to some regional banks. He also discusses the defensive aspects of tech stocks in the age of Covid, and developments in the semiconductor industry, among other topics. Mentioned in this podcast: No Market Breadth, No Problem as Faangs Lift...

The attention of global investors returned to China this week as a crackdown on for-profit education companies triggered a massive selloff in the nation’s equity market. Jason Hsu, founder and chief investment officer of Rayliant Global Advisors, discusses how investors should navigate through the nation’s regulatory risks, and how the dominance of retail traders gives China’s market a “casino fee...

Rebecca Patterson, director of investment research at Bridgewater Associates, discusses the reversal in some of the market moves triggered by optimism about the reopening of economies shut down by the Covid-19 pandemic. She also gives her take on inflation risks, the delta variant of the virus, and Bridgewater’s famous All Weather balanced-portfolio strategy. Mentioned in this podcast: A Sloppy Su...

What is the point of creating synthetic stocks and ETFs to trade on the blockchain with cryptocurrencies?  Do Kwon, co-founder and CEO of Terraform Labs, explains how mirrored assets like these work, what type of demand they can fill, and potential regulatory pitfalls. Also joining this episode is Kwon’s collaborator Zaki Manian, co-founder of Iqlusion and the Sommelier Protocol. The pair also dis...

Well, so much for that reflation and reopening trade. David Bianco, chief investment officer for the Americas at DWS Group, discusses why high-growth, digitally focused companies are back on the stock market’s leaderboard.  Mentioned in this podcast: The Great Reflation Trade Is Buckling Around the World See omnystudio.com/listener for privacy information.

It’s the top question on the minds of everyone involved in the markets these days: How long is “transitory” when it comes to the Federal Reserve’s view on hotter-than-normal inflation? Jim Smigiel, chief investment officer at SEI Investments, discusses why his firm is “happy to take the side of an overshoot” when it comes to rising prices. He also discusses the flaws of simplistic 60/40 investing...

Dimensional Fund Advisors, which manages $637 billion, was one of the first firms to take seminal academic financial research off of the campus and put it to work in the real-world art of managing money. How does a head-in-the-books firm like that respond now that retail day traders are in the driver’s seat and the market action often feels like a frat party rather than a lecture hall? Wes Crill,...