Ch 11 News S1 E9: COVID 19 - A Financial Year in Review

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Published Mar 30, 2021

With March marking a full year since the beginning of the financial volatility of the pandemic and resultant lockdown policies, DoubleLine’s Ken Shinoda welcomes the firm’s Deputy Chief Investment Officer, Jeffrey Sherman, to Channel 11 News to discuss where the markets stand 12 months later. In the first part of their two-part episode, recorded March 25, 2021, Messrs. Shinoda and Sherman talk about the context of using March 2020 as a comparison point, which gives you the best 12-month performance of the S&P 500 Index since 1936. But if you just go back to the start of 2021, the S&P was only up 6.2% through March 29, while in bond portfolios, 11-month performance outstrips 12-month performance. Alongside their review of the financial sectors, government stimulus and Federal Reserve policy, they talk about the looming prospect of inflation and how the expectation of it can lead to a self-fulfilling prophecy. Mr. Sherman notes that 2020, like 2017, can be seen as the year of the “everything rally,” which makes investors’ surprise at the recent rise in bond rates all the more puzzling. Quoting a DoubleLine portfolio manager, Mr. Sherman says, “I’m mystified on why everyone is so mystified about rates. We should expect this.”

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