Latest / Views from 6,230 / AI in Fixed Income - Balancing Risks and Rewards
Transcript
- 0:12Go
- 0:18Ryan Nauman Market Strategist Zephyr: welcome
- 0:18Ryan Nauman Market Strategist Zephyr: everyone
- 0:19Ryan Nauman Market Strategist Zephyr: to
- 0:19Ryan Nauman Market Strategist Zephyr: Zephyr's
- 0:19Ryan Nauman Market Strategist Zephyr: Adjusted
- 0:20Ryan Nauman Market Strategist Zephyr: for
- 0:20Ryan Nauman Market Strategist Zephyr: Risk
- 0:20Ryan Nauman Market Strategist Zephyr: podcast
- 0:21Ryan Nauman Market Strategist Zephyr: from
- 0:21Ryan Nauman Market Strategist Zephyr: the
- 0:21Ryan Nauman Market Strategist Zephyr: shores
- 0:22Ryan Nauman Market Strategist Zephyr: of
- 0:22Ryan Nauman Market Strategist Zephyr: Lake
- 0:22Ryan Nauman Market Strategist Zephyr: Tahoe.
- 0:23Ryan Nauman Market Strategist Zephyr: This
- 0:23Ryan Nauman Market Strategist Zephyr: is
- 0:24Ryan Nauman Market Strategist Zephyr: Brian
- 0:24Ryan Nauman Market Strategist Zephyr: Nauman,
- 0:24Ryan Nauman Market Strategist Zephyr: the
- 0:24Ryan Nauman Market Strategist Zephyr: market
- 0:25Ryan Nauman Market Strategist Zephyr: strategist
- 0:25Ryan Nauman Market Strategist Zephyr: here
- 0:26Ryan Nauman Market Strategist Zephyr: at
- 0:26Ryan Nauman Market Strategist Zephyr: Zephyr.
- 0:27Ryan Nauman Market Strategist Zephyr: Fixed
- 0:27Ryan Nauman Market Strategist Zephyr: income
- 0:28Ryan Nauman Market Strategist Zephyr: has
- 0:28Ryan Nauman Market Strategist Zephyr: come
- 0:28Ryan Nauman Market Strategist Zephyr: under
- 0:29Ryan Nauman Market Strategist Zephyr: fire
- 0:29Ryan Nauman Market Strategist Zephyr: recently
- 0:30Ryan Nauman Market Strategist Zephyr: as
- 0:30Ryan Nauman Market Strategist Zephyr: a
- 0:30Ryan Nauman Market Strategist Zephyr: lot
- 0:31Ryan Nauman Market Strategist Zephyr: of
- 0:31Ryan Nauman Market Strategist Zephyr: strategists
- 0:32Ryan Nauman Market Strategist Zephyr: have
- 0:32Ryan Nauman Market Strategist Zephyr: become
- 0:32Ryan Nauman Market Strategist Zephyr: very
- 0:32Ryan Nauman Market Strategist Zephyr: bearish
- 0:33Ryan Nauman Market Strategist Zephyr: on
- 0:33Ryan Nauman Market Strategist Zephyr: bonds,
- 0:33Ryan Nauman Market Strategist Zephyr: and
- 0:34Ryan Nauman Market Strategist Zephyr: this
- 0:34Ryan Nauman Market Strategist Zephyr: has
- 0:34Ryan Nauman Market Strategist Zephyr: been
- 0:34Ryan Nauman Market Strategist Zephyr: evidenced
- 0:35Ryan Nauman Market Strategist Zephyr: by
- 0:36Ryan Nauman Market Strategist Zephyr: elevated
- 0:37Ryan Nauman Market Strategist Zephyr: treasury
- 0:37Ryan Nauman Market Strategist Zephyr: yields.
- 0:38Ryan Nauman Market Strategist Zephyr: I
- 0:38Ryan Nauman Market Strategist Zephyr: have
- 0:38Ryan Nauman Market Strategist Zephyr: on
- 0:39Ryan Nauman Market Strategist Zephyr: the
- 0:39Ryan Nauman Market Strategist Zephyr: perfect
- 0:39Ryan Nauman Market Strategist Zephyr: guest
- 0:39Ryan Nauman Market Strategist Zephyr: to
- 0:40Ryan Nauman Market Strategist Zephyr: talk
- 0:40Ryan Nauman Market Strategist Zephyr: all
- 0:40Ryan Nauman Market Strategist Zephyr: things
- 0:40Ryan Nauman Market Strategist Zephyr: fixed
- 0:41Ryan Nauman Market Strategist Zephyr: income,
- 0:41Ryan Nauman Market Strategist Zephyr: the
- 0:42Ryan Nauman Market Strategist Zephyr: current
- 0:42Ryan Nauman Market Strategist Zephyr: macro
- 0:42Ryan Nauman Market Strategist Zephyr: environment,
- 0:43Ryan Nauman Market Strategist Zephyr: and
- 0:43Ryan Nauman Market Strategist Zephyr: what
- 0:43Ryan Nauman Market Strategist Zephyr: it
- 0:44Ryan Nauman Market Strategist Zephyr: all
- 0:44Ryan Nauman Market Strategist Zephyr: means
- 0:44Ryan Nauman Market Strategist Zephyr: for
- 0:44Ryan Nauman Market Strategist Zephyr: financial
- 0:45Ryan Nauman Market Strategist Zephyr: advisors
- 0:46Ryan Nauman Market Strategist Zephyr: as
- 0:46Ryan Nauman Market Strategist Zephyr: they
- 0:46Ryan Nauman Market Strategist Zephyr: build
- 0:46Ryan Nauman Market Strategist Zephyr: investment
- 0:47Ryan Nauman Market Strategist Zephyr: portfolios.
- 0:49Ryan Nauman Market Strategist Zephyr: But
- 0:49Ryan Nauman Market Strategist Zephyr: first,
- 0:49Ryan Nauman Market Strategist Zephyr: this
- 0:49Ryan Nauman Market Strategist Zephyr: episode
- 0:50Ryan Nauman Market Strategist Zephyr: is
- 0:50Ryan Nauman Market Strategist Zephyr: sponsored
- 0:50Ryan Nauman Market Strategist Zephyr: by
- 0:51Ryan Nauman Market Strategist Zephyr: the
- 0:51Ryan Nauman Market Strategist Zephyr: award-winning
- 0:52Ryan Nauman Market Strategist Zephyr: Zephyr,
- 0:52Ryan Nauman Market Strategist Zephyr: which
- 0:53Ryan Nauman Market Strategist Zephyr: helps
- 0:53Ryan Nauman Market Strategist Zephyr: investment
- 0:54Ryan Nauman Market Strategist Zephyr: professionals
- 0:54Ryan Nauman Market Strategist Zephyr: make
- 0:55Ryan Nauman Market Strategist Zephyr: more
- 0:55Ryan Nauman Market Strategist Zephyr: informed
- 0:56Ryan Nauman Market Strategist Zephyr: investment
- 0:56Ryan Nauman Market Strategist Zephyr: decisions
- 0:57Ryan Nauman Market Strategist Zephyr: on
- 0:57Ryan Nauman Market Strategist Zephyr: behalf
- 0:57Ryan Nauman Market Strategist Zephyr: of
- 0:57Ryan Nauman Market Strategist Zephyr: their
- 0:58Ryan Nauman Market Strategist Zephyr: clients.
- 0:58Ryan Nauman Market Strategist Zephyr: All
- 0:58Ryan Nauman Market Strategist Zephyr: right.
- 0:59Ryan Nauman Market Strategist Zephyr: Let's
- 0:59Ryan Nauman Market Strategist Zephyr: go
- 1:00Ryan Nauman Market Strategist Zephyr: ahead
- 1:00Ryan Nauman Market Strategist Zephyr: and
- 1:00Ryan Nauman Market Strategist Zephyr: get
- 1:00Ryan Nauman Market Strategist Zephyr: started
- 1:01Ryan Nauman Market Strategist Zephyr: and
- 1:01Ryan Nauman Market Strategist Zephyr: bring
- 1:01Ryan Nauman Market Strategist Zephyr: on
- 1:01Ryan Nauman Market Strategist Zephyr: the
- 1:01Ryan Nauman Market Strategist Zephyr: star
- 1:02Ryan Nauman Market Strategist Zephyr: of
- 1:02Ryan Nauman Market Strategist Zephyr: the
- 1:02Ryan Nauman Market Strategist Zephyr: show.
- 1:02Ryan Nauman Market Strategist Zephyr: I've
- 1:03Ryan Nauman Market Strategist Zephyr: already
- 1:03Ryan Nauman Market Strategist Zephyr: talked
- 1:03Ryan Nauman Market Strategist Zephyr: enough.
- 1:04Ryan Nauman Market Strategist Zephyr: Enough
- 1:05Ryan Nauman Market Strategist Zephyr: from
- 1:05Ryan Nauman Market Strategist Zephyr: me.
- 1:05Ryan Nauman Market Strategist Zephyr: I'd
- 1:06Ryan Nauman Market Strategist Zephyr: like
- 1:06Ryan Nauman Market Strategist Zephyr: to
- 1:06Ryan Nauman Market Strategist Zephyr: give
- 1:06Ryan Nauman Market Strategist Zephyr: a
- 1:06Ryan Nauman Market Strategist Zephyr: very
- 1:07Ryan Nauman Market Strategist Zephyr: warm
- 1:07Ryan Nauman Market Strategist Zephyr: welcome
- 1:08Ryan Nauman Market Strategist Zephyr: to
- 1:08Ryan Nauman Market Strategist Zephyr: Robert
- 1:09Ryan Nauman Market Strategist Zephyr: Cohen.
- 1:09Ryan Nauman Market Strategist Zephyr: Robert
- 1:10Ryan Nauman Market Strategist Zephyr: is
- 1:10Ryan Nauman Market Strategist Zephyr: the
- 1:10Ryan Nauman Market Strategist Zephyr: director
- 1:11Ryan Nauman Market Strategist Zephyr: of
- 1:11Ryan Nauman Market Strategist Zephyr: Global
- 1:12Ryan Nauman Market Strategist Zephyr: Developed
- 1:12Ryan Nauman Market Strategist Zephyr: Credit
- 1:13Ryan Nauman Market Strategist Zephyr: at
- 1:13Ryan Nauman Market Strategist Zephyr: DoubleLine.
- 1:15Ryan Nauman Market Strategist Zephyr: thank
- 1:15Ryan Nauman Market Strategist Zephyr: you
- 1:15Ryan Nauman Market Strategist Zephyr: so
- 1:16Ryan Nauman Market Strategist Zephyr: much
- 1:16Ryan Nauman Market Strategist Zephyr: for
- 1:16Ryan Nauman Market Strategist Zephyr: coming
- 1:16Ryan Nauman Market Strategist Zephyr: on
- 1:16Ryan Nauman Market Strategist Zephyr: the
- 1:16Ryan Nauman Market Strategist Zephyr: show
- 1:17Ryan Nauman Market Strategist Zephyr: again
- 1:18Ryan Nauman Market Strategist Zephyr: second
- 1:18Ryan Nauman Market Strategist Zephyr: time.
- 1:19Ryan Nauman Market Strategist Zephyr: It's
- 1:19Ryan Nauman Market Strategist Zephyr: really
- 1:19Ryan Nauman Market Strategist Zephyr: an
- 1:20Ryan Nauman Market Strategist Zephyr: honor
- 1:20Ryan Nauman Market Strategist Zephyr: to
- 1:20Ryan Nauman Market Strategist Zephyr: have
- 1:20Ryan Nauman Market Strategist Zephyr: you
- 1:20Ryan Nauman Market Strategist Zephyr: on
- 1:21Ryan Nauman Market Strategist Zephyr: for
- 1:21Ryan Nauman Market Strategist Zephyr: a
- 1:21Ryan Nauman Market Strategist Zephyr: second
- 1:21Ryan Nauman Market Strategist Zephyr: time.
- 1:22Ryan Nauman Market Strategist Zephyr: I'm
- 1:22Ryan Nauman Market Strategist Zephyr: glad
- 1:22Ryan Nauman Market Strategist Zephyr: I
- 1:22Ryan Nauman Market Strategist Zephyr: didn't
- 1:22Ryan Nauman Market Strategist Zephyr: scare
- 1:23Ryan Nauman Market Strategist Zephyr: you
- 1:23Ryan Nauman Market Strategist Zephyr: away
- 1:23Ryan Nauman Market Strategist Zephyr: after
- 1:23Ryan Nauman Market Strategist Zephyr: that
- 1:24Ryan Nauman Market Strategist Zephyr: first
- 1:24Ryan Nauman Market Strategist Zephyr: episode,
- 1:25Ryan Nauman Market Strategist Zephyr: so
- 1:25Ryan Nauman Market Strategist Zephyr: thank
- 1:26Ryan Nauman Market Strategist Zephyr: you,
- 1:26Ryan Nauman Market Strategist Zephyr: I
- 1:26Ryan Nauman Market Strategist Zephyr: appreciate
- 1:26Ryan Nauman Market Strategist Zephyr: it
- 1:27Robert Cohen: Yeah
- 1:28Robert Cohen: Thank
- 1:28Robert Cohen: you
- 1:28Robert Cohen: Ryan
- 1:28Robert Cohen: It's
- 1:28Robert Cohen: glad
- 1:29Robert Cohen: to
- 1:29Robert Cohen: I'm
- 1:29Robert Cohen: glad
- 1:29Robert Cohen: to
- 1:30Robert Cohen: be
- 1:30Robert Cohen: back
- 1:30Robert Cohen: here
- 1:30Robert Cohen: it's
- 1:31Robert Cohen: good
- 1:31Robert Cohen: to
- 1:31Robert Cohen: be
- 1:32Robert Cohen: a
- 1:32Robert Cohen: repeat
- 1:32Robert Cohen: guest
- 1:33Robert Cohen: now
- 1:33Robert Cohen: So
- 1:33Robert Cohen: this
- 1:34Robert Cohen: has
- 1:34Robert Cohen: become
- 1:35Robert Cohen: a
- 1:35Robert Cohen: kind
- 1:35Robert Cohen: of
- 1:35Robert Cohen: a
- 1:35Robert Cohen: regular
- 1:35Robert Cohen: occurrence
- 1:36Robert Cohen: now
- 1:36Ryan: I
- 1:36Ryan: love
- 1:37Ryan: it.
- 1:37Ryan: I
- 1:37Ryan: love
- 1:37Ryan: it.
- 1:37Ryan: Maybe
- 1:38Ryan: we
- 1:38Ryan: can
- 1:38Ryan: make
- 1:38Ryan: it
- 1:38Ryan: a
- 1:39Ryan: regular
- 1:39Ryan: occurrence,
- 1:39Ryan: like
- 1:40Ryan: I
- 1:40Ryan: said
- 1:40Ryan: earlier,
- 1:41Ryan: the...
- 1:41Ryan: Maybe
- 1:42Ryan: we--
- 1:43Ryan: the
- 1:43Ryan: Fixed
- 1:44Ryan: Income
- 1:44Ryan: Pulse
- 1:44Ryan: with
- 1:45Ryan: Robert
- 1:45Ryan: Cohen.
- 1:46Robert Cohen: Let's
- 1:47Robert Cohen: do
- 1:47Robert Cohen: it
- 1:47Ryan: Awesome.
- 1:48Robert Cohen: be
- 1:48Robert Cohen: great
- 1:50Ryan: Thank
- 1:50Ryan: you
- 1:50Ryan: so
- 1:50Ryan: much.
- 1:51Ryan: So
- 1:51Ryan: Robert,
- 1:51Ryan: let's
- 1:52Ryan: just
- 1:52Ryan: go
- 1:52Ryan: ahead
- 1:52Ryan: and
- 1:52Ryan: get
- 1:52Ryan: started.
- 1:52Ryan: Can
- 1:53Ryan: you
- 1:53Ryan: tell
- 1:53Ryan: us
- 1:53Ryan: a
- 1:53Ryan: little
- 1:53Ryan: bit
- 1:54Ryan: more
- 1:54Ryan: about
- 1:54Ryan: yourself
- 1:54Ryan: and
- 1:54Ryan: DoubleLine?
- 1:56Robert Cohen: Yeah
- 1:56Robert Cohen: So
- 1:57Robert Cohen: DoubleLine
- 1:58Robert Cohen: is
- 1:58Robert Cohen: a
- 1:58Robert Cohen: $95
- 1:59Robert Cohen: billion
- 2:00Robert Cohen: in
- 2:00Robert Cohen: assets
- 2:00Robert Cohen: asset
- 2:01Robert Cohen: management
- 2:01Robert Cohen: firm
- 2:02Robert Cohen: based
- 2:02Robert Cohen: in
- 2:02Robert Cohen: Los
- 2:02Robert Cohen: Angeles
- 2:03Robert Cohen: We
- 2:03Robert Cohen: are
- 2:04Robert Cohen: employee-owned
- 2:05Robert Cohen: which
- 2:05Robert Cohen: I
- 2:05Robert Cohen: think
- 2:05Robert Cohen: is
- 2:05Robert Cohen: an
- 2:05Robert Cohen: important
- 2:06Robert Cohen: feature
- 2:06Robert Cohen: that
- 2:06Robert Cohen: we
- 2:08Robert Cohen: have
- 2:08Robert Cohen: Our
- 2:08Robert Cohen: all
- 2:08Robert Cohen: Our
- 2:08Robert Cohen: interests
- 2:09Robert Cohen: are
- 2:09Robert Cohen: aligned
- 2:09Robert Cohen: with
- 2:10Robert Cohen: the
- 2:10Robert Cohen: clients
- 2:11Robert Cohen: we're
- 2:11Robert Cohen: not
- 2:11Robert Cohen: part
- 2:11Robert Cohen: of
- 2:11Robert Cohen: some
- 2:12Robert Cohen: mega
- 2:12Robert Cohen: corporation
- 2:13Robert Cohen: where
- 2:13Robert Cohen: there
- 2:13Robert Cohen: could
- 2:14Robert Cohen: be
- 2:14Robert Cohen: many
- 2:14Robert Cohen: distractions
- 2:16Robert Cohen: And
- 2:16Robert Cohen: it's
- 2:16Robert Cohen: also
- 2:16Robert Cohen: important
- 2:16Robert Cohen: to
- 2:17Robert Cohen: note
- 2:17Robert Cohen: that
- 2:17Robert Cohen: we're
- 2:17Robert Cohen: all
- 2:18Robert Cohen: investment
- 2:18Robert Cohen: specialists
- 2:19Robert Cohen: so
- 2:20Robert Cohen: I
- 2:20Robert Cohen: focus
- 2:21Robert Cohen: on
- 2:21Robert Cohen: corporate
- 2:21Robert Cohen: credit
- 2:22Robert Cohen: There
- 2:22Robert Cohen: are
- 2:22Robert Cohen: other
- 2:23Robert Cohen: specialists
- 2:23Robert Cohen: focusing
- 2:24Robert Cohen: on
- 2:24Robert Cohen: for
- 2:24Robert Cohen: example
- 2:25Robert Cohen: interest
- 2:25Robert Cohen: rates
- 2:26Robert Cohen: mortgages
- 2:28Robert Cohen: structured
- 2:28Robert Cohen: credit
- 2:29Robert Cohen: emerging
- 2:29Robert Cohen: markets
- 2:30Robert Cohen: Particularly
- 2:31Robert Cohen: in
- 2:31Robert Cohen: this
- 2:31Robert Cohen: time
- 2:31Robert Cohen: the
- 2:32Robert Cohen: nuances
- 2:32Robert Cohen: matter
- 2:33Robert Cohen: so
- 2:33Robert Cohen: I
- 2:33Robert Cohen: think
- 2:33Robert Cohen: being
- 2:34Robert Cohen: investment
- 2:34Robert Cohen: specialists
- 2:35Robert Cohen: is
- 2:35Robert Cohen: a
- 2:36Robert Cohen: better
- 2:36Robert Cohen: setup
- 2:36Robert Cohen: than
- 2:37Robert Cohen: trying
- 2:37Robert Cohen: to
- 2:37Robert Cohen: be
- 2:37Robert Cohen: a
- 2:37Robert Cohen: generalist
- 2:38Robert Cohen: and
- 2:38Robert Cohen: pretend
- 2:38Robert Cohen: that
- 2:39Robert Cohen: you
- 2:39Robert Cohen: can
- 2:39Robert Cohen: understand
- 2:40Robert Cohen: everything
- 2:40Robert Cohen: So
- 2:40Robert Cohen: I
- 2:40Robert Cohen: think
- 2:41Robert Cohen: that's
- 2:41Robert Cohen: an
- 2:41Robert Cohen: important
- 2:42Robert Cohen: feature
- 2:42Robert Cohen: of
- 2:42Robert Cohen: what
- 2:43Robert Cohen: we
- 2:43Robert Cohen: have
- 2:43Robert Cohen: here
- 2:43Robert Cohen: at
- 2:43Robert Cohen: DoubleLine
- 2:45Ryan: Yeah,
- 2:45Ryan: Robert,
- 2:46Ryan: I
- 2:46Ryan: couldn't
- 2:47Ryan: agree
- 2:47Ryan: with
- 2:47Ryan: you
- 2:47Ryan: more
- 2:48Ryan: on,
- 2:48Ryan: especially
- 2:48Ryan: this,
- 2:49Ryan: especially
- 2:49Ryan: on
- 2:49Ryan: the
- 2:49Ryan: fixed
- 2:50Ryan: income
- 2:50Ryan: side.
- 2:51Ryan: You-
- 2:52Ryan: equities,
- 2:52Ryan: yes,
- 2:52Ryan: they're
- 2:53Ryan: complicated,
- 2:53Ryan: but
- 2:53Ryan: fixed
- 2:54Ryan: income,
- 2:54Ryan: there's
- 2:54Ryan: so
- 2:55Ryan: much
- 2:55Ryan: at
- 2:55Ryan: play
- 2:55Ryan: in
- 2:55Ryan: fixed
- 2:56Ryan: income,
- 2:56Ryan: and
- 2:56Ryan: the
- 2:57Ryan: fixed
- 2:57Ryan: income
- 2:57Ryan: market
- 2:58Ryan: dwarfs
- 2:59Ryan: equity
- 3:00Ryan: market.
- 3:00Ryan: So
- 3:00Ryan: I
- 3:00Ryan: feel
- 3:00Ryan: as
- 3:01Ryan: if
- 3:01Ryan: you're
- 3:01Ryan: a
- 3:01Ryan: financial
- 3:02Ryan: advisor
- 3:03Ryan: or
- 3:03Ryan: just
- 3:03Ryan: an
- 3:03Ryan: investor,
- 3:05Ryan: on
- 3:05Ryan: the
- 3:05Ryan: fixed
- 3:06Ryan: income
- 3:06Ryan: sleeve
- 3:06Ryan: of
- 3:06Ryan: your
- 3:07Ryan: portfolio,
- 3:07Ryan: let
- 3:07Ryan: the
- 3:08Ryan: professionals
- 3:08Ryan: handle
- 3:09Ryan: it.
- 3:09Ryan: Let
- 3:09Ryan: the
- 3:09Ryan: specialists
- 3:10Ryan: like
- 3:10Ryan: you,
- 3:10Ryan: because
- 3:11Ryan: when
- 3:12Ryan: you're
- 3:12Ryan: trying
- 3:12Ryan: to
- 3:12Ryan: manage
- 3:13Ryan: duration
- 3:14Ryan: risk
- 3:14Ryan: and
- 3:14Ryan: all
- 3:15Ryan: the
- 3:15Ryan: other
- 3:15Ryan: risks
- 3:15Ryan: that
- 3:15Ryan: are
- 3:16Ryan: involved
- 3:16Ryan: with
- 3:16Ryan: fixed
- 3:17Ryan: income,
- 3:18Ryan: a
- 3:18Ryan: lot
- 3:18Ryan: more
- 3:18Ryan: to
- 3:19Ryan: it.
- 3:19Ryan: So
- 3:20Ryan: I
- 3:20Ryan: think
- 3:20Ryan: it's
- 3:20Ryan: very
- 3:20Ryan: important
- 3:21Ryan: to
- 3:21Ryan: be
- 3:21Ryan: a
- 3:21Ryan: specialist
- 3:22Ryan: on
- 3:22Ryan: the
- 3:22Ryan: fixed
- 3:22Ryan: income
- 3:23Ryan: side
- 3:23Ryan: versus,
- 3:23Ryan: like
- 3:23Ryan: you
- 3:24Ryan: said,
- 3:24Ryan: a
- 3:24Ryan: generalist
- 3:25Ryan: who
- 3:25Ryan: they're
- 3:25Ryan: just
- 3:26Ryan: doing
- 3:26Ryan: it
- 3:26Ryan: to
- 3:26Ryan: maybe
- 3:27Ryan: capture
- 3:27Ryan: some
- 3:27Ryan: assets
- 3:28Ryan: under
- 3:28Ryan: management
- 3:30Robert Cohen: Yeah
- 3:30Robert Cohen: I
- 3:30Robert Cohen: agree
- 3:30Robert Cohen: completely
- 3:32Ryan: So
- 3:32Ryan: let's
- 3:33Ryan: start
- 3:33Ryan: at
- 3:33Ryan: the
- 3:33Ryan: top.
- 3:34Ryan: We've
- 3:34Ryan: touched
- 3:35Ryan: on
- 3:35Ryan: the
- 3:35Ryan: macro
- 3:35Ryan: themes
- 3:36Ryan: here.
- 3:36Ryan: Investors
- 3:37Ryan: are
- 3:37Ryan: faced
- 3:38Ryan: with,
- 3:38Ryan: conflict
- 3:39Ryan: in
- 3:39Ryan: Iran.
- 3:39Ryan: We've
- 3:40Ryan: got
- 3:40Ryan: the
- 3:40Ryan: national
- 3:41Ryan: deficit
- 3:41Ryan: that
- 3:42Ryan: is
- 3:42Ryan: the
- 3:43Ryan: elephant
- 3:43Ryan: in
- 3:43Ryan: the
- 3:43Ryan: room,
- 3:44Ryan: uncertainty
- 3:44Ryan: around
- 3:45Ryan: monetary
- 3:45Ryan: policies,
- 3:46Ryan: a
- 3:46Ryan: new
- 3:46Ryan: Fed
- 3:47Ryan: chairperson.
- 3:48Ryan: We've
- 3:48Ryan: got
- 3:49Ryan: sticky
- 3:49Ryan: inflation.
- 3:50Ryan: Can
- 3:50Ryan: you
- 3:50Ryan: please
- 3:51Ryan: tell
- 3:51Ryan: us
- 3:51Ryan: your
- 3:51Ryan: views
- 3:52Ryan: on
- 3:52Ryan: the
- 3:52Ryan: current
- 3:52Ryan: macro
- 3:53Ryan: environment
- 3:53Ryan: and
- 3:54Ryan: just
- 3:54Ryan: what's
- 3:54Ryan: on
- 3:54Ryan: play?
- 3:54Ryan: Maybe
- 3:55Ryan: add
- 3:55Ryan: some
- 3:55Ryan: clarity
- 3:56Ryan: around
- 3:56Ryan: it
- 3:56Ryan: all.
- 3:58Robert Cohen: Yeah
- 3:58Robert Cohen: if
- 3:58Robert Cohen: we
- 3:58Robert Cohen: were
- 3:58Robert Cohen: to
- 3:58Robert Cohen: boil
- 3:59Robert Cohen: the
- 3:59Robert Cohen: macro
- 4:00Robert Cohen: environment
- 4:00Robert Cohen: down
- 4:00Robert Cohen: to
- 4:00Robert Cohen: two
- 4:01Robert Cohen: words
- 4:01Robert Cohen: it
- 4:01Robert Cohen: would
- 4:01Robert Cohen: be
- 4:01Robert Cohen: war
- 4:02Robert Cohen: and
- 4:02Robert Cohen: AI
- 4:03Robert Cohen: So
- 4:04Robert Cohen: we
- 4:04Robert Cohen: started
- 4:04Robert Cohen: the
- 4:05Robert Cohen: beginning
- 4:05Robert Cohen: of
- 4:05Robert Cohen: the
- 4:05Robert Cohen: year
- 4:06Robert Cohen: with
- 4:06Robert Cohen: the
- 4:06Robert Cohen: market
- 4:07Robert Cohen: expecting
- 4:08Robert Cohen: that
- 4:08Robert Cohen: the
- 4:08Robert Cohen: Fed
- 4:08Robert Cohen: was
- 4:08Robert Cohen: going
- 4:09Robert Cohen: to
- 4:09Robert Cohen: actually
- 4:09Robert Cohen: lower
- 4:09Robert Cohen: interest
- 4:10Robert Cohen: rates
- 4:11Robert Cohen: at
- 4:11Robert Cohen: least
- 4:11Robert Cohen: once
- 4:12Robert Cohen: if
- 4:12Robert Cohen: not
- 4:12Robert Cohen: twice
- 4:13Robert Cohen: And
- 4:13Robert Cohen: now
- 4:14Robert Cohen: fast-forward
- 4:15Robert Cohen: to
- 4:15Robert Cohen: today
- 4:16Robert Cohen: people
- 4:16Robert Cohen: are
- 4:16Robert Cohen: talking
- 4:16Robert Cohen: about
- 4:17Robert Cohen: maybe
- 4:17Robert Cohen: the
- 4:17Robert Cohen: Fed's
- 4:17Robert Cohen: gonna
- 4:17Robert Cohen: hike
- 4:18Robert Cohen: Certainly
- 4:19Robert Cohen: seems
- 4:19Robert Cohen: unlikely
- 4:19Robert Cohen: that
- 4:19Robert Cohen: they're
- 4:19Robert Cohen: gonna
- 4:20Robert Cohen: cut
- 4:20Robert Cohen: So
- 4:21Robert Cohen: why
- 4:21Robert Cohen: is
- 4:21Robert Cohen: that
- 4:21Robert Cohen: What's
- 4:21Robert Cohen: changed
- 4:22Robert Cohen: we
- 4:22Robert Cohen: have
- 4:22Robert Cohen: this
- 4:23Robert Cohen: conflict
- 4:23Robert Cohen: in
- 4:23Robert Cohen: the
- 4:23Robert Cohen: Middle
- 4:23Robert Cohen: East
- 4:24Robert Cohen: which
- 4:24Robert Cohen: is
- 4:24Robert Cohen: constraining
- 4:25Robert Cohen: o
- 4:25Robert Cohen: flow
- 4:25Robert Cohen: of
- 4:26Robert Cohen: Oil
- 4:26Robert Cohen: went
- 4:27Robert Cohen: over
- 4:27Robert Cohen: $100
- 4:27Robert Cohen: a
- 4:28Robert Cohen: barrel
- 4:28Robert Cohen: and
- 4:28Robert Cohen: it
- 4:28Robert Cohen: caused
- 4:29Robert Cohen: concerns
- 4:29Robert Cohen: about
- 4:30Robert Cohen: inflation
- 4:30Robert Cohen: around
- 4:30Robert Cohen: the
- 4:31Robert Cohen: globe
- 4:32Robert Cohen: and
- 4:32Robert Cohen: that's
- 4:32Robert Cohen: feeding
- 4:33Robert Cohen: into
- 4:33Robert Cohen: the
- 4:33Robert Cohen: treasury
- 4:34Robert Cohen: market
- 4:35Robert Cohen: Our
- 4:35Robert Cohen: internal
- 4:35Robert Cohen: estimates
- 4:36Robert Cohen: suggest
- 4:37Robert Cohen: that
- 4:37Robert Cohen: inflation's
- 4:38Robert Cohen: the
- 4:39Robert Cohen: core
- 4:39Robert Cohen: CPI
- 4:39Robert Cohen: could
- 4:40Robert Cohen: go
- 4:40Robert Cohen: over
- 4:40Robert Cohen: four
- 4:41Robert Cohen: percent
- 4:42Robert Cohen: soon
- 4:43Robert Cohen: and
- 4:43Robert Cohen: that
- 4:43Robert Cohen: it's
- 4:43Robert Cohen: gonna
- 4:43Robert Cohen: remain
- 4:44Robert Cohen: maybe
- 4:44Robert Cohen: not
- 4:44Robert Cohen: at
- 4:44Robert Cohen: four
- 4:45Robert Cohen: percent
- 4:45Robert Cohen: but
- 4:45Robert Cohen: north
- 4:46Robert Cohen: of
- 4:46Robert Cohen: three
- 4:46Robert Cohen: percent
- 4:46Robert Cohen: for
- 4:47Robert Cohen: quite
- 4:47Robert Cohen: some
- 4:47Robert Cohen: time
- 4:48Robert Cohen: It's
- 4:49Robert Cohen: really
- 4:49Robert Cohen: hard
- 4:49Robert Cohen: to
- 4:49Robert Cohen: say
- 4:49Robert Cohen: when
- 4:49Robert Cohen: this
- 4:50Robert Cohen: conflict
- 4:50Robert Cohen: is
- 4:50Robert Cohen: gonna
- 4:50Robert Cohen: end
- 4:51Robert Cohen: I'm
- 4:51Robert Cohen: not
- 4:51Robert Cohen: going
- 4:51Robert Cohen: to
- 4:51Robert Cohen: make
- 4:51Robert Cohen: a
- 4:52Robert Cohen: prediction
- 4:52Robert Cohen: there
- 4:53Robert Cohen: but
- 4:53Robert Cohen: even
- 4:53Robert Cohen: if
- 4:54Robert Cohen: it
- 4:54Robert Cohen: were
- 4:54Robert Cohen: e
- 4:54Robert Cohen: to
- 4:54Robert Cohen: end
- 4:55Robert Cohen: tomorrow
- 4:56Robert Cohen: the
- 4:56Robert Cohen: energy
- 4:56Robert Cohen: markets
- 4:57Robert Cohen: won't
- 4:57Robert Cohen: resolve
- 4:57Robert Cohen: themselves
- 4:58Robert Cohen: immediately
- 4:59Robert Cohen: and
- 4:59Robert Cohen: the
- 4:59Robert Cohen: inflationary
- 5:00Robert Cohen: impulse
- 5:00Robert Cohen: from
- 5:01Robert Cohen: that
- 5:02Robert Cohen: oil
- 5:02Robert Cohen: constraint
- 5:03Robert Cohen: is
- 5:03Robert Cohen: not
- 5:03Robert Cohen: gonna
- 5:03Robert Cohen: resolve
- 5:03Robert Cohen: itself
- 5:04Robert Cohen: immediately
- 5:04Robert Cohen: either
- 5:05Robert Cohen: So
- 5:05Robert Cohen: I
- 5:06Robert Cohen: think
- 5:06Robert Cohen: we're
- 5:06Robert Cohen: in
- 5:06Robert Cohen: an
- 5:06Robert Cohen: environment
- 5:07Robert Cohen: where
- 5:07Robert Cohen: the
- 5:07Robert Cohen: rate
- 5:07Robert Cohen: market
- 5:08Robert Cohen: is
- 5:09Robert Cohen: correctly
- 5:09Robert Cohen: assuming
- 5:10Robert Cohen: that
- 5:10Robert Cohen: there's
- 5:11Robert Cohen: a
- 5:11Robert Cohen: upward
- 5:11Robert Cohen: bias
- 5:12Robert Cohen: to
- 5:12Robert Cohen: inflation
- 5:13Robert Cohen: so
- 5:13Robert Cohen: that's
- 5:14Robert Cohen: the
- 5:14Robert Cohen: war
- 5:14Robert Cohen: part
- 5:15Robert Cohen: If
- 5:15Robert Cohen: we
- 5:15Robert Cohen: look
- 5:15Robert Cohen: at
- 5:16Robert Cohen: AI
- 5:16Robert Cohen: seems
- 5:16Robert Cohen: to
- 5:16Robert Cohen: be
- 5:18Robert Cohen: certainly
- 5:18Robert Cohen: influencing
- 5:19Robert Cohen: the
- 5:19Robert Cohen: equity
- 5:20Robert Cohen: markets
- 5:21Robert Cohen: some
- 5:21Robert Cohen: peopl
- 5:21Robert Cohen: peop
- 5:22Robert Cohen: people
- 5:22Robert Cohen: say
- 5:22Robert Cohen: it's
- 5:23Robert Cohen: all
- 5:23Robert Cohen: one
- 5:23Robert Cohen: trade
- 5:24Robert Cohen: which
- 5:25Robert Cohen: I
- 5:25Robert Cohen: think
- 5:25Robert Cohen: there's
- 5:25Robert Cohen: an
- 5:25Robert Cohen: argument
- 5:25Robert Cohen: for
- 5:26Robert Cohen: that
- 5:26Robert Cohen: There
- 5:26Robert Cohen: are
- 5:26Robert Cohen: four
- 5:27Robert Cohen: or
- 5:27Robert Cohen: five
- 5:27Robert Cohen: hyperscalers
- 5:28Robert Cohen: that
- 5:28Robert Cohen: are
- 5:28Robert Cohen: gonna
- 5:28Robert Cohen: spend
- 5:30Robert Cohen: almost
- 5:30Robert Cohen: a
- 5:30Robert Cohen: trillion
- 5:31Robert Cohen: dollars
- 5:31Robert Cohen: this
- 5:31Robert Cohen: year
- 5:32Robert Cohen: and
- 5:32Robert Cohen: maybe
- 5:32Robert Cohen: five
- 5:32Robert Cohen: trillion
- 5:33Robert Cohen: over
- 5:33Robert Cohen: the
- 5:33Robert Cohen: next
- 5:33Robert Cohen: several
- 5:33Robert Cohen: years
- 5:35Robert Cohen: The
- 5:35Robert Cohen: equity
- 5:35Robert Cohen: concentration
- 5:36Robert Cohen: so
- 5:37Robert Cohen: the
- 5:37Robert Cohen: number
- 5:37Robert Cohen: of
- 5:37Robert Cohen: stocks
- 5:38Robert Cohen: in
- 5:38Robert Cohen: technology
- 5:39Robert Cohen: so
- 5:40Robert Cohen: that
- 5:40Robert Cohen: sector
- 5:40Robert Cohen: concentration
- 5:42Robert Cohen: has
- 5:42Robert Cohen: never
- 5:42Robert Cohen: been
- 5:43Robert Cohen: or
- 5:43Robert Cohen: to
- 5:44Robert Cohen: find
- 5:44Robert Cohen: a
- 5:44Robert Cohen: period
- 5:44Robert Cohen: where
- 5:44Robert Cohen: it's
- 5:45Robert Cohen: been
- 5:45Robert Cohen: that
- 5:45Robert Cohen: concentrated
- 5:46Robert Cohen: you
- 5:46Robert Cohen: have
- 5:46Robert Cohen: to
- 5:46Robert Cohen: go
- 5:46Robert Cohen: back
- 5:47Robert Cohen: to
- 5:47Robert Cohen: the
- 5:47Robert Cohen: 1800s
- 5:48Robert Cohen: to
- 5:48Robert Cohen: the
- 5:48Robert Cohen: railroads
- 5:50Robert Cohen: So
- 5:50Robert Cohen: we
- 5:50Robert Cohen: really
- 5:51Robert Cohen: have
- 5:52Robert Cohen: really
- 5:52Robert Cohen: almost
- 5:52Robert Cohen: an
- 5:52Robert Cohen: economy
- 5:53Robert Cohen: that's
- 5:53Robert Cohen: tied
- 5:54Robert Cohen: to
- 5:54Robert Cohen: all
- 5:55Robert Cohen: this
- 5:55Robert Cohen: capital
- 5:55Robert Cohen: spending
- 5:56Robert Cohen: in
- 5:56Robert Cohen: AI
- 5:57Robert Cohen: at
- 5:57Robert Cohen: the
- 5:57Robert Cohen: moment
- 5:57Robert Cohen: it's
- 5:57Robert Cohen: stimulative
- 5:58Robert Cohen: so
- 5:58Robert Cohen: it's
- 5:58Robert Cohen: driving
- 5:59Robert Cohen: equity
- 5:59Robert Cohen: returns
- 6:00Robert Cohen: it's
- 6:01Robert Cohen: driving
- 6:01Robert Cohen: economic
- 6:02Robert Cohen: growth
- 6:03Robert Cohen: So
- 6:03Robert Cohen: that's
- 6:04Robert Cohen: great
- 6:04Robert Cohen: but
- 6:05Robert Cohen: it
- 6:05Robert Cohen: also
- 6:05Robert Cohen: builds
- 6:06Robert Cohen: risks
- 6:06Robert Cohen: as
- 6:06Robert Cohen: valuations
- 6:07Robert Cohen: get
- 6:07Robert Cohen: very
- 6:08Robert Cohen: high
- 6:09Robert Cohen: We
- 6:09Robert Cohen: see
- 6:09Robert Cohen: credit
- 6:09Robert Cohen: spreads
- 6:09Robert Cohen: very
- 6:10Robert Cohen: tight
- 6:11Robert Cohen: and
- 6:11Robert Cohen: so
- 6:11Robert Cohen: that's
- 6:11Robert Cohen: the
- 6:11Robert Cohen: other
- 6:12Robert Cohen: side
- 6:12Robert Cohen: of
- 6:12Robert Cohen: the
- 6:12Robert Cohen: worry
- 6:12Robert Cohen: here
- 6:13Robert Cohen: That's
- 6:13Robert Cohen: the
- 6:13Robert Cohen: in
- 6:13Robert Cohen: the
- 6:14Robert Cohen: two-word
- 6:14Robert Cohen: war
- 6:14Robert Cohen: and
- 6:14Robert Cohen: AI
- 6:15Robert Cohen: that's
- 6:15Robert Cohen: the
- 6:15Robert Cohen: AI
- 6:15Robert Cohen: side
- 6:16Robert Cohen: that
- 6:16Robert Cohen: I
- 6:16Robert Cohen: think
- 6:17Robert Cohen: you
- 6:17Robert Cohen: can't
- 6:17Robert Cohen: ignore
- 6:18Robert Cohen: And
- 6:18Robert Cohen: we
- 6:18Robert Cohen: can
- 6:18Robert Cohen: talk
- 6:19Robert Cohen: about
- 6:19Robert Cohen: how
- 6:19Robert Cohen: to
- 6:19Robert Cohen: manage
- 6:20Robert Cohen: that
- 6:20Robert Cohen: in
- 6:20Robert Cohen: a
- 6:20Robert Cohen: fixed
- 6:20Robert Cohen: income
- 6:21Robert Cohen: portfolio
- 6:21Robert Cohen: But
- 6:21Robert Cohen: from
- 6:21Robert Cohen: a
- 6:21Robert Cohen: macro
- 6:22Robert Cohen: perspective
- 6:23Robert Cohen: I
- 6:23Robert Cohen: think
- 6:23Robert Cohen: those
- 6:23Robert Cohen: are
- 6:23Robert Cohen: the
- 6:23Robert Cohen: two
- 6:23Robert Cohen: things
- 6:24Robert Cohen: to
- 6:24Robert Cohen: worry
- 6:24Robert Cohen: about
- 6:25Ryan: Yeah.
- 6:25Ryan: Let's
- 6:26Ryan: talk
- 6:26Ryan: about
- 6:26Ryan: that.
- 6:26Ryan: I'm
- 6:26Ryan: glad
- 6:26Ryan: you
- 6:27Ryan: brought...
- 6:27Ryan: Perfect
- 6:27Ryan: segue,
- 6:28Ryan: Robert,
- 6:29Ryan: into
- 6:29Ryan: how
- 6:29Ryan: you
- 6:29Ryan: manage
- 6:30Ryan: that
- 6:30Ryan: AI
- 6:31Ryan: investment.
- 6:31Ryan: It's
- 6:32Ryan: huge.
- 6:32Ryan: Like
- 6:32Ryan: you
- 6:32Ryan: said,
- 6:33Ryan: trillions
- 6:33Ryan: of
- 6:33Ryan: dollars
- 6:35Ryan: from
- 6:35Ryan: these
- 6:35Ryan: firms
- 6:36Ryan: that
- 6:36Ryan: let's,
- 6:37Ryan: bigger
- 6:37Ryan: mega
- 6:38Ryan: tech
- 6:38Ryan: firms
- 6:38Ryan: that
- 6:39Ryan: usually
- 6:40Ryan: hold
- 6:40Ryan: a
- 6:40Ryan: huge
- 6:40Ryan: amount
- 6:41Ryan: of
- 6:41Ryan: asset
- 6:42Ryan: or
- 6:42Ryan: cash
- 6:43Ryan: on
- 6:43Ryan: their
- 6:43Ryan: balance
- 6:43Ryan: sheets.
- 6:44Ryan: Now
- 6:44Ryan: all
- 6:44Ryan: of
- 6:44Ryan: a
- 6:44Ryan: sudden
- 6:44Ryan: they're
- 6:45Ryan: spending
- 6:46Ryan: all
- 6:46Ryan: this
- 6:47Ryan: money
- 6:47Ryan: on,
- 6:48Ryan: AI
- 6:48Ryan: and
- 6:48Ryan: all
- 6:49Ryan: these
- 6:49Ryan: new
- 6:50Ryan: innovations.
- 6:52Ryan: Is
- 6:53Ryan: there...
- 6:53Ryan: H-
- 6:53Ryan: how
- 6:54Ryan: do
- 6:54Ryan: you
- 6:54Ryan: handle
- 6:54Ryan: that
- 6:54Ryan: in
- 6:55Ryan: a
- 6:55Ryan: fixed
- 6:55Ryan: income
- 6:55Ryan: as
- 6:55Ryan: a
- 6:56Ryan: portfolio
- 6:56Ryan: manager
- 6:57Ryan: in
- 6:58Ryan: AI?
- 6:58Ryan: Usually
- 6:58Ryan: we
- 6:59Ryan: talk
- 6:59Ryan: about
- 6:59Ryan: on
- 6:59Ryan: the
- 6:59Ryan: equity
- 7:00Ryan: side,
- 7:00Ryan: but
- 7:01Ryan: when
- 7:01Ryan: you
- 7:01Ryan: talk
- 7:01Ryan: about
- 7:01Ryan: all
- 7:02Ryan: these
- 7:02Ryan: expenditures,
- 7:03Ryan: does
- 7:03Ryan: that
- 7:04Ryan: impact
- 7:04Ryan: your
- 7:04Ryan: decision-making?
- 7:06Robert Cohen: Yeah
- 7:07Robert Cohen: I
- 7:07Robert Cohen: think
- 7:07Robert Cohen: we
- 7:07Robert Cohen: start
- 7:07Robert Cohen: with
- 7:07Robert Cohen: a
- 7:08Robert Cohen: quite
- 7:08Robert Cohen: simple
- 7:08Robert Cohen: proposition
- 7:09Robert Cohen: in
- 7:10Robert Cohen: trying
- 7:10Robert Cohen: to
- 7:10Robert Cohen: understand
- 7:11Robert Cohen: what
- 7:11Robert Cohen: do
- 7:12Robert Cohen: clients
- 7:12Robert Cohen: come
- 7:12Robert Cohen: to
- 7:12Robert Cohen: us
- 7:12Robert Cohen: to
- 7:13Robert Cohen: solve
- 7:13Robert Cohen: What
- 7:13Robert Cohen: problem
- 7:13Robert Cohen: are
- 7:13Robert Cohen: we
- 7:14Robert Cohen: solving
- 7:15Robert Cohen: And
- 7:15Robert Cohen: I
- 7:15Robert Cohen: think
- 7:15Robert Cohen: that
- 7:15Robert Cohen: we're
- 7:16Robert Cohen: supposed
- 7:16Robert Cohen: to
- 7:16Robert Cohen: be
- 7:16Robert Cohen: the
- 7:16Robert Cohen: ballast
- 7:17Robert Cohen: in
- 7:17Robert Cohen: their
- 7:17Robert Cohen: portfolio
- 7:17Robert Cohen: Fixed
- 7:18Robert Cohen: income
- 7:18Robert Cohen: is
- 7:19Robert Cohen: the
- 7:19Robert Cohen: stay
- 7:20Robert Cohen: rich
- 7:21Robert Cohen: asset
- 7:21Robert Cohen: class
- 7:21Robert Cohen: not
- 7:21Robert Cohen: the
- 7:22Robert Cohen: get
- 7:22Robert Cohen: rich
- 7:22Robert Cohen: asset
- 7:22Robert Cohen: class
- 7:23Robert Cohen: And
- 7:23Robert Cohen: so
- 7:24Robert Cohen: most
- 7:24Robert Cohen: everyone
- 7:25Robert Cohen: is
- 7:26Robert Cohen: overweight
- 7:26Robert Cohen: equities
- 7:27Robert Cohen: whether
- 7:27Robert Cohen: they
- 7:27Robert Cohen: know
- 7:27Robert Cohen: it
- 7:27Robert Cohen: or
- 7:28Robert Cohen: not
- 7:28Robert Cohen: and
- 7:29Robert Cohen: if
- 7:29Robert Cohen: you
- 7:29Robert Cohen: own
- 7:29Robert Cohen: equities
- 7:30Robert Cohen: you
- 7:30Robert Cohen: are
- 7:30Robert Cohen: long
- 7:30Robert Cohen: the
- 7:30Robert Cohen: AI
- 7:31Robert Cohen: trade
- 7:31Robert Cohen: whether
- 7:32Robert Cohen: you
- 7:32Robert Cohen: know
- 7:32Robert Cohen: it
- 7:32Robert Cohen: or
- 7:33Robert Cohen: like
- 7:33Robert Cohen: it
- 7:33Robert Cohen: or
- 7:33Robert Cohen: not
- 7:34Robert Cohen: And
- 7:34Robert Cohen: so
- 7:35Robert Cohen: I
- 7:35Robert Cohen: think
- 7:35Robert Cohen: your
- 7:35Robert Cohen: fixed
- 7:35Robert Cohen: income
- 7:35Robert Cohen: portfolio
- 7:36Robert Cohen: is
- 7:36Robert Cohen: supposed
- 7:37Robert Cohen: to
- 7:37Robert Cohen: s
- 7:37Robert Cohen: steer
- 7:38Robert Cohen: clear
- 7:38Robert Cohen: of
- 7:38Robert Cohen: that
- 7:38Robert Cohen: maybe
- 7:39Robert Cohen: certainly
- 7:39Robert Cohen: constrain
- 7:40Robert Cohen: that
- 7:41Robert Cohen: So
- 7:41Robert Cohen: when
- 7:41Robert Cohen: we
- 7:42Robert Cohen: build
- 7:42Robert Cohen: portfolios
- 7:42Robert Cohen: we
- 7:43Robert Cohen: measure
- 7:43Robert Cohen: how
- 7:44Robert Cohen: much
- 7:44Robert Cohen: AI
- 7:44Robert Cohen: risk
- 7:44Robert Cohen: we
- 7:44Robert Cohen: have
- 7:45Robert Cohen: in
- 7:45Robert Cohen: the
- 7:45Robert Cohen: portfolio
- 7:45Robert Cohen: and
- 7:45Robert Cohen: we
- 7:45Robert Cohen: wanna
- 7:46Robert Cohen: keep
- 7:46Robert Cohen: it
- 7:46Robert Cohen: quite
- 7:46Robert Cohen: limited
- 7:47Robert Cohen: because
- 7:48Robert Cohen: if
- 7:48Robert Cohen: you're
- 7:48Robert Cohen: coming
- 7:48Robert Cohen: to
- 7:49Robert Cohen: us
- 7:49Robert Cohen: for
- 7:49Robert Cohen: a
- 7:49Robert Cohen: fixed
- 7:49Robert Cohen: income
- 7:50Robert Cohen: solution
- 7:51Robert Cohen: we
- 7:51Robert Cohen: don't
- 7:51Robert Cohen: want
- 7:51Robert Cohen: the
- 7:51Robert Cohen: clients
- 7:52Robert Cohen: to
- 7:52Robert Cohen: find
- 7:52Robert Cohen: out
- 7:52Robert Cohen: if
- 7:53Robert Cohen: the
- 7:53Robert Cohen: AI
- 7:54Robert Cohen: if
- 7:54Robert Cohen: AI
- 7:54Robert Cohen: starts
- 7:54Robert Cohen: to
- 7:55Robert Cohen: underperform
- 7:56Robert Cohen: if
- 7:57Robert Cohen: we
- 7:57Robert Cohen: can
- 7:57Robert Cohen: talk
- 7:57Robert Cohen: about
- 7:57Robert Cohen: bubbles
- 7:58Robert Cohen: but
- 7:58Robert Cohen: if
- 7:58Robert Cohen: the
- 7:58Robert Cohen: if
- 7:58Robert Cohen: there's
- 7:58Robert Cohen: a
- 7:59Robert Cohen: bubble
- 7:59Robert Cohen: that
- 7:59Robert Cohen: pops
- 8:00Robert Cohen: that
- 8:00Robert Cohen: will
- 8:01Robert Cohen: certainly
- 8:01Robert Cohen: cause
- 8:01Robert Cohen: a
- 8:01Robert Cohen: major
- 8:02Robert Cohen: drawdown
- 8:02Robert Cohen: in
- 8:02Robert Cohen: equities
- 8:03Robert Cohen: We
- 8:03Robert Cohen: don't
- 8:03Robert Cohen: want
- 8:03Robert Cohen: our
- 8:04Robert Cohen: clients
- 8:04Robert Cohen: to
- 8:04Robert Cohen: find
- 8:04Robert Cohen: out
- 8:04Robert Cohen: that
- 8:05Robert Cohen: all
- 8:05Robert Cohen: of
- 8:05Robert Cohen: a
- 8:05Robert Cohen: sudden
- 8:05Robert Cohen: there's
- 8:05Robert Cohen: a
- 8:05Robert Cohen: major
- 8:06Robert Cohen: drawdown
- 8:06Robert Cohen: in
- 8:06Robert Cohen: their
- 8:07Robert Cohen: fixed
- 8:07Robert Cohen: income
- 8:07Robert Cohen: portfolio
- 8:08Robert Cohen: because
- 8:09Robert Cohen: we're
- 8:09Robert Cohen: just
- 8:09Robert Cohen: doubling
- 8:09Robert Cohen: down
- 8:09Robert Cohen: on
- 8:10Robert Cohen: AI
- 8:10Robert Cohen: risk
- 8:11Robert Cohen: Broadly
- 8:11Robert Cohen: we
- 8:12Robert Cohen: think
- 8:12Robert Cohen: it's
- 8:12Robert Cohen: better
- 8:13Robert Cohen: to
- 8:13Robert Cohen: invest
- 8:13Robert Cohen: in
- 8:14Robert Cohen: the
- 8:14Robert Cohen: AI
- 8:15Robert Cohen: y
- 8:15Robert Cohen: the
- 8:15Robert Cohen: AI
- 8:16Robert Cohen: opportunity
- 8:16Robert Cohen: in
- 8:16Robert Cohen: the
- 8:17Robert Cohen: equity
- 8:17Robert Cohen: markets
- 8:18Robert Cohen: and
- 8:18Robert Cohen: use
- 8:18Robert Cohen: fixed
- 8:18Robert Cohen: income
- 8:19Robert Cohen: as
- 8:20Robert Cohen: a
- 8:20Robert Cohen: alternative
- 8:21Robert Cohen: I
- 8:21Robert Cohen: don't
- 8:21Robert Cohen: wanna
- 8:21Robert Cohen: say
- 8:22Robert Cohen: a
- 8:22Robert Cohen: hedge
- 8:22Robert Cohen: but
- 8:22Robert Cohen: maybe
- 8:22Robert Cohen: a
- 8:22Robert Cohen: something
- 8:23Robert Cohen: that's
- 8:23Robert Cohen: uncorrelated
- 8:24Robert Cohen: And
- 8:24Robert Cohen: so
- 8:25Robert Cohen: we
- 8:25Robert Cohen: spend
- 8:25Robert Cohen: a
- 8:25Robert Cohen: lot
- 8:25Robert Cohen: of
- 8:25Robert Cohen: time
- 8:25Robert Cohen: measuring
- 8:26Robert Cohen: that
- 8:27Robert Cohen: there's
- 8:28Robert Cohen: a
- 8:28Robert Cohen: lot
- 8:28Robert Cohen: of
- 8:28Robert Cohen: I
- 8:28Robert Cohen: shouldn't
- 8:29Robert Cohen: say
- 8:29Robert Cohen: there's
- 8:29Robert Cohen: a
- 8:29Robert Cohen: lot
- 8:29Robert Cohen: There's
- 8:29Robert Cohen: growing
- 8:30Robert Cohen: AI
- 8:30Robert Cohen: exposure
- 8:31Robert Cohen: in
- 8:31Robert Cohen: corporate
- 8:32Robert Cohen: credit
- 8:32Robert Cohen: and
- 8:32Robert Cohen: in
- 8:32Robert Cohen: securitized
- 8:34Robert Cohen: because
- 8:34Robert Cohen: of
- 8:34Robert Cohen: this
- 8:34Robert Cohen: build-out
- 8:35Robert Cohen: cause
- 8:35Robert Cohen: these
- 8:35Robert Cohen: trillions
- 8:36Robert Cohen: of
- 8:36Robert Cohen: dollars
- 8:36Robert Cohen: that
- 8:36Robert Cohen: are
- 8:36Robert Cohen: being
- 8:36Robert Cohen: spent
- 8:37Robert Cohen: It's
- 8:37Robert Cohen: not
- 8:38Robert Cohen: a
- 8:38Robert Cohen: huge
- 8:38Robert Cohen: part
- 8:39Robert Cohen: of
- 8:39Robert Cohen: any
- 8:39Robert Cohen: market
- 8:39Robert Cohen: at
- 8:39Robert Cohen: the
- 8:39Robert Cohen: moment
- 8:40Robert Cohen: so
- 8:40Robert Cohen: investment
- 8:41Robert Cohen: grade
- 8:42Robert Cohen: corporates
- 8:43Robert Cohen: high-yield
- 8:43Robert Cohen: corporates
- 8:44Robert Cohen: securitized
- 8:45Robert Cohen: in
- 8:45Robert Cohen: terms
- 8:45Robert Cohen: of
- 8:46Robert Cohen: asset-backed
- 8:46Robert Cohen: securities
- 8:47Robert Cohen: and
- 8:48Robert Cohen: CMBS
- 8:49Robert Cohen: I
- 8:49Robert Cohen: think
- 8:49Robert Cohen: they're
- 8:50Robert Cohen: all
- 8:50Robert Cohen: about
- 8:50Robert Cohen: They're
- 8:50Robert Cohen: all
- 8:51Robert Cohen: less
- 8:51Robert Cohen: than
- 8:51Robert Cohen: ten
- 8:51Robert Cohen: percent
- 8:52Robert Cohen: right
- 8:52Robert Cohen: now
- 8:53Robert Cohen: but
- 8:53Robert Cohen: growing
- 8:54Robert Cohen: And
- 8:55Robert Cohen: so
- 8:55Robert Cohen: we
- 8:55Robert Cohen: measure
- 8:55Robert Cohen: it
- 8:55Robert Cohen: in
- 8:55Robert Cohen: our
- 8:55Robert Cohen: portfolio
- 8:56Robert Cohen: management
- 8:56Robert Cohen: systems
- 8:57Robert Cohen: If
- 8:57Robert Cohen: we
- 8:58Robert Cohen: buy
- 8:58Robert Cohen: more
- 8:58Robert Cohen: let's
- 8:59Robert Cohen: say
- 8:59Robert Cohen: we
- 8:59Robert Cohen: buy
- 9:00Robert Cohen: some
- 9:00Robert Cohen: Google
- 9:01Robert Cohen: or
- 9:01Robert Cohen: now
- 9:01Robert Cohen: called
- 9:02Robert Cohen: Alphabet
- 9:03Robert Cohen: we're
- 9:03Robert Cohen: gonna
- 9:03Robert Cohen: tag
- 9:03Robert Cohen: that
- 9:03Robert Cohen: in
- 9:03Robert Cohen: our
- 9:04Robert Cohen: portfolio
- 9:04Robert Cohen: management
- 9:04Robert Cohen: system
- 9:05Robert Cohen: because
- 9:05Robert Cohen: that
- 9:05Robert Cohen: has
- 9:06Robert Cohen: AI
- 9:06Robert Cohen: risk
- 9:07Robert Cohen: Not
- 9:07Robert Cohen: that
- 9:07Robert Cohen: I'm
- 9:07Robert Cohen: worried
- 9:07Robert Cohen: much
- 9:07Robert Cohen: about
- 9:08Robert Cohen: Google
- 9:08Robert Cohen: but
- 9:08Robert Cohen: we
- 9:08Robert Cohen: wanna
- 9:08Robert Cohen: know
- 9:09Robert Cohen: what
- 9:09Robert Cohen: the
- 9:09Robert Cohen: exposure
- 9:09Robert Cohen: is
- 9:10Robert Cohen: There's
- 9:10Robert Cohen: also
- 9:11Robert Cohen: all
- 9:11Robert Cohen: the
- 9:11Robert Cohen: companies
- 9:11Robert Cohen: that
- 9:12Robert Cohen: are
- 9:12Robert Cohen: the
- 9:12Robert Cohen: beneficiaries
- 9:14Robert Cohen: of
- 9:14Robert Cohen: all
- 9:14Robert Cohen: the
- 9:15Robert Cohen: spending
- 9:15Robert Cohen: so
- 9:16Robert Cohen: you
- 9:16Robert Cohen: know
- 9:16Robert Cohen: semiconductors
- 9:18Robert Cohen: memory
- 9:19Robert Cohen: even
- 9:19Robert Cohen: power
- 9:20Robert Cohen: condu-construction
- 9:21Robert Cohen: companies
- 9:22Robert Cohen: like
- 9:22Robert Cohen: Caterpillar
- 9:23Robert Cohen: all
- 9:23Robert Cohen: of
- 9:23Robert Cohen: a
- 9:23Robert Cohen: sudden
- 9:24Robert Cohen: are
- 9:24Robert Cohen: getting
- 9:24Robert Cohen: a
- 9:24Robert Cohen: AI
- 9:25Robert Cohen: premium
- 9:26Robert Cohen: We
- 9:26Robert Cohen: actually
- 9:27Robert Cohen: measure
- 9:27Robert Cohen: all
- 9:28Robert Cohen: that
- 9:28Robert Cohen: so
- 9:28Robert Cohen: that
- 9:28Robert Cohen: we
- 9:28Robert Cohen: know
- 9:28Robert Cohen: how
- 9:29Robert Cohen: much
- 9:29Robert Cohen: of
- 9:29Robert Cohen: this
- 9:29Robert Cohen: is
- 9:29Robert Cohen: in
- 9:29Robert Cohen: our
- 9:29Robert Cohen: portfolios
- 9:31Robert Cohen: Broadly
- 9:31Robert Cohen: speaking
- 9:31Robert Cohen: it's
- 9:32Robert Cohen: pretty
- 9:32Robert Cohen: low
- 9:33Robert Cohen: single-digit
- 9:33Robert Cohen: exposure
- 9:34Robert Cohen: So
- 9:35Robert Cohen: how
- 9:35Robert Cohen: do
- 9:35Robert Cohen: we
- 9:35Robert Cohen: manage
- 9:35Robert Cohen: it
- 9:36Robert Cohen: We
- 9:36Robert Cohen: try
- 9:36Robert Cohen: to
- 9:37Robert Cohen: just
- 9:37Robert Cohen: avoid
- 9:37Robert Cohen: it
- 9:37Robert Cohen: altogether
- 9:39Robert Cohen: and
- 9:39Robert Cohen: if
- 9:39Robert Cohen: we're
- 9:39Robert Cohen: going
- 9:39Robert Cohen: to
- 9:39Robert Cohen: have
- 9:40Robert Cohen: exposure
- 9:40Robert Cohen: we're
- 9:40Robert Cohen: gonna
- 9:41Robert Cohen: have
- 9:41Robert Cohen: it
- 9:41Robert Cohen: in
- 9:41Robert Cohen: places
- 9:42Robert Cohen: that
- 9:42Robert Cohen: have
- 9:43Robert Cohen: you
- 9:43Robert Cohen: know
- 9:43Robert Cohen: very
- 9:44Robert Cohen: solid
- 9:44Robert Cohen: coverage
- 9:45Robert Cohen: from
- 9:45Robert Cohen: these
- 9:46Robert Cohen: hyperscalers
- 9:47Robert Cohen: or
- 9:47Robert Cohen: have
- 9:49Robert Cohen: gu-guarantees
- 9:49Robert Cohen: or
- 9:49Robert Cohen: something
- 9:50Robert Cohen: directly
- 9:50Robert Cohen: related
- 9:50Robert Cohen: to
- 9:50Robert Cohen: that
- 9:51Robert Cohen: We
- 9:51Robert Cohen: can
- 9:51Robert Cohen: get
- 9:51Robert Cohen: into
- 9:52Robert Cohen: exactly
- 9:52Robert Cohen: how
- 9:52Robert Cohen: we
- 9:52Robert Cohen: do
- 9:52Robert Cohen: that
- 9:52Robert Cohen: but
- 9:52Robert Cohen: the
- 9:53Robert Cohen: you
- 9:53Robert Cohen: know
- 9:53Robert Cohen: the
- 9:53Robert Cohen: main
- 9:54Robert Cohen: theme
- 9:54Robert Cohen: is
- 9:54Robert Cohen: we
- 9:54Robert Cohen: try
- 9:54Robert Cohen: to
- 9:55Robert Cohen: m-manage
- 9:56Robert Cohen: the
- 9:56Robert Cohen: exposure
- 9:56Robert Cohen: so
- 9:56Robert Cohen: it's
- 9:57Robert Cohen: not
- 9:57Robert Cohen: a
- 9:57Robert Cohen: big
- 9:57Robert Cohen: part
- 9:57Robert Cohen: of
- 9:57Robert Cohen: the
- 9:57Robert Cohen: portfolio
- 9:59Ryan: Yeah,
- 10:00Ryan: that
- 10:00Ryan: makes
- 10:00Ryan: sense.
- 10:00Ryan: You,
- 10:01Ryan: we
- 10:01Ryan: talk
- 10:01Ryan: a
- 10:01Ryan: lot
- 10:02Ryan: about
- 10:02Ryan: AI
- 10:02Ryan: being
- 10:03Ryan: the
- 10:03Ryan: re-
- 10:04Ryan: revolution
- 10:05Ryan: and
- 10:06Ryan: all
- 10:06Ryan: this
- 10:06Ryan: stuff
- 10:07Ryan: regarding
- 10:07Ryan: AI,
- 10:08Ryan: and
- 10:09Ryan: it's
- 10:09Ryan: gonna
- 10:09Ryan: drive
- 10:10Ryan: everything
- 10:10Ryan: moving
- 10:11Ryan: forward.
- 10:11Ryan: But
- 10:11Ryan: it's
- 10:12Ryan: still
- 10:12Ryan: awfully
- 10:13Ryan: early,
- 10:14Ryan: Robert,
- 10:14Ryan: in
- 10:14Ryan: the
- 10:15Ryan: AI
- 10:16Ryan: ecosystem.
- 10:19Ryan: so
- 10:19Ryan: to
- 10:19Ryan: me,
- 10:20Ryan: there's
- 10:20Ryan: still
- 10:20Ryan: concerns.
- 10:21Ryan: Are
- 10:21Ryan: these
- 10:21Ryan: companies
- 10:22Ryan: that
- 10:22Ryan: are
- 10:22Ryan: spending
- 10:23Ryan: these
- 10:23Ryan: huge
- 10:23Ryan: sums,
- 10:23Ryan: are
- 10:24Ryan: they
- 10:24Ryan: gonna
- 10:24Ryan: get
- 10:24Ryan: the
- 10:25Ryan: ROI,
- 10:25Ryan: the
- 10:25Ryan: return
- 10:26Ryan: on
- 10:26Ryan: investment
- 10:27Ryan: they're
- 10:27Ryan: expecting?
- 10:27Ryan: Does
- 10:28Ryan: that
- 10:28Ryan: concern
- 10:28Ryan: you
- 10:29Ryan: that
- 10:29Ryan: maybe
- 10:30Ryan: they're
- 10:30Ryan: a
- 10:30Ryan: little
- 10:31Ryan: overdone
- 10:31Ryan: in
- 10:31Ryan: their
- 10:31Ryan: spending,
- 10:32Ryan: and
- 10:32Ryan: that
- 10:33Ryan: those
- 10:33Ryan: ROI
- 10:34Ryan: expectations
- 10:35Ryan: maybe
- 10:36Ryan: aren't
- 10:36Ryan: gonna
- 10:36Ryan: be
- 10:36Ryan: met?
- 10:38Robert Cohen: Yes
- 10:38Robert Cohen: I
- 10:38Robert Cohen: do
- 10:38Robert Cohen: worry
- 10:38Robert Cohen: about
- 10:38Robert Cohen: it
- 10:39Robert Cohen: there
- 10:39Robert Cohen: are
- 10:39Robert Cohen: companies
- 10:40Robert Cohen: that
- 10:40Robert Cohen: disclose
- 10:41Robert Cohen: their
- 10:41Robert Cohen: profitability
- 10:42Robert Cohen: like
- 10:42Robert Cohen: Alphabet
- 10:43Robert Cohen: that
- 10:43Robert Cohen: we
- 10:43Robert Cohen: just
- 10:43Robert Cohen: mentioned
- 10:44Robert Cohen: They
- 10:44Robert Cohen: have
- 10:44Robert Cohen: a
- 10:44Robert Cohen: cloud
- 10:44Robert Cohen: computing
- 10:45Robert Cohen: segment
- 10:45Robert Cohen: that
- 10:46Robert Cohen: they
- 10:46Robert Cohen: disclose
- 10:46Robert Cohen: in
- 10:46Robert Cohen: their
- 10:46Robert Cohen: financial
- 10:47Robert Cohen: statements
- 10:47Robert Cohen: so
- 10:47Robert Cohen: you
- 10:48Robert Cohen: can
- 10:48Robert Cohen: see
- 10:48Robert Cohen: the
- 10:48Robert Cohen: profitability
- 10:49Robert Cohen: there
- 10:50Robert Cohen: So
- 10:50Robert Cohen: that
- 10:50Robert Cohen: transparency
- 10:51Robert Cohen: is
- 10:51Robert Cohen: quite
- 10:51Robert Cohen: helpful
- 10:52Robert Cohen: Many
- 10:53Robert Cohen: others
- 10:53Robert Cohen: do
- 10:53Robert Cohen: not
- 10:55Robert Cohen: report
- 10:55Robert Cohen: the
- 10:56Robert Cohen: profitability
- 10:57Robert Cohen: and
- 10:57Robert Cohen: then
- 10:57Robert Cohen: many
- 10:57Robert Cohen: other
- 10:57Robert Cohen: companies
- 10:58Robert Cohen: are
- 10:58Robert Cohen: not
- 10:58Robert Cohen: yet
- 10:58Robert Cohen: profitable
- 10:59Robert Cohen: They're
- 10:59Robert Cohen: building
- 11:00Robert Cohen: out
- 11:00Robert Cohen: So
- 11:00Robert Cohen: the
- 11:01Robert Cohen: o
- 11:01Robert Cohen: the
- 11:02Robert Cohen: companies
- 11:02Robert Cohen: that
- 11:03Robert Cohen: are
- 11:03Robert Cohen: actually
- 11:03Robert Cohen: building
- 11:03Robert Cohen: out
- 11:04Robert Cohen: this
- 11:04Robert Cohen: infrastructure
- 11:04Robert Cohen: capacity
- 11:06Robert Cohen: not
- 11:06Robert Cohen: the
- 11:06Robert Cohen: hyperscalers
- 11:07Robert Cohen: themselves
- 11:07Robert Cohen: but
- 11:07Robert Cohen: the
- 11:08Robert Cohen: ones
- 11:08Robert Cohen: the
- 11:08Robert Cohen: off-balance
- 11:09Robert Cohen: sheet
- 11:09Robert Cohen: financings
- 11:10Robert Cohen: and
- 11:10Robert Cohen: the
- 11:10Robert Cohen: separate
- 11:11Robert Cohen: companies
- 11:11Robert Cohen: CoreWeave
- 11:12Robert Cohen: for
- 11:12Robert Cohen: example
- 11:13Robert Cohen: the
- 11:13Robert Cohen: ones
- 11:13Robert Cohen: building
- 11:13Robert Cohen: all
- 11:14Robert Cohen: of
- 11:14Robert Cohen: this
- 11:15Robert Cohen: it's
- 11:15Robert Cohen: yet
- 11:15Robert Cohen: to
- 11:15Robert Cohen: be
- 11:15Robert Cohen: determined
- 11:16Robert Cohen: what
- 11:16Robert Cohen: the
- 11:16Robert Cohen: return
- 11:17Robert Cohen: on
- 11:17Robert Cohen: capital
- 11:17Robert Cohen: will
- 11:17Robert Cohen: be
- 11:18Robert Cohen: you
- 11:18Robert Cohen: know
- 11:18Robert Cohen: clearly
- 11:19Robert Cohen: there's
- 11:19Robert Cohen: probably
- 11:19Robert Cohen: gonna
- 11:19Robert Cohen: be
- 11:19Robert Cohen: winners
- 11:20Robert Cohen: and
- 11:20Robert Cohen: losers
- 11:21Robert Cohen: I
- 11:21Robert Cohen: was
- 11:21Robert Cohen: an
- 11:21Robert Cohen: analyst
- 11:22Robert Cohen: during
- 11:22Robert Cohen: the
- 11:22Robert Cohen: dot-com
- 11:23Robert Cohen: bust
- 11:24Robert Cohen: so
- 11:24Robert Cohen: this
- 11:24Robert Cohen: isn't
- 11:24Robert Cohen: the
- 11:24Robert Cohen: same
- 11:25Robert Cohen: but
- 11:25Robert Cohen: as
- 11:25Robert Cohen: they
- 11:25Robert Cohen: say
- 11:25Robert Cohen: rhymes
- 11:26Robert Cohen: but
- 11:26Robert Cohen: it's
- 11:27Robert Cohen: rhyming
- 11:27Robert Cohen: in
- 11:27Robert Cohen: quite
- 11:28Robert Cohen: a
- 11:28Robert Cohen: similar
- 11:28Robert Cohen: way
- 11:29Robert Cohen: there
- 11:29Robert Cohen: were
- 11:29Robert Cohen: darlings
- 11:30Robert Cohen: back
- 11:30Robert Cohen: then
- 11:30Robert Cohen: Cisco
- 11:31Robert Cohen: Microsoft
- 11:32Robert Cohen: and
- 11:32Robert Cohen: so
- 11:32Robert Cohen: on
- 11:32Robert Cohen: that
- 11:32Robert Cohen: are
- 11:32Robert Cohen: still
- 11:33Robert Cohen: here
- 11:33Robert Cohen: today
- 11:34Robert Cohen: And
- 11:34Robert Cohen: then
- 11:34Robert Cohen: there
- 11:34Robert Cohen: are
- 11:35Robert Cohen: there
- 11:35Robert Cohen: were
- 11:35Robert Cohen: other
- 11:35Robert Cohen: financings
- 11:36Robert Cohen: that
- 11:36Robert Cohen: were
- 11:37Robert Cohen: quite
- 11:37Robert Cohen: aggressive
- 11:37Robert Cohen: that
- 11:38Robert Cohen: wound
- 11:38Robert Cohen: up
- 11:38Robert Cohen: not
- 11:38Robert Cohen: working
- 11:39Robert Cohen: And
- 11:40Robert Cohen: I
- 11:40Robert Cohen: think
- 11:40Robert Cohen: that's
- 11:40Robert Cohen: where
- 11:40Robert Cohen: we're
- 11:40Robert Cohen: gonna
- 11:40Robert Cohen: be
- 11:41Robert Cohen: today
- 11:42Robert Cohen: I
- 11:42Robert Cohen: will
- 11:42Robert Cohen: say
- 11:42Robert Cohen: at
- 11:42Robert Cohen: least
- 11:43Robert Cohen: so
- 11:43Robert Cohen: far
- 11:45Robert Cohen: a
- 11:45Robert Cohen: major
- 11:45Robert Cohen: difference
- 11:45Robert Cohen: is
- 11:45Robert Cohen: I
- 11:46Robert Cohen: do
- 11:46Robert Cohen: not
- 11:46Robert Cohen: think
- 11:46Robert Cohen: that
- 11:46Robert Cohen: there's
- 11:47Robert Cohen: a
- 11:47Robert Cohen: bubble
- 11:47Robert Cohen: yet
- 11:47Robert Cohen: in
- 11:47Robert Cohen: credit
- 11:48Robert Cohen: And
- 11:48Robert Cohen: I
- 11:48Robert Cohen: say
- 11:48Robert Cohen: yet
- 11:48Robert Cohen: because
- 11:49Robert Cohen: you
- 11:49Robert Cohen: know
- 11:49Robert Cohen: we're
- 11:49Robert Cohen: we're
- 11:50Robert Cohen: doing
- 11:51Robert Cohen: a
- 11:51Robert Cohen: lot
- 11:51Robert Cohen: of
- 11:51Robert Cohen: financing
- 11:52Robert Cohen: But
- 11:52Robert Cohen: th
- 11:52Robert Cohen: what
- 11:53Robert Cohen: y
- 11:53Robert Cohen: you
- 11:54Robert Cohen: know
- 11:54Robert Cohen: what
- 11:54Robert Cohen: distinguished
- 11:54Robert Cohen: that
- 11:55Robert Cohen: era
- 11:55Robert Cohen: and
- 11:55Robert Cohen: I
- 11:55Robert Cohen: think
- 11:55Robert Cohen: what
- 11:56Robert Cohen: you
- 11:56Robert Cohen: what
- 11:56Robert Cohen: happens
- 11:56Robert Cohen: when
- 11:57Robert Cohen: you
- 11:57Robert Cohen: have
- 11:57Robert Cohen: bubbles
- 11:57Robert Cohen: is
- 11:58Robert Cohen: you
- 11:58Robert Cohen: go
- 11:58Robert Cohen: from
- 11:59Robert Cohen: aggressive
- 12:00Robert Cohen: expectations
- 12:01Robert Cohen: to
- 12:01Robert Cohen: transactions
- 12:02Robert Cohen: that
- 12:02Robert Cohen: you
- 12:02Robert Cohen: know
- 12:02Robert Cohen: are
- 12:03Robert Cohen: not
- 12:03Robert Cohen: gonna
- 12:03Robert Cohen: going
- 12:03Robert Cohen: to
- 12:03Robert Cohen: work
- 12:04Robert Cohen: you
- 12:04Robert Cohen: know
- 12:04Robert Cohen: the
- 12:05Robert Cohen: famous
- 12:05Robert Cohen: Pets.com
- 12:06Robert Cohen: back
- 12:07Robert Cohen: in
- 12:07Robert Cohen: the
- 12:07Robert Cohen: 2000
- 12:07Robert Cohen: era
- 12:08Robert Cohen: but
- 12:08Robert Cohen: even
- 12:09Robert Cohen: go
- 12:09Robert Cohen: back
- 12:09Robert Cohen: to
- 12:09Robert Cohen: the
- 12:09Robert Cohen: energy
- 12:10Robert Cohen: financings
- 12:11Robert Cohen: of
- 12:11Robert Cohen: I
- 12:11Robert Cohen: don't
- 12:11Robert Cohen: know
- 12:11Robert Cohen: was
- 12:11Robert Cohen: that
- 12:11Robert Cohen: twenty
- 12:12Robert Cohen: thirteen
- 12:12Robert Cohen: fourteen
- 12:13Robert Cohen: when
- 12:13Robert Cohen: we
- 12:13Robert Cohen: were
- 12:14Robert Cohen: f
- 12:14Robert Cohen: financing
- 12:14Robert Cohen: the
- 12:15Robert Cohen: shale
- 12:15Robert Cohen: boom
- 12:16Robert Cohen: in
- 12:16Robert Cohen: the
- 12:16Robert Cohen: US
- 12:17Robert Cohen: There
- 12:17Robert Cohen: were
- 12:17Robert Cohen: rock-solid
- 12:18Robert Cohen: credits
- 12:19Robert Cohen: and
- 12:19Robert Cohen: then
- 12:19Robert Cohen: there
- 12:19Robert Cohen: were
- 12:20Robert Cohen: credits
- 12:20Robert Cohen: that
- 12:20Robert Cohen: you
- 12:20Robert Cohen: knew
- 12:21Robert Cohen: on
- 12:21Robert Cohen: day
- 12:21Robert Cohen: one
- 12:21Robert Cohen: wouldn't
- 12:21Robert Cohen: work
- 12:23Robert Cohen: So
- 12:23Robert Cohen: if
- 12:23Robert Cohen: looking
- 12:23Robert Cohen: at
- 12:23Robert Cohen: the
- 12:23Robert Cohen: AI
- 12:24Robert Cohen: deals
- 12:24Robert Cohen: so
- 12:24Robert Cohen: far
- 12:25Robert Cohen: in
- 12:25Robert Cohen: the
- 12:25Robert Cohen: credit
- 12:25Robert Cohen: markets
- 12:26Robert Cohen: the
- 12:26Robert Cohen: ones
- 12:26Robert Cohen: back
- 12:27Robert Cohen: the
- 12:27Robert Cohen: one
- 12:27Robert Cohen: the
- 12:27Robert Cohen: the
- 12:28Robert Cohen: hyperscalers
- 12:28Robert Cohen: themselves
- 12:29Robert Cohen: Alphabet
- 12:30Robert Cohen: Microsoft
- 12:30Robert Cohen: Amazon
- 12:31Robert Cohen: they'll
- 12:31Robert Cohen: be
- 12:31Robert Cohen: fine
- 12:32Robert Cohen: Their
- 12:32Robert Cohen: balance
- 12:32Robert Cohen: sheets
- 12:32Robert Cohen: are
- 12:32Robert Cohen: still
- 12:32Robert Cohen: very
- 12:33Robert Cohen: strong
- 12:33Robert Cohen: even
- 12:34Robert Cohen: if
- 12:34Robert Cohen: they
- 12:34Robert Cohen: put
- 12:34Robert Cohen: more
- 12:35Robert Cohen: debt
- 12:35Robert Cohen: on
- 12:35Robert Cohen: the
- 12:35Robert Cohen: balance
- 12:35Robert Cohen: sheet
- 12:37Robert Cohen: Many
- 12:37Robert Cohen: of
- 12:37Robert Cohen: the
- 12:38Robert Cohen: other
- 12:38Robert Cohen: hyper
- 12:39Robert Cohen: Neil
- 12:39Robert Cohen: clouds
- 12:40Robert Cohen: and
- 12:40Robert Cohen: the
- 12:40Robert Cohen: ones
- 12:41Robert Cohen: building
- 12:41Robert Cohen: the
- 12:41Robert Cohen: infrastructure
- 12:42Robert Cohen: some
- 12:43Robert Cohen: of
- 12:43Robert Cohen: them
- 12:43Robert Cohen: are
- 12:43Robert Cohen: aggressive
- 12:44Robert Cohen: but
- 12:44Robert Cohen: it
- 12:44Robert Cohen: th
- 12:45Robert Cohen: you
- 12:45Robert Cohen: can
- 12:45Robert Cohen: certainly
- 12:45Robert Cohen: come
- 12:46Robert Cohen: come
- 12:46Robert Cohen: up
- 12:46Robert Cohen: with
- 12:46Robert Cohen: a
- 12:47Robert Cohen: forecast
- 12:47Robert Cohen: where
- 12:47Robert Cohen: they
- 12:47Robert Cohen: work
- 12:48Robert Cohen: just
- 12:48Robert Cohen: fine
- 12:49Robert Cohen: We
- 12:49Robert Cohen: have
- 12:50Robert Cohen: yet
- 12:50Robert Cohen: to
- 12:50Robert Cohen: see
- 12:50Robert Cohen: the
- 12:50Robert Cohen: deals
- 12:51Robert Cohen: so
- 12:51Robert Cohen: far
- 12:52Robert Cohen: where
- 12:52Robert Cohen: you
- 12:52Robert Cohen: look
- 12:52Robert Cohen: at
- 12:52Robert Cohen: it
- 12:52Robert Cohen: and
- 12:52Robert Cohen: say
- 12:53Robert Cohen: Oh
- 12:53Robert Cohen: this
- 12:53Robert Cohen: is
- 12:54Robert Cohen: not
- 12:54Robert Cohen: gonna
- 12:54Robert Cohen: work
- 12:55Robert Cohen: So
- 12:55Robert Cohen: that's
- 12:55Robert Cohen: why
- 12:55Robert Cohen: I
- 12:55Robert Cohen: think
- 12:56Robert Cohen: we're
- 12:56Robert Cohen: the
- 12:56Robert Cohen: credit
- 12:56Robert Cohen: markets
- 12:57Robert Cohen: just
- 12:57Robert Cohen: speaking
- 12:57Robert Cohen: about
- 12:57Robert Cohen: the
- 12:57Robert Cohen: credit
- 12:58Robert Cohen: markets
- 12:58Robert Cohen: not
- 12:58Robert Cohen: the
- 12:58Robert Cohen: equity
- 12:59Robert Cohen: markets
- 12:59Robert Cohen: the
- 12:59Robert Cohen: credit
- 12:59Robert Cohen: markets
- 13:00Robert Cohen: look
- 13:00Robert Cohen: okay
- 13:00Robert Cohen: for
- 13:00Robert Cohen: now
- 13:01Robert Cohen: But
- 13:01Robert Cohen: we
- 13:01Robert Cohen: are
- 13:02Robert Cohen: on
- 13:02Robert Cohen: watch
- 13:02Robert Cohen: I'm
- 13:03Robert Cohen: waiting
- 13:03Robert Cohen: to
- 13:03Robert Cohen: see
- 13:03Robert Cohen: those
- 13:04Robert Cohen: deals
- 13:04Robert Cohen: come
- 13:04Robert Cohen: where
- 13:04Robert Cohen: you
- 13:04Robert Cohen: say
- 13:05Robert Cohen: Oh
- 13:06Robert Cohen: this
- 13:06Robert Cohen: isn't
- 13:06Robert Cohen: gonna
- 13:06Robert Cohen: work
- 13:07Robert Cohen: This
- 13:07Robert Cohen: is
- 13:07Robert Cohen: just
- 13:07Robert Cohen: a
- 13:07Robert Cohen: bridge
- 13:08Robert Cohen: too
- 13:08Robert Cohen: far
- 13:09Robert Cohen: we're
- 13:09Robert Cohen: not
- 13:09Robert Cohen: there
- 13:10Robert Cohen: yet
- 13:11Robert Cohen: Equity
- 13:11Robert Cohen: markets
- 13:12Robert Cohen: are
- 13:12Robert Cohen: starting
- 13:12Robert Cohen: to
- 13:12Robert Cohen: trade
- 13:13Robert Cohen: You
- 13:13Robert Cohen: know
- 13:13Robert Cohen: I
- 13:13Robert Cohen: remember
- 13:13Robert Cohen: back
- 13:14Robert Cohen: at
- 13:14Robert Cohen: back
- 13:14Robert Cohen: in
- 13:15Robert Cohen: the
- 13:15Robert Cohen: ni
- 13:15Robert Cohen: l
- 13:15Robert Cohen: late
- 13:15Robert Cohen: 90s
- 13:16Robert Cohen: when
- 13:16Robert Cohen: people
- 13:16Robert Cohen: started
- 13:16Robert Cohen: talking
- 13:17Robert Cohen: about
- 13:17Robert Cohen: ARR
- 13:18Robert Cohen: IPOs
- 13:19Robert Cohen: that's
- 13:20Robert Cohen: annualized
- 13:20Robert Cohen: recurring
- 13:20Robert Cohen: revenue
- 13:21Robert Cohen: and
- 13:22Robert Cohen: you
- 13:22Robert Cohen: I
- 13:22Robert Cohen: remember
- 13:22Robert Cohen: back
- 13:23Robert Cohen: then
- 13:23Robert Cohen: people
- 13:23Robert Cohen: going
- 13:24Robert Cohen: on
- 13:24Robert Cohen: TV
- 13:24Robert Cohen: saying
- 13:25Robert Cohen: Valuing
- 13:26Robert Cohen: companies
- 13:26Robert Cohen: based
- 13:27Robert Cohen: on
- 13:27Robert Cohen: earnings
- 13:27Robert Cohen: and
- 13:27Robert Cohen: cash
- 13:28Robert Cohen: flow
- 13:28Robert Cohen: is
- 13:28Robert Cohen: an
- 13:28Robert Cohen: old-fashioned
- 13:29Robert Cohen: that's
- 13:29Robert Cohen: your
- 13:29Robert Cohen: dad
- 13:30Robert Cohen: and
- 13:30Robert Cohen: your
- 13:30Robert Cohen: grandpa's
- 13:30Robert Cohen: old
- 13:31Robert Cohen: valuation
- 13:31Robert Cohen: method
- 13:32Robert Cohen: There's
- 13:32Robert Cohen: a
- 13:32Robert Cohen: new
- 13:32Robert Cohen: valuation
- 13:33Robert Cohen: method
- 13:34Robert Cohen: for
- 13:34Robert Cohen: this
- 13:34Robert Cohen: new
- 13:34Robert Cohen: internet
- 13:35Robert Cohen: era
- 13:35Robert Cohen: and
- 13:35Robert Cohen: it's
- 13:36Robert Cohen: it's
- 13:36Robert Cohen: annualized
- 13:37Robert Cohen: recurring
- 13:37Robert Cohen: revenue
- 13:38Robert Cohen: You
- 13:38Robert Cohen: look
- 13:38Robert Cohen: at
- 13:38Robert Cohen: that
- 13:38Robert Cohen: and
- 13:38Robert Cohen: you
- 13:38Robert Cohen: look
- 13:39Robert Cohen: at
- 13:39Robert Cohen: the
- 13:39Robert Cohen: total
- 13:39Robert Cohen: addressable
- 13:39Robert Cohen: market
- 13:40Robert Cohen: and
- 13:40Robert Cohen: that's
- 13:41Robert Cohen: all
- 13:41Robert Cohen: you
- 13:41Robert Cohen: need
- 13:41Robert Cohen: to
- 13:41Robert Cohen: know
- 13:42Robert Cohen: Don't
- 13:42Robert Cohen: worry
- 13:42Robert Cohen: about
- 13:42Robert Cohen: the
- 13:42Robert Cohen: earnings
- 13:42Robert Cohen: They'll
- 13:43Robert Cohen: come
- 13:43Robert Cohen: later
- 13:44Robert Cohen: That
- 13:44Robert Cohen: was
- 13:44Robert Cohen: back
- 13:44Robert Cohen: in
- 13:45Robert Cohen: 97
- 13:45Robert Cohen: 98
- 13:45Robert Cohen: 99
- 13:46Robert Cohen: Then
- 13:46Robert Cohen: we
- 13:46Robert Cohen: had
- 13:47Robert Cohen: the
- 13:47Robert Cohen: dot-com
- 13:47Robert Cohen: crash
- 13:48Robert Cohen: we're
- 13:48Robert Cohen: starting
- 13:48Robert Cohen: to
- 13:49Robert Cohen: talk
- 13:49Robert Cohen: about
- 13:49Robert Cohen: that
- 13:49Robert Cohen: again
- 13:50Robert Cohen: not
- 13:50Robert Cohen: with
- 13:50Robert Cohen: the
- 13:50Robert Cohen: hyperscalers
- 13:51Robert Cohen: They
- 13:51Robert Cohen: have
- 13:51Robert Cohen: plenty
- 13:52Robert Cohen: of
- 13:52Robert Cohen: earnings
- 13:53Robert Cohen: and
- 13:53Robert Cohen: cash
- 13:53Robert Cohen: flow
- 13:54Robert Cohen: But
- 13:54Robert Cohen: all
- 13:54Robert Cohen: of
- 13:54Robert Cohen: a
- 13:54Robert Cohen: sudden
- 13:55Robert Cohen: we're
- 13:55Robert Cohen: starting
- 13:55Robert Cohen: to
- 13:55Robert Cohen: talk
- 13:55Robert Cohen: about
- 13:56Robert Cohen: IPOs
- 13:56Robert Cohen: We're
- 13:56Robert Cohen: talking
- 13:57Robert Cohen: about
- 13:57Robert Cohen: companies
- 13:57Robert Cohen: that
- 13:58Robert Cohen: we're
- 13:58Robert Cohen: going
- 13:58Robert Cohen: to
- 13:58Robert Cohen: measure
- 13:59Robert Cohen: based
- 13:59Robert Cohen: on
- 13:59Robert Cohen: a
- 13:59Robert Cohen: multiple
- 14:00Robert Cohen: of
- 14:00Robert Cohen: annualized
- 14:01Robert Cohen: recurring
- 14:01Robert Cohen: revenue
- 14:02Robert Cohen: and
- 14:02Robert Cohen: a
- 14:02Robert Cohen: total
- 14:03Robert Cohen: addressable
- 14:03Robert Cohen: market
- 14:04Robert Cohen: and
- 14:04Robert Cohen: the
- 14:04Robert Cohen: earnings
- 14:05Robert Cohen: and
- 14:05Robert Cohen: cash
- 14:05Robert Cohen: flows
- 14:06Robert Cohen: they'll
- 14:06Robert Cohen: come
- 14:06Robert Cohen: later
- 14:07Robert Cohen: So
- 14:08Robert Cohen: you
- 14:08Robert Cohen: know
- 14:08Robert Cohen: that's
- 14:08Robert Cohen: certainly
- 14:10Robert Cohen: yellow
- 14:10Robert Cohen: flags
- 14:11Robert Cohen: I
- 14:11Robert Cohen: don't
- 14:11Robert Cohen: know
- 14:11Robert Cohen: if
- 14:11Robert Cohen: we're
- 14:11Robert Cohen: gonna
- 14:11Robert Cohen: call
- 14:11Robert Cohen: them
- 14:11Robert Cohen: red
- 14:12Robert Cohen: but
- 14:12Robert Cohen: they're
- 14:12Robert Cohen: certainly
- 14:12Robert Cohen: yellow
- 14:13Robert Cohen: flags
- 14:14Robert Cohen: and
- 14:14Robert Cohen: we're
- 14:14Robert Cohen: spending
- 14:14Robert Cohen: a
- 14:14Robert Cohen: lot
- 14:14Robert Cohen: of
- 14:15Robert Cohen: time
- 14:15Robert Cohen: thinking
- 14:15Robert Cohen: about
- 14:15Robert Cohen: that
- 14:16Robert Cohen: at
- 14:16Robert Cohen: DoubleLine
- 14:17Robert Cohen: as
- 14:17Robert Cohen: we
- 14:17Robert Cohen: put
- 14:17Robert Cohen: portfolios
- 14:18Robert Cohen: together
- 14:19Ryan: Robert,
- 14:20Ryan: that's
- 14:20Ryan: fantastic.
- 14:21Ryan: And
- 14:21Ryan: I
- 14:21Ryan: rem-
- 14:22Ryan: during
- 14:22Ryan: the
- 14:23Ryan: dot
- 14:23Ryan: com
- 14:23Ryan: era
- 14:24Ryan: I
- 14:24Ryan: was
- 14:24Ryan: in
- 14:24Ryan: Seattle
- 14:25Ryan: at
- 14:25Ryan: the
- 14:25Ryan: time.
- 14:26Robert Cohen: I'm
- 14:26Robert Cohen: right
- 14:26Robert Cohen: in
- 14:26Robert Cohen: the
- 14:26Robert Cohen: thick
- 14:26Robert Cohen: of
- 14:27Robert Cohen: things
- 14:28Ryan: it
- 14:28Ryan: was,
- 14:28Ryan: like,
- 14:29Ryan: just
- 14:29Ryan: chaos.
- 14:29Ryan: And
- 14:30Ryan: you're
- 14:30Ryan: right
- 14:30Ryan: back
- 14:30Ryan: then
- 14:31Ryan: all
- 14:31Ryan: of
- 14:31Ryan: a
- 14:31Ryan: sudden
- 14:31Ryan: it
- 14:31Ryan: was...
- 14:32Ryan: I
- 14:32Ryan: don't
- 14:32Ryan: know
- 14:32Ryan: if
- 14:32Ryan: there
- 14:32Ryan: was
- 14:33Ryan: a
- 14:33Ryan: day
- 14:33Ryan: or
- 14:34Ryan: a
- 14:34Ryan: time
- 14:35Ryan: or
- 14:35Ryan: a
- 14:35Ryan: month
- 14:35Ryan: where
- 14:35Ryan: all
- 14:35Ryan: of
- 14:36Ryan: a
- 14:36Ryan: sudden,
- 14:36Ryan: okay,
- 14:37Ryan: we
- 14:37Ryan: gotta
- 14:37Ryan: stop.
- 14:38Ryan: Now
- 14:38Ryan: we're
- 14:39Ryan: getting
- 14:39Ryan: way
- 14:40Ryan: our
- 14:41Ryan: ski
- 14:41Ryan: tips,
- 14:42Ryan: and
- 14:42Ryan: we're
- 14:44Ryan: we're
- 14:44Ryan: going
- 14:44Ryan: beyond
- 14:45Ryan: going
- 14:45Ryan: back.
- 14:45Ryan: And
- 14:46Ryan: I
- 14:46Ryan: don't,
- 14:46Ryan: like
- 14:46Ryan: you
- 14:46Ryan: said,
- 14:46Ryan: I
- 14:47Ryan: don't
- 14:47Ryan: think
- 14:47Ryan: we're
- 14:47Ryan: there
- 14:47Ryan: yet.
- 14:48Ryan: I
- 14:48Ryan: don't
- 14:48Ryan: think
- 14:48Ryan: we've
- 14:48Ryan: seen
- 14:49Ryan: that
- 14:49Ryan: in
- 14:49Ryan: the
- 14:49Ryan: AI
- 14:50Ryan: space
- 14:50Ryan: where
- 14:50Ryan: we
- 14:51Ryan: gotta,
- 14:51Ryan: take
- 14:51Ryan: a
- 14:52Ryan: step
- 14:52Ryan: back
- 14:52Ryan: and
- 14:52Ryan: be
- 14:52Ryan: like,
- 14:53Ryan: "What
- 14:53Ryan: are
- 14:53Ryan: we
- 14:53Ryan: doing
- 14:53Ryan: here?"
- 14:54Ryan: And
- 14:55Ryan: a
- 14:55Ryan: lot
- 14:55Robert Cohen: Yeah
- 14:56Ryan: you
- 14:56Ryan: have
- 14:56Robert Cohen: the
- 14:58Ryan: that
- 14:58Ryan: are
- 14:58Ryan: front
- 14:58Ryan: and
- 14:58Ryan: center
- 14:59Ryan: that,
- 14:59Ryan: their
- 14:59Ryan: balance
- 15:00Ryan: sheets
- 15:00Ryan: are
- 15:00Ryan: strong,
- 15:01Ryan: fundamentals
- 15:01Ryan: are
- 15:02Ryan: strong.
- 15:02Robert Cohen: I
- 15:02Robert Cohen: think
- 15:02Robert Cohen: also
- 15:04Robert Cohen: yeah
- 15:04Robert Cohen: I
- 15:04Robert Cohen: think
- 15:04Robert Cohen: also
- 15:04Robert Cohen: the
- 15:05Robert Cohen: credit
- 15:05Robert Cohen: markets
- 15:06Robert Cohen: in
- 15:06Robert Cohen: particular
- 15:06Robert Cohen: got
- 15:07Robert Cohen: walloped
- 15:07Robert Cohen: back
- 15:07Robert Cohen: then
- 15:08Robert Cohen: and
- 15:08Robert Cohen: there
- 15:08Robert Cohen: I
- 15:08Robert Cohen: think
- 15:09Robert Cohen: is
- 15:09Robert Cohen: enough
- 15:10Robert Cohen: institutional
- 15:11Robert Cohen: memory
- 15:11Robert Cohen: for
- 15:12Robert Cohen: now
- 15:12Robert Cohen: that
- 15:12Robert Cohen: can
- 15:12Robert Cohen: evaporate
- 15:13Robert Cohen: that
- 15:13Robert Cohen: particularly
- 15:14Robert Cohen: in
- 15:14Robert Cohen: high
- 15:14Robert Cohen: yield
- 15:15Robert Cohen: where
- 15:15Robert Cohen: obviously
- 15:16Robert Cohen: that's
- 15:16Robert Cohen: where
- 15:16Robert Cohen: the
- 15:16Robert Cohen: risk
- 15:16Robert Cohen: sits
- 15:17Robert Cohen: The
- 15:17Robert Cohen: market's
- 15:17Robert Cohen: been
- 15:18Robert Cohen: pretty
- 15:18Robert Cohen: disciplined
- 15:19Robert Cohen: there's
- 15:19Robert Cohen: been
- 15:20Robert Cohen: a
- 15:20Robert Cohen: credit
- 15:20Robert Cohen: curve
- 15:21Robert Cohen: that's
- 15:21Robert Cohen: been
- 15:21Robert Cohen: pretty
- 15:21Robert Cohen: steep
- 15:22Robert Cohen: so
- 15:23Robert Cohen: you
- 15:23Robert Cohen: see
- 15:23Robert Cohen: the
- 15:23Robert Cohen: core
- 15:23Robert Cohen: weave
- 15:23Robert Cohen: that's
- 15:24Robert Cohen: more
- 15:24Robert Cohen: speculative
- 15:25Robert Cohen: that
- 15:25Robert Cohen: has
- 15:26Robert Cohen: you
- 15:26Robert Cohen: know
- 15:26Robert Cohen: it
- 15:26Robert Cohen: has
- 15:26Robert Cohen: a
- 15:27Robert Cohen: 9
- 15:27Robert Cohen: coupon
- 15:28Robert Cohen: It
- 15:28Robert Cohen: was
- 15:28Robert Cohen: trading
- 15:29Robert Cohen: you
- 15:29Robert Cohen: know
- 15:29Robert Cohen: wide
- 15:29Robert Cohen: of
- 15:29Robert Cohen: nine
- 15:29Robert Cohen: for
- 15:30Robert Cohen: a
- 15:30Robert Cohen: while
- 15:30Robert Cohen: It's
- 15:30Robert Cohen: about
- 15:30Robert Cohen: eight
- 15:30Robert Cohen: and
- 15:30Robert Cohen: a
- 15:30Robert Cohen: half
- 15:31Robert Cohen: now
- 15:32Robert Cohen: and
- 15:32Robert Cohen: then
- 15:32Robert Cohen: you
- 15:32Robert Cohen: have
- 15:33Robert Cohen: the
- 15:33Robert Cohen: Metas
- 15:33Robert Cohen: and
- 15:34Robert Cohen: so
- 15:34Robert Cohen: on
- 15:34Robert Cohen: that
- 15:35Robert Cohen: are
- 15:35Robert Cohen: 5
- 15:36Robert Cohen: mid
- 15:36Robert Cohen: 5
- 15:37Robert Cohen: yields
- 15:37Robert Cohen: So
- 15:38Robert Cohen: there's
- 15:38Robert Cohen: a
- 15:38Robert Cohen: pretty
- 15:38Robert Cohen: steep
- 15:39Robert Cohen: credit
- 15:39Robert Cohen: curve
- 15:39Robert Cohen: and
- 15:40Robert Cohen: I
- 15:40Robert Cohen: think
- 15:40Robert Cohen: that
- 15:40Robert Cohen: discipline
- 15:42Robert Cohen: at
- 15:42Robert Cohen: least
- 15:42Robert Cohen: for
- 15:42Robert Cohen: now
- 15:42Robert Cohen: is
- 15:42Robert Cohen: healthy
- 15:43Robert Cohen: When
- 15:44Robert Cohen: all
- 15:44Robert Cohen: that
- 15:44Robert Cohen: collapses
- 15:45Robert Cohen: and
- 15:45Robert Cohen: everything
- 15:45Robert Cohen: yields
- 15:46Robert Cohen: the
- 15:46Robert Cohen: same
- 15:47Robert Cohen: whether
- 15:47Robert Cohen: you're
- 15:48Robert Cohen: a
- 15:48Robert Cohen: total
- 15:48Robert Cohen: speculative
- 15:49Robert Cohen: build-out
- 15:49Robert Cohen: or
- 15:49Robert Cohen: a
- 15:49Robert Cohen: hyperscaler
- 15:50Robert Cohen: then
- 15:51Robert Cohen: it's
- 15:51Robert Cohen: time
- 15:51Robert Cohen: to
- 15:51Robert Cohen: be
- 15:51Robert Cohen: really
- 15:51Robert Cohen: worried
- 15:52Robert Cohen: But
- 15:52Robert Cohen: we're
- 15:52Robert Cohen: not
- 15:52Robert Cohen: there
- 15:52Robert Cohen: yet
- 15:54Ryan: I
- 15:54Ryan: agree.
- 15:54Ryan: And
- 15:55Ryan: I
- 15:55Ryan: also
- 15:56Ryan: think
- 15:56Ryan: too
- 15:56Ryan: though,
- 15:57Ryan: now,
- 15:57Ryan: maybe
- 15:57Ryan: last
- 15:58Ryan: year
- 15:58Ryan: you
- 15:58Ryan: could
- 15:59Ryan: just
- 15:59Ryan: pick
- 15:59Ryan: anything
- 16:00Ryan: that
- 16:00Ryan: was
- 16:00Ryan: related
- 16:01Ryan: to
- 16:01Ryan: AI
- 16:02Ryan: and
- 16:02Ryan: it
- 16:02Ryan: would
- 16:02Ryan: shoot
- 16:02Ryan: to...
- 16:03Ryan: You
- 16:03Ryan: gotta
- 16:03Ryan: be
- 16:03Ryan: more
- 16:03Ryan: selective
- 16:04Ryan: now.
- 16:05Ryan: Like
- 16:05Ryan: you
- 16:05Ryan: said,
- 16:05Ryan: there
- 16:06Ryan: are
- 16:06Ryan: some
- 16:06Robert Cohen: Yeah
- 16:06Ryan: out
- 16:06Ryan: there
- 16:07Ryan: that
- 16:07Ryan: don't,
- 16:07Ryan: they
- 16:08Ryan: don't
- 16:08Ryan: have
- 16:08Ryan: revenue,
- 16:08Ryan: they
- 16:09Ryan: don't
- 16:09Ryan: have
- 16:09Ryan: earnings,
- 16:10Ryan: right?
- 16:10Ryan: Now
- 16:10Ryan: it's
- 16:10Ryan: time
- 16:11Ryan: to
- 16:11Ryan: be
- 16:11Ryan: a
- 16:12Ryan: little
- 16:12Ryan: bit
- 16:12Ryan: more
- 16:12Ryan: selective
- 16:13Ryan: and
- 16:13Ryan: focus,
- 16:14Ryan: leverage
- 16:14Ryan: specialists
- 16:15Ryan: like
- 16:15Ryan: DoubleLine
- 16:16Ryan: to
- 16:17Ryan: select
- 16:17Ryan: those
- 16:17Ryan: winners.
- 16:19Robert Cohen: Yep
- 16:19Ryan: So
- 16:20Ryan: taking
- 16:20Ryan: it
- 16:20Ryan: back,
- 16:22Ryan: had
- 16:22Ryan: the
- 16:22Ryan: macro
- 16:22Ryan: uncertainty,
- 16:24Ryan: but
- 16:24Ryan: though
- 16:24Ryan: then
- 16:24Ryan: you
- 16:24Ryan: have
- 16:24Ryan: these
- 16:25Ryan: huge
- 16:25Ryan: AI
- 16:26Ryan: investments.
- 16:26Ryan: You've
- 16:27Ryan: got
- 16:27Ryan: credit
- 16:28Ryan: spreads
- 16:28Ryan: that
- 16:28Ryan: remain
- 16:29Ryan: tight.
- 16:29Ryan: Equity
- 16:30Ryan: valuations
- 16:30Ryan: remain
- 16:31Ryan: elevated.
- 16:33Ryan: But
- 16:33Ryan: though
- 16:33Ryan: then
- 16:33Ryan: you
- 16:33Ryan: have
- 16:33Ryan: these
- 16:33Ryan: macro
- 16:34Ryan: uncertainties.
- 16:34Ryan: Does
- 16:35Ryan: it
- 16:35Ryan: seem
- 16:35Ryan: there's
- 16:35Ryan: a
- 16:35Ryan: divergence
- 16:36Ryan: there
- 16:37Ryan: between
- 16:37Ryan: macro
- 16:38Ryan: uncertainty
- 16:39Ryan: risks,
- 16:40Ryan: yet
- 16:40Ryan: markets
- 16:41Ryan: seem
- 16:41Ryan: to
- 16:42Ryan: be
- 16:42Ryan: doing
- 16:42Ryan: okay?
- 16:43Ryan: Credit
- 16:43Ryan: spreads
- 16:43Ryan: are
- 16:44Ryan: tight.
- 16:45Ryan: are
- 16:45Ryan: these
- 16:45Ryan: dynamics
- 16:46Ryan: signaling,
- 16:47Ryan: especially
- 16:47Ryan: on
- 16:47Ryan: the
- 16:47Ryan: income
- 16:48Ryan: side,
- 16:48Ryan: the
- 16:49Ryan: investments,
- 16:50Ryan: credit
- 16:50Ryan: spreads?
- 16:51Ryan: What
- 16:51Ryan: are
- 16:51Ryan: they
- 16:52Ryan: signaling,
- 16:52Ryan: and
- 16:52Ryan: do
- 16:52Ryan: you
- 16:52Ryan: think
- 16:53Ryan: there
- 16:53Ryan: is
- 16:53Ryan: a
- 16:53Ryan: divergence
- 16:54Ryan: between
- 16:54Ryan: the
- 16:54Ryan: macro
- 16:55Ryan: environment
- 16:55Ryan: and
- 16:55Ryan: these
- 16:56Ryan: signals?
- 16:58Robert Cohen: Not
- 16:58Robert Cohen: necessarily
- 16:59Robert Cohen: So
- 16:59Robert Cohen: there's
- 16:59Robert Cohen: a
- 16:59Robert Cohen: couple
- 16:59Robert Cohen: ways
- 17:00Robert Cohen: to
- 17:00Robert Cohen: look
- 17:00Robert Cohen: at
- 17:00Robert Cohen: it
- 17:00Robert Cohen: but
- 17:01Robert Cohen: quite
- 17:01Robert Cohen: simply
- 17:02Robert Cohen: if
- 17:02Robert Cohen: you're
- 17:02Robert Cohen: going
- 17:02Robert Cohen: to
- 17:02Robert Cohen: shove
- 17:03Robert Cohen: trillions
- 17:03Robert Cohen: of
- 17:03Robert Cohen: dollars
- 17:04Robert Cohen: into
- 17:04Robert Cohen: the
- 17:04Robert Cohen: economy
- 17:05Robert Cohen: that's
- 17:05Robert Cohen: very
- 17:06Robert Cohen: good
- 17:06Robert Cohen: for
- 17:06Robert Cohen: earnings
- 17:07Robert Cohen: That
- 17:07Robert Cohen: is
- 17:07Robert Cohen: just
- 17:07Robert Cohen: the
- 17:08Robert Cohen: stimulus
- 17:08Robert Cohen: from
- 17:09Robert Cohen: the
- 17:09Robert Cohen: AI
- 17:10Robert Cohen: spending
- 17:10Robert Cohen: but
- 17:11Robert Cohen: there's
- 17:11Robert Cohen: defense
- 17:11Robert Cohen: spending
- 17:12Robert Cohen: there's
- 17:12Robert Cohen: other
- 17:13Robert Cohen: forms
- 17:13Robert Cohen: of
- 17:13Robert Cohen: government
- 17:14Robert Cohen: spending
- 17:15Robert Cohen: that's
- 17:15Robert Cohen: also
- 17:15Robert Cohen: liquidity
- 17:16Robert Cohen: injected
- 17:16Robert Cohen: in
- 17:16Robert Cohen: the
- 17:16Robert Cohen: market
- 17:17Robert Cohen: That's
- 17:17Robert Cohen: all
- 17:18Robert Cohen: strong
- 17:18Robert Cohen: for
- 17:18Robert Cohen: earnings
- 17:19Robert Cohen: So
- 17:19Robert Cohen: the
- 17:19Robert Cohen: markets
- 17:20Robert Cohen: trade
- 17:20Robert Cohen: off
- 17:20Robert Cohen: of
- 17:20Robert Cohen: earnings
- 17:21Robert Cohen: expe
- 17:21Robert Cohen: expectations
- 17:23Robert Cohen: Earnings
- 17:23Robert Cohen: so
- 17:23Robert Cohen: far
- 17:23Robert Cohen: have
- 17:23Robert Cohen: been
- 17:23Robert Cohen: very
- 17:24Robert Cohen: good
- 17:25Robert Cohen: I
- 17:25Robert Cohen: think
- 17:25Robert Cohen: the
- 17:25Robert Cohen: question
- 17:26Robert Cohen: is
- 17:26Robert Cohen: Have
- 17:27Robert Cohen: earnings
- 17:27Robert Cohen: expectations
- 17:28Robert Cohen: become
- 17:28Robert Cohen: too
- 17:29Robert Cohen: optimistic
- 17:30Robert Cohen: that's
- 17:30Robert Cohen: a
- 17:30Robert Cohen: question
- 17:31Robert Cohen: mark
- 17:31Robert Cohen: but
- 17:32Robert Cohen: for
- 17:32Robert Cohen: now
- 17:33Robert Cohen: the
- 17:33Robert Cohen: markets
- 17:34Robert Cohen: in
- 17:34Robert Cohen: terms
- 17:34Robert Cohen: of
- 17:34Robert Cohen: equity
- 17:34Robert Cohen: valuations
- 17:35Robert Cohen: and
- 17:35Robert Cohen: credit
- 17:35Robert Cohen: spreads
- 17:36Robert Cohen: are
- 17:36Robert Cohen: trading
- 17:37Robert Cohen: off
- 17:37Robert Cohen: the
- 17:37Robert Cohen: fact
- 17:37Robert Cohen: that
- 17:38Robert Cohen: earnings
- 17:38Robert Cohen: are
- 17:38Robert Cohen: very
- 17:38Robert Cohen: good
- 17:39Robert Cohen: and
- 17:39Robert Cohen: the
- 17:39Robert Cohen: outlook
- 17:40Robert Cohen: is
- 17:40Robert Cohen: pretty
- 17:40Robert Cohen: rosy
- 17:41Robert Cohen: If
- 17:42Robert Cohen: this
- 17:42Robert Cohen: liquidity's
- 17:42Robert Cohen: all
- 17:43Robert Cohen: gonna
- 17:43Robert Cohen: be
- 17:43Robert Cohen: put
- 17:43Robert Cohen: into
- 17:43Robert Cohen: the
- 17:43Robert Cohen: market
- 17:44Robert Cohen: in
- 17:44Robert Cohen: the
- 17:44Robert Cohen: terms
- 17:45Robert Cohen: of
- 17:45Robert Cohen: CapEx
- 17:45Robert Cohen: spending
- 17:46Robert Cohen: defense
- 17:46Robert Cohen: spending
- 17:47Robert Cohen: other
- 17:47Robert Cohen: fiscal
- 17:48Robert Cohen: spending
- 17:49Robert Cohen: all
- 17:49Robert Cohen: that's
- 17:49Robert Cohen: good
- 17:49Robert Cohen: for
- 17:50Robert Cohen: earnings
- 17:50Robert Cohen: And
- 17:50Robert Cohen: so
- 17:51Robert Cohen: at
- 17:51Robert Cohen: least
- 17:51Robert Cohen: for
- 17:51Robert Cohen: what
- 17:52Robert Cohen: you
- 17:52Robert Cohen: can
- 17:52Robert Cohen: see
- 17:52Robert Cohen: in
- 17:53Robert Cohen: terms
- 17:53Robert Cohen: of
- 17:53Robert Cohen: forecast
- 17:54Robert Cohen: it
- 17:54Robert Cohen: all
- 17:54Robert Cohen: looks
- 17:54Robert Cohen: pretty
- 17:55Robert Cohen: good
- 17:55Robert Cohen: And
- 17:56Robert Cohen: how
- 17:56Robert Cohen: does
- 17:56Robert Cohen: that
- 17:57Robert Cohen: flow
- 17:57Robert Cohen: into
- 17:57Robert Cohen: rates
- 17:57Robert Cohen: I
- 17:57Robert Cohen: mean
- 17:58Robert Cohen: it's
- 17:58Robert Cohen: actually
- 17:58Robert Cohen: inflationary
- 17:59Robert Cohen: So
- 18:00Robert Cohen: in
- 18:00Robert Cohen: a
- 18:00Robert Cohen: way
- 18:01Robert Cohen: those
- 18:01Robert Cohen: themes
- 18:01Robert Cohen: are
- 18:02Robert Cohen: consistent
- 18:02Robert Cohen: to
- 18:03Robert Cohen: have
- 18:03Robert Cohen: higher
- 18:04Robert Cohen: rates
- 18:05Robert Cohen: and
- 18:06Robert Cohen: more
- 18:06Robert Cohen: liquidity
- 18:06Robert Cohen: going
- 18:07Robert Cohen: into
- 18:07Robert Cohen: the
- 18:07Robert Cohen: market
- 18:07Robert Cohen: and
- 18:07Robert Cohen: more
- 18:07Robert Cohen: and
- 18:08Robert Cohen: ear
- 18:08Robert Cohen: and
- 18:08Robert Cohen: more
- 18:08Robert Cohen: earnings
- 18:09Robert Cohen: growth
- 18:10Robert Cohen: that
- 18:10Robert Cohen: actually
- 18:10Robert Cohen: is
- 18:11Robert Cohen: consistent
- 18:11Robert Cohen: from
- 18:12Robert Cohen: a
- 18:12Robert Cohen: market
- 18:12Robert Cohen: perspective
- 18:13Robert Cohen: to
- 18:13Robert Cohen: have
- 18:13Robert Cohen: a
- 18:13Robert Cohen: worry
- 18:14Robert Cohen: about
- 18:14Robert Cohen: inflation
- 18:14Robert Cohen: I
- 18:15Robert Cohen: think
- 18:15Robert Cohen: what
- 18:15Robert Cohen: was
- 18:15Robert Cohen: inconsistent
- 18:17Robert Cohen: is
- 18:17Robert Cohen: to
- 18:17Robert Cohen: have
- 18:18Robert Cohen: an
- 18:18Robert Cohen: expectation
- 18:19Robert Cohen: of
- 18:19Robert Cohen: the
- 18:19Robert Cohen: Fed
- 18:20Robert Cohen: cutting
- 18:20Robert Cohen: rates
- 18:21Robert Cohen: and
- 18:21Robert Cohen: falling
- 18:22Robert Cohen: Treasury
- 18:23Robert Cohen: yields
- 18:23Robert Cohen: in
- 18:23Robert Cohen: an
- 18:23Robert Cohen: environment
- 18:24Robert Cohen: where
- 18:24Robert Cohen: you
- 18:24Robert Cohen: have
- 18:25Robert Cohen: all
- 18:25Robert Cohen: of
- 18:25Robert Cohen: the
- 18:25Robert Cohen: stimulus
- 18:26Robert Cohen: going
- 18:26Robert Cohen: into
- 18:27Robert Cohen: earnings
- 18:28Robert Cohen: So
- 18:28Robert Cohen: I
- 18:28Robert Cohen: think
- 18:28Robert Cohen: actually
- 18:29Robert Cohen: the
- 18:29Robert Cohen: rate
- 18:29Robert Cohen: market
- 18:30Robert Cohen: and
- 18:30Robert Cohen: the
- 18:30Robert Cohen: equity
- 18:30Robert Cohen: market
- 18:30Robert Cohen: and
- 18:31Robert Cohen: credit
- 18:31Robert Cohen: spreads
- 18:32Robert Cohen: I
- 18:32Robert Cohen: think
- 18:32Robert Cohen: make
- 18:32Robert Cohen: more
- 18:33Robert Cohen: sense
- 18:33Robert Cohen: now
- 18:33Robert Cohen: today
- 18:34Robert Cohen: if
- 18:34Robert Cohen: you
- 18:35Robert Cohen: think
- 18:35Robert Cohen: of
- 18:35Robert Cohen: it
- 18:35Robert Cohen: all
- 18:35Robert Cohen: as
- 18:36Robert Cohen: of
- 18:36Robert Cohen: just
- 18:36Robert Cohen: shoving
- 18:36Robert Cohen: all
- 18:37Robert Cohen: this
- 18:37Robert Cohen: liquidity
- 18:37Robert Cohen: into
- 18:37Robert Cohen: the
- 18:37Robert Cohen: market
- 18:38Robert Cohen: The
- 18:39Robert Cohen: question
- 18:39Robert Cohen: is
- 18:40Robert Cohen: really
- 18:40Robert Cohen: about
- 18:40Robert Cohen: growth
- 18:41Robert Cohen: are
- 18:41Robert Cohen: the
- 18:41Robert Cohen: growth
- 18:41Robert Cohen: estimates
- 18:42Robert Cohen: correct
- 18:43Robert Cohen: And
- 18:43Robert Cohen: if
- 18:43Robert Cohen: they're
- 18:43Robert Cohen: not
- 18:44Robert Cohen: correct
- 18:45Robert Cohen: then
- 18:45Robert Cohen: you
- 18:45Robert Cohen: could
- 18:45Robert Cohen: see
- 18:45Robert Cohen: certainly
- 18:46Robert Cohen: a
- 18:46Robert Cohen: drawdown
- 18:47Robert Cohen: You
- 18:47Robert Cohen: could
- 18:47Robert Cohen: see
- 18:47Robert Cohen: volatility
- 18:47Robert Cohen: in
- 18:48Robert Cohen: equities
- 18:49Robert Cohen: and
- 18:49Robert Cohen: in
- 18:49Robert Cohen: in
- 18:49Robert Cohen: fixed
- 18:50Robert Cohen: income
- 18:51Robert Cohen: And
- 18:51Robert Cohen: I
- 18:51Robert Cohen: suppose
- 18:52Robert Cohen: all
- 18:52Robert Cohen: of
- 18:52Robert Cohen: this
- 18:53Robert Cohen: assumes
- 18:53Robert Cohen: that
- 18:54Robert Cohen: inflation
- 18:54Robert Cohen: does
- 18:54Robert Cohen: not
- 18:54Robert Cohen: get
- 18:55Robert Cohen: out
- 18:55Robert Cohen: of
- 18:55Robert Cohen: hand
- 18:56Robert Cohen: Now
- 18:56Robert Cohen: the
- 18:56Robert Cohen: forward
- 18:57Robert Cohen: curve
- 18:57Robert Cohen: for
- 18:57Robert Cohen: oil
- 18:58Robert Cohen: is
- 18:59Robert Cohen: coming
- 18:59Robert Cohen: down
- 18:59Robert Cohen: to
- 18:59Robert Cohen: something
- 19:00Robert Cohen: normal
- 19:00Robert Cohen: over
- 19:00Robert Cohen: time
- 19:01Robert Cohen: If
- 19:01Robert Cohen: that's
- 19:02Robert Cohen: right
- 19:02Robert Cohen: then
- 19:02Robert Cohen: maybe
- 19:03Robert Cohen: all
- 19:03Robert Cohen: of
- 19:03Robert Cohen: this
- 19:03Robert Cohen: calms
- 19:03Robert Cohen: down
- 19:04Robert Cohen: and
- 19:04Robert Cohen: that
- 19:04Robert Cohen: inflation
- 19:05Robert Cohen: expectations
- 19:06Robert Cohen: don't
- 19:06Robert Cohen: really
- 19:07Robert Cohen: get
- 19:07Robert Cohen: amped
- 19:07Robert Cohen: up
- 19:07Robert Cohen: a
- 19:07Robert Cohen: lot
- 19:08Robert Cohen: and
- 19:08Robert Cohen: But
- 19:08Robert Cohen: if
- 19:08Robert Cohen: we
- 19:08Robert Cohen: had
- 19:09Robert Cohen: a
- 19:09Robert Cohen: significant
- 19:10Robert Cohen: rise
- 19:10Robert Cohen: in
- 19:11Robert Cohen: interest
- 19:11Robert Cohen: rates
- 19:12Robert Cohen: I
- 19:12Robert Cohen: think
- 19:12Robert Cohen: credit
- 19:12Robert Cohen: spreads
- 19:13Robert Cohen: could
- 19:13Robert Cohen: not
- 19:13Robert Cohen: hold
- 19:13Robert Cohen: where
- 19:13Robert Cohen: they
- 19:13Robert Cohen: are
- 19:14Robert Cohen: now
- 19:14Robert Cohen: They're
- 19:15Robert Cohen: steady
- 19:15Robert Cohen: on
- 19:16Robert Cohen: the
- 19:16Robert Cohen: assumption
- 19:17Robert Cohen: that
- 19:17Robert Cohen: the
- 19:18Robert Cohen: Middle
- 19:18Robert Cohen: East
- 19:18Robert Cohen: conflict
- 19:19Robert Cohen: will
- 19:19Robert Cohen: resolve
- 19:19Robert Cohen: itself
- 19:20Robert Cohen: soon
- 19:20Robert Cohen: enough
- 19:21Robert Cohen: whatever
- 19:21Robert Cohen: that
- 19:21Robert Cohen: means
- 19:22Robert Cohen: and
- 19:22Robert Cohen: that
- 19:22Robert Cohen: oil
- 19:23Robert Cohen: will
- 19:23Robert Cohen: start
- 19:23Robert Cohen: flowing
- 19:23Robert Cohen: again
- 19:24Robert Cohen: soon
- 19:24Robert Cohen: enough
- 19:25Robert Cohen: Let's
- 19:25Robert Cohen: just
- 19:25Robert Cohen: say
- 19:26Robert Cohen: 2026
- 19:27Robert Cohen: I'll
- 19:27Robert Cohen: define
- 19:28Robert Cohen: that
- 19:28Robert Cohen: as
- 19:28Robert Cohen: soon
- 19:28Robert Cohen: enough
- 19:29Robert Cohen: that
- 19:29Robert Cohen: if
- 19:29Robert Cohen: we
- 19:29Robert Cohen: resolve
- 19:30Robert Cohen: it
- 19:30Robert Cohen: this
- 19:30Robert Cohen: year
- 19:31Robert Cohen: then
- 19:31Robert Cohen: the
- 19:31Robert Cohen: market
- 19:32Robert Cohen: will
- 19:32Robert Cohen: be
- 19:32Robert Cohen: absor
- 19:33Robert Cohen: able
- 19:33Robert Cohen: to
- 19:33Robert Cohen: absorb
- 19:33Robert Cohen: the
- 19:34Robert Cohen: shocks
- 19:34Robert Cohen: associated
- 19:34Robert Cohen: with
- 19:35Robert Cohen: with
- 19:35Robert Cohen: the
- 19:35Robert Cohen: kinda
- 19:35Robert Cohen: energy
- 19:36Robert Cohen: shock
- 19:37Ryan: Yeah,
- 19:38Ryan: Robert,
- 19:38Ryan: that's
- 19:38Ryan: a
- 19:38Ryan: great
- 19:39Ryan: point,
- 19:39Ryan: and
- 19:40Ryan: I'm
- 19:40Ryan: glad
- 19:40Ryan: you
- 19:41Ryan: added
- 19:41Ryan: that,
- 19:41Ryan: all
- 19:41Ryan: this
- 19:41Ryan: spending
- 19:42Ryan: is
- 19:43Ryan: good
- 19:43Ryan: for
- 19:43Ryan: the
- 19:43Ryan: economy
- 19:44Ryan: and,
- 19:44Ryan: so
- 19:45Ryan: I'm
- 19:45Ryan: glad
- 19:45Ryan: you
- 19:46Ryan: clarified
- 19:46Ryan: that.
- 19:47Ryan: Very
- 19:47Ryan: important.
- 19:48Ryan: So
- 19:50Ryan: you're
- 19:50Ryan: a
- 19:50Ryan: specialist
- 19:51Ryan: in
- 19:51Ryan: corporate
- 19:52Ryan: credit.
- 19:53Ryan: You're
- 19:53Ryan: the
- 19:53Ryan: global
- 19:53Ryan: head
- 19:54Ryan: of
- 19:54Ryan: corporate
- 19:54Ryan: credit
- 19:55Ryan: at
- 19:55Ryan: Global
- 19:56Ryan: Credit
- 19:56Ryan: at
- 19:57Ryan: DoubleLine.
- 19:57Ryan: So
- 19:57Ryan: let's
- 19:58Ryan: get
- 19:58Ryan: your
- 19:59Ryan: take
- 19:59Ryan: on
- 19:59Ryan: the
- 19:59Ryan: current
- 20:00Ryan: state
- 20:00Ryan: of
- 20:00Ryan: corporate
- 20:01Ryan: credit.
- 20:01Ryan: You-
- 20:01Ryan: we
- 20:01Ryan: talked
- 20:02Ryan: about
- 20:02Ryan: AI
- 20:02Ryan: and
- 20:03Ryan: its
- 20:03Ryan: impact,
- 20:04Ryan: but
- 20:04Ryan: like
- 20:04Ryan: I
- 20:04Ryan: said,
- 20:04Ryan: fixed
- 20:05Ryan: income
- 20:06Ryan: has
- 20:06Ryan: come
- 20:06Ryan: under
- 20:06Ryan: intense
- 20:07Ryan: pressure
- 20:08Ryan: recently,
- 20:08Ryan: and
- 20:09Ryan: people
- 20:09Ryan: are
- 20:10Ryan: very
- 20:10Ryan: bearish
- 20:10Ryan: on
- 20:11Ryan: fixed
- 20:11Ryan: income.
- 20:12Ryan: Part
- 20:12Ryan: of
- 20:12Ryan: me
- 20:12Ryan: thinks
- 20:13Ryan: it
- 20:13Ryan: might
- 20:13Ryan: be
- 20:13Ryan: a
- 20:13Ryan: little
- 20:14Ryan: overdone,
- 20:15Ryan: but
- 20:16Ryan: what
- 20:16Ryan: are
- 20:16Ryan: your
- 20:16Ryan: thoughts
- 20:17Ryan: on
- 20:17Ryan: the
- 20:17Ryan: current
- 20:18Ryan: state
- 20:18Ryan: of
- 20:18Ryan: corporate
- 20:18Ryan: credit?
- 20:20Ryan: people
- 20:20Ryan: be
- 20:20Ryan: bearish
- 20:21Ryan: on
- 20:21Ryan: it?
- 20:21Ryan: I
- 20:21Ryan: know
- 20:22Ryan: you're
- 20:22Ryan: a
- 20:22Ryan: little
- 20:22Ryan: biased,
- 20:23Ryan: but
- 20:24Ryan: should
- 20:24Ryan: they
- 20:24Ryan: be
- 20:24Ryan: this
- 20:25Ryan: bearish?
- 20:26Robert Cohen: Again
- 20:27Robert Cohen: corporate
- 20:27Robert Cohen: credit
- 20:27Robert Cohen: is
- 20:27Robert Cohen: driven
- 20:28Robert Cohen: by
- 20:28Robert Cohen: earnings
- 20:28Robert Cohen: If
- 20:29Robert Cohen: you
- 20:29Robert Cohen: think
- 20:29Robert Cohen: that
- 20:29Robert Cohen: earnings
- 20:30Robert Cohen: are
- 20:30Robert Cohen: going
- 20:30Robert Cohen: to
- 20:30Robert Cohen: be
- 20:30Robert Cohen: strong
- 20:31Robert Cohen: you
- 20:31Robert Cohen: should
- 20:32Robert Cohen: be
- 20:32Robert Cohen: constructive
- 20:33Robert Cohen: on
- 20:33Robert Cohen: corporate
- 20:34Robert Cohen: credit
- 20:35Robert Cohen: On
- 20:35Robert Cohen: top
- 20:35Robert Cohen: of
- 20:35Robert Cohen: that
- 20:36Robert Cohen: I
- 20:36Robert Cohen: think
- 20:36Robert Cohen: the
- 20:36Robert Cohen: other
- 20:36Robert Cohen: element
- 20:37Robert Cohen: is
- 20:37Robert Cohen: you
- 20:37Robert Cohen: want
- 20:37Robert Cohen: to
- 20:38Robert Cohen: ma
- 20:38Robert Cohen: y-you
- 20:38Robert Cohen: want
- 20:39Robert Cohen: to
- 20:39Robert Cohen: look
- 20:39Robert Cohen: at
- 20:39Robert Cohen: borrower
- 20:39Robert Cohen: behavior
- 20:40Robert Cohen: Are
- 20:41Robert Cohen: we
- 20:41Robert Cohen: getting
- 20:41Robert Cohen: excessive
- 20:42Robert Cohen: lending
- 20:43Robert Cohen: and
- 20:43Robert Cohen: excessive
- 20:44Robert Cohen: risk-taking
- 20:45Robert Cohen: if
- 20:45Robert Cohen: we
- 20:45Robert Cohen: start
- 20:45Robert Cohen: with
- 20:45Robert Cohen: investment-grade
- 20:46Robert Cohen: credit
- 20:47Robert Cohen: so
- 20:47Robert Cohen: far
- 20:48Robert Cohen: we've
- 20:48Robert Cohen: been
- 20:48Robert Cohen: in
- 20:48Robert Cohen: an
- 20:48Robert Cohen: upgrade
- 20:49Robert Cohen: cycle
- 20:49Robert Cohen: so
- 20:51Robert Cohen: borrowers
- 20:51Robert Cohen: are
- 20:51Robert Cohen: going
- 20:51Robert Cohen: in
- 20:52Robert Cohen: the
- 20:52Robert Cohen: right
- 20:52Robert Cohen: direction
- 20:53Robert Cohen: They're
- 20:53Robert Cohen: being
- 20:53Robert Cohen: upgraded
- 20:54Robert Cohen: from
- 20:54Robert Cohen: triple
- 20:54Robert Cohen: A
- 20:54Robert Cohen: to
- 20:54Robert Cohen: s
- 20:55Robert Cohen: to
- 20:55Robert Cohen: triple
- 20:55Robert Cohen: B
- 20:56Robert Cohen: excuse
- 20:56Robert Cohen: me
- 20:56Robert Cohen: to
- 20:56Robert Cohen: single
- 20:57Robert Cohen: A
- 20:57Robert Cohen: and
- 20:57Robert Cohen: so
- 20:57Robert Cohen: on
- 20:58Robert Cohen: And
- 20:58Robert Cohen: so
- 20:58Robert Cohen: while
- 20:59Robert Cohen: that
- 20:59Robert Cohen: upgrade
- 20:59Robert Cohen: cycle
- 21:01Robert Cohen: continues
- 21:02Robert Cohen: that
- 21:02Robert Cohen: suggests
- 21:03Robert Cohen: that
- 21:03Robert Cohen: borrower
- 21:03Robert Cohen: behavior
- 21:04Robert Cohen: and
- 21:04Robert Cohen: investor
- 21:04Robert Cohen: behavior
- 21:05Robert Cohen: is
- 21:05Robert Cohen: you
- 21:05Robert Cohen: know
- 21:06Robert Cohen: is
- 21:06Robert Cohen: responsible
- 21:07Robert Cohen: Put
- 21:07Robert Cohen: it
- 21:07Robert Cohen: that
- 21:07Robert Cohen: way
- 21:08Robert Cohen: there's
- 21:08Robert Cohen: worry
- 21:09Robert Cohen: in
- 21:09Robert Cohen: a
- 21:09Robert Cohen: tight
- 21:09Robert Cohen: credit
- 21:10Robert Cohen: sp
- 21:10Robert Cohen: a
- 21:11Robert Cohen: t
- 21:11Robert Cohen: a
- 21:11Robert Cohen: tight
- 21:11Robert Cohen: spread
- 21:11Robert Cohen: environment
- 21:13Robert Cohen: that
- 21:13Robert Cohen: borrowers
- 21:13Robert Cohen: start
- 21:14Robert Cohen: to
- 21:14Robert Cohen: relax
- 21:15Robert Cohen: their
- 21:16Robert Cohen: creditworthiness
- 21:17Robert Cohen: They
- 21:17Robert Cohen: start
- 21:17Robert Cohen: to
- 21:17Robert Cohen: take
- 21:18Robert Cohen: on
- 21:18Robert Cohen: more
- 21:18Robert Cohen: debt
- 21:19Robert Cohen: which
- 21:19Robert Cohen: we're
- 21:19Robert Cohen: seeing
- 21:19Robert Cohen: some
- 21:20Robert Cohen: of
- 21:20Robert Cohen: in
- 21:20Robert Cohen: the
- 21:20Robert Cohen: you
- 21:20Robert Cohen: know
- 21:20Robert Cohen: the
- 21:21Robert Cohen: hyperscalers
- 21:21Robert Cohen: and
- 21:21Robert Cohen: the
- 21:21Robert Cohen: AI
- 21:22Robert Cohen: spending
- 21:22Robert Cohen: But
- 21:22Robert Cohen: it
- 21:23Robert Cohen: hasn't
- 21:23Robert Cohen: brought
- 21:23Robert Cohen: enough
- 21:24Robert Cohen: out
- 21:24Robert Cohen: enough
- 21:24Robert Cohen: to
- 21:24Robert Cohen: actually
- 21:25Robert Cohen: hit
- 21:25Robert Cohen: the
- 21:26Robert Cohen: index
- 21:26Robert Cohen: from
- 21:26Robert Cohen: a
- 21:26Robert Cohen: sta
- 21:27Robert Cohen: you
- 21:27Robert Cohen: know
- 21:27Robert Cohen: a
- 21:27Robert Cohen: broad
- 21:27Robert Cohen: market
- 21:28Robert Cohen: perspective
- 21:29Robert Cohen: So
- 21:29Robert Cohen: investment
- 21:30Robert Cohen: grade
- 21:30Robert Cohen: looks
- 21:30Robert Cohen: good
- 21:31Robert Cohen: if
- 21:31Robert Cohen: you
- 21:31Robert Cohen: look
- 21:31Robert Cohen: at
- 21:31Robert Cohen: it
- 21:32Robert Cohen: from
- 21:32Robert Cohen: the
- 21:32Robert Cohen: perspective
- 21:32Robert Cohen: of
- 21:32Robert Cohen: that
- 21:33Robert Cohen: upgrade/downgrade
- 21:34Robert Cohen: You
- 21:34Robert Cohen: look
- 21:34Robert Cohen: at
- 21:34Robert Cohen: it
- 21:35Robert Cohen: from
- 21:35Robert Cohen: the
- 21:35Robert Cohen: perspective
- 21:35Robert Cohen: of
- 21:35Robert Cohen: earnings
- 21:36Robert Cohen: it
- 21:38Robert Cohen: you
- 21:38Robert Cohen: know
- 21:38Robert Cohen: it
- 21:38Robert Cohen: you
- 21:38Robert Cohen: know
- 21:38Robert Cohen: nothing
- 21:38Robert Cohen: really
- 21:39Robert Cohen: to
- 21:39Robert Cohen: worry
- 21:39Robert Cohen: about
- 21:40Robert Cohen: The
- 21:40Robert Cohen: thing
- 21:40Robert Cohen: to
- 21:40Robert Cohen: worry
- 21:40Robert Cohen: about
- 21:41Robert Cohen: is
- 21:41Robert Cohen: tight
- 21:41Robert Cohen: credit
- 21:41Robert Cohen: spreads
- 21:42Robert Cohen: give
- 21:42Robert Cohen: little
- 21:43Robert Cohen: room
- 21:43Robert Cohen: for
- 21:43Robert Cohen: error
- 21:43Robert Cohen: but
- 21:44Robert Cohen: so
- 21:44Robert Cohen: far
- 21:44Robert Cohen: the
- 21:45Robert Cohen: earnings
- 21:45Robert Cohen: are
- 21:45Robert Cohen: there
- 21:46Robert Cohen: You
- 21:46Robert Cohen: can
- 21:46Robert Cohen: really
- 21:47Robert Cohen: say
- 21:47Robert Cohen: the
- 21:47Robert Cohen: same
- 21:47Robert Cohen: thing
- 21:47Robert Cohen: about
- 21:47Robert Cohen: high
- 21:48Robert Cohen: yield
- 21:48Robert Cohen: Same
- 21:48Robert Cohen: thing
- 21:49Robert Cohen: in
- 21:49Robert Cohen: high
- 21:49Robert Cohen: yield
- 21:49Robert Cohen: Upgrades
- 21:50Robert Cohen: not
- 21:50Robert Cohen: as
- 21:51Robert Cohen: strong
- 21:51Robert Cohen: but
- 21:51Robert Cohen: upgrades
- 21:52Robert Cohen: are
- 21:52Robert Cohen: outpacing
- 21:53Robert Cohen: downgrades
- 21:53Robert Cohen: so
- 21:53Robert Cohen: we're
- 21:54Robert Cohen: in
- 21:54Robert Cohen: a
- 21:54Robert Cohen: stable
- 21:54Robert Cohen: market
- 21:55Robert Cohen: High
- 21:55Robert Cohen: yield
- 21:56Robert Cohen: has
- 21:56Robert Cohen: the
- 21:57Robert Cohen: highest
- 21:57Robert Cohen: credit
- 21:57Robert Cohen: quality
- 21:58Robert Cohen: it's
- 21:58Robert Cohen: had
- 21:58Robert Cohen: in
- 21:58Robert Cohen: its
- 21:59Robert Cohen: lifetime
- 21:59Robert Cohen: It's
- 22:00Robert Cohen: mostly
- 22:00Robert Cohen: a
- 22:00Robert Cohen: double
- 22:01Robert Cohen: B
- 22:01Robert Cohen: index
- 22:01Robert Cohen: It
- 22:02Robert Cohen: used
- 22:02Robert Cohen: to
- 22:02Robert Cohen: be
- 22:02Robert Cohen: mostly
- 22:02Robert Cohen: a
- 22:03Robert Cohen: single
- 22:03Robert Cohen: B
- 22:03Robert Cohen: index
- 22:04Robert Cohen: it
- 22:05Robert Cohen: doesn't
- 22:05Robert Cohen: have
- 22:05Robert Cohen: much
- 22:06Robert Cohen: artificial
- 22:06Robert Cohen: intelligence
- 22:07Robert Cohen: AI
- 22:07Robert Cohen: risk
- 22:07Robert Cohen: or
- 22:08Robert Cohen: technology
- 22:08Robert Cohen: risk
- 22:09Robert Cohen: altogether
- 22:10Robert Cohen: so
- 22:11Robert Cohen: from
- 22:11Robert Cohen: that
- 22:11Robert Cohen: perspective
- 22:12Robert Cohen: it
- 22:12Robert Cohen: has
- 22:12Robert Cohen: high
- 22:13Robert Cohen: credit
- 22:13Robert Cohen: quality
- 22:14Robert Cohen: So
- 22:14Robert Cohen: the
- 22:14Robert Cohen: very
- 22:14Robert Cohen: tight
- 22:14Robert Cohen: credit
- 22:15Robert Cohen: spreads
- 22:15Robert Cohen: are
- 22:16Robert Cohen: rational
- 22:16Robert Cohen: They're
- 22:16Robert Cohen: not
- 22:17Robert Cohen: just
- 22:17Robert Cohen: they
- 22:17Robert Cohen: don't
- 22:18Robert Cohen: come
- 22:18Robert Cohen: from
- 22:18Robert Cohen: out
- 22:18Robert Cohen: of
- 22:18Robert Cohen: nowhere
- 22:19Robert Cohen: They're
- 22:19Robert Cohen: based
- 22:20Robert Cohen: on
- 22:20Robert Cohen: on
- 22:20Robert Cohen: very
- 22:20Robert Cohen: strong
- 22:21Robert Cohen: credit
- 22:21Robert Cohen: fundamentals
- 22:22Robert Cohen: so
- 22:23Robert Cohen: I
- 22:23Robert Cohen: think
- 22:23Robert Cohen: that's
- 22:23Robert Cohen: another
- 22:24Robert Cohen: thing
- 22:24Robert Cohen: to
- 22:24Robert Cohen: look
- 22:24Robert Cohen: at
- 22:25Robert Cohen: that's
- 22:25Robert Cohen: quite
- 22:25Robert Cohen: positive
- 22:26Robert Cohen: If
- 22:26Robert Cohen: you
- 22:26Robert Cohen: were
- 22:27Robert Cohen: looking
- 22:27Robert Cohen: for
- 22:27Robert Cohen: an
- 22:27Robert Cohen: area
- 22:27Robert Cohen: of
- 22:28Robert Cohen: weakness
- 22:29Robert Cohen: It's
- 22:29Robert Cohen: showing
- 22:30Robert Cohen: up
- 22:30Robert Cohen: in
- 22:30Robert Cohen: the
- 22:31Robert Cohen: broadly
- 22:31Robert Cohen: syndicated
- 22:31Robert Cohen: loan
- 22:32Robert Cohen: market
- 22:32Robert Cohen: and
- 22:33Robert Cohen: then
- 22:33Robert Cohen: by
- 22:33Robert Cohen: extension
- 22:33Robert Cohen: the
- 22:33Robert Cohen: private
- 22:34Robert Cohen: credit
- 22:34Robert Cohen: market
- 22:35Robert Cohen: and
- 22:35Robert Cohen: primarily
- 22:36Robert Cohen: lower
- 22:36Robert Cohen: cr
- 22:37Robert Cohen: credit
- 22:37Robert Cohen: quality
- 22:37Robert Cohen: The
- 22:37Robert Cohen: CCC
- 22:38Robert Cohen: area
- 22:39Robert Cohen: of
- 22:39Robert Cohen: the
- 22:40Robert Cohen: bank
- 22:40Robert Cohen: loan
- 22:40Robert Cohen: market
- 22:41Robert Cohen: has
- 22:41Robert Cohen: been
- 22:41Robert Cohen: quite
- 22:42Robert Cohen: weak
- 22:42Robert Cohen: It's
- 22:42Robert Cohen: been
- 22:43Robert Cohen: po
- 22:43Robert Cohen: you
- 22:43Robert Cohen: know
- 22:43Robert Cohen: a
- 22:43Robert Cohen: little
- 22:44Robert Cohen: bit
- 22:44Robert Cohen: of
- 22:44Robert Cohen: improvement
- 22:44Robert Cohen: recently
- 22:45Robert Cohen: but
- 22:45Robert Cohen: we're
- 22:45Robert Cohen: talking
- 22:46Robert Cohen: about
- 22:46Robert Cohen: spreads
- 22:47Robert Cohen: we're
- 22:47Robert Cohen: talking
- 22:47Robert Cohen: about
- 22:47Robert Cohen: all-in
- 22:47Robert Cohen: yields
- 22:48Robert Cohen: that
- 22:48Robert Cohen: are
- 22:48Robert Cohen: in
- 22:48Robert Cohen: you
- 22:49Robert Cohen: know
- 22:49Robert Cohen: over
- 22:49Robert Cohen: twenty
- 22:49Robert Cohen: percent
- 22:50Robert Cohen: The
- 22:51Robert Cohen: actually
- 22:51Robert Cohen: the
- 22:51Robert Cohen: spread
- 22:51Robert Cohen: itself
- 22:52Robert Cohen: is
- 22:52Robert Cohen: around
- 22:53Robert Cohen: twenty
- 22:53Robert Cohen: percent
- 22:54Robert Cohen: then
- 22:54Robert Cohen: you
- 22:54Robert Cohen: add
- 22:54Robert Cohen: the
- 22:54Robert Cohen: base
- 22:54Robert Cohen: rate
- 22:54Robert Cohen: we're
- 22:55Robert Cohen: you
- 22:55Robert Cohen: know
- 22:55Robert Cohen: well
- 22:55Robert Cohen: into
- 22:55Robert Cohen: the
- 22:55Robert Cohen: twenties
- 22:56Robert Cohen: And
- 22:57Robert Cohen: that
- 22:57Robert Cohen: CCC
- 22:58Robert Cohen: index
- 22:58Robert Cohen: trades
- 22:59Robert Cohen: at
- 22:59Robert Cohen: around
- 22:59Robert Cohen: seventy-five
- 23:00Robert Cohen: cents
- 23:01Robert Cohen: So
- 23:01Robert Cohen: a
- 23:01Robert Cohen: lot
- 23:01Robert Cohen: of
- 23:01Robert Cohen: that
- 23:02Robert Cohen: is
- 23:02Robert Cohen: the
- 23:02Robert Cohen: overhang
- 23:03Robert Cohen: from
- 23:03Robert Cohen: the
- 23:04Robert Cohen: tight
- 23:04Robert Cohen: spread
- 23:04Robert Cohen: environment
- 23:05Robert Cohen: and
- 23:05Robert Cohen: low
- 23:05Robert Cohen: rate
- 23:05Robert Cohen: environment
- 23:06Robert Cohen: for
- 23:06Robert Cohen: 2021
- 23:07Robert Cohen: There
- 23:07Robert Cohen: was
- 23:07Robert Cohen: a
- 23:08Robert Cohen: boom
- 23:08Robert Cohen: of
- 23:08Robert Cohen: M&A
- 23:09Robert Cohen: and
- 23:09Robert Cohen: those
- 23:09Robert Cohen: were
- 23:09Robert Cohen: weak
- 23:10Robert Cohen: credits
- 23:11Robert Cohen: You
- 23:11Robert Cohen: knew
- 23:11Robert Cohen: the
- 23:11Robert Cohen: boom
- 23:11Robert Cohen: in
- 23:12Robert Cohen: private
- 23:12Robert Cohen: credit
- 23:13Robert Cohen: So
- 23:13Robert Cohen: that's
- 23:13Robert Cohen: the
- 23:13Robert Cohen: area
- 23:14Robert Cohen: where
- 23:14Robert Cohen: you
- 23:14Robert Cohen: see
- 23:15Robert Cohen: weakness
- 23:16Robert Cohen: and
- 23:16Robert Cohen: that's
- 23:16Robert Cohen: something
- 23:16Robert Cohen: to
- 23:16Robert Cohen: monitor
- 23:17Robert Cohen: lower
- 23:18Robert Cohen: credit
- 23:18Robert Cohen: quality
- 23:19Robert Cohen: is
- 23:19Robert Cohen: not
- 23:19Robert Cohen: performing
- 23:20Robert Cohen: well
- 23:20Robert Cohen: so
- 23:21Robert Cohen: s
- 23:21Robert Cohen: you
- 23:21Robert Cohen: know
- 23:22Robert Cohen: B
- 23:22Robert Cohen: minus
- 23:23Robert Cohen: whether
- 23:23Robert Cohen: it's
- 23:23Robert Cohen: in
- 23:24Robert Cohen: the
- 23:24Robert Cohen: bank
- 23:24Robert Cohen: loan
- 23:24Robert Cohen: market
- 23:25Robert Cohen: or
- 23:25Robert Cohen: high
- 23:25Robert Cohen: yield
- 23:26Robert Cohen: but
- 23:26Robert Cohen: I
- 23:26Robert Cohen: think
- 23:26Robert Cohen: it's
- 23:27Robert Cohen: that
- 23:27Robert Cohen: was
- 23:27Robert Cohen: the
- 23:27Robert Cohen: excesses
- 23:28Robert Cohen: from
- 23:29Robert Cohen: 2021
- 23:30Robert Cohen: and
- 23:30Robert Cohen: so
- 23:30Robert Cohen: we're
- 23:30Robert Cohen: on
- 23:30Robert Cohen: alert
- 23:31Robert Cohen: But
- 23:31Robert Cohen: broadly
- 23:31Robert Cohen: speaking
- 23:32Robert Cohen: you
- 23:32Robert Cohen: put
- 23:32Robert Cohen: that
- 23:32Robert Cohen: all
- 23:32Robert Cohen: together
- 23:33Robert Cohen: all
- 23:33Robert Cohen: these
- 23:33Robert Cohen: markets
- 23:34Robert Cohen: I'd
- 23:34Robert Cohen: say
- 23:34Robert Cohen: corporate
- 23:35Robert Cohen: credit
- 23:35Robert Cohen: is
- 23:35Robert Cohen: in
- 23:35Robert Cohen: very
- 23:36Robert Cohen: good
- 23:36Robert Cohen: health
- 23:37Robert Cohen: but
- 23:38Robert Cohen: watch
- 23:38Robert Cohen: out
- 23:38Robert Cohen: for
- 23:38Robert Cohen: the
- 23:38Robert Cohen: very
- 23:39Robert Cohen: leveraged
- 23:39Robert Cohen: transactions
- 23:41Robert Cohen: that's
- 23:41Robert Cohen: always
- 23:41Robert Cohen: an
- 23:41Robert Cohen: area
- 23:41Robert Cohen: to
- 23:42Robert Cohen: worry
- 23:42Robert Cohen: about
- 23:42Robert Cohen: but
- 23:43Robert Cohen: I
- 23:43Robert Cohen: think
- 23:43Robert Cohen: this
- 23:43Robert Cohen: is
- 23:43Robert Cohen: an
- 23:43Robert Cohen: environment
- 23:44Robert Cohen: with
- 23:44Robert Cohen: tight
- 23:45Robert Cohen: credit
- 23:45Robert Cohen: spreads
- 23:45Robert Cohen: and
- 23:46Robert Cohen: a
- 23:46Robert Cohen: lot
- 23:46Robert Cohen: of
- 23:46Robert Cohen: new
- 23:46Robert Cohen: issuance
- 23:47Robert Cohen: that
- 23:47Robert Cohen: you
- 23:47Robert Cohen: wanna
- 23:47Robert Cohen: watch
- 23:48Robert Cohen: out
- 23:48Robert Cohen: for
- 23:48Robert Cohen: that
- 23:49Robert Cohen: I
- 23:49Robert Cohen: will
- 23:49Robert Cohen: point
- 23:49Robert Cohen: out
- 23:49Robert Cohen: though
- 23:50Robert Cohen: that
- 23:50Robert Cohen: another
- 23:50Robert Cohen: thing
- 23:51Robert Cohen: that
- 23:51Robert Cohen: I
- 23:51Robert Cohen: guess
- 23:51Robert Cohen: makes
- 23:51Robert Cohen: me
- 23:51Robert Cohen: feel
- 23:52Robert Cohen: okay
- 23:52Robert Cohen: about
- 23:52Robert Cohen: corporate
- 23:53Robert Cohen: credit
- 23:53Robert Cohen: beyond
- 23:54Robert Cohen: the
- 23:54Robert Cohen: overall
- 23:54Robert Cohen: performance
- 23:55Robert Cohen: is
- 23:55Robert Cohen: that
- 23:55Robert Cohen: credit
- 23:56Robert Cohen: as
- 23:56Robert Cohen: a
- 23:56Robert Cohen: percentage
- 23:57Robert Cohen: of
- 23:57Robert Cohen: GDP
- 23:58Robert Cohen: has
- 23:58Robert Cohen: been
- 23:59Robert Cohen: declining
- 23:59Robert Cohen: since
- 24:00Robert Cohen: the
- 24:00Robert Cohen: pandemic
- 24:01Robert Cohen: So
- 24:02Robert Cohen: you
- 24:02Robert Cohen: generally
- 24:02Robert Cohen: have
- 24:02Robert Cohen: excesses
- 24:03Robert Cohen: build
- 24:03Robert Cohen: up
- 24:03Robert Cohen: when
- 24:04Robert Cohen: you
- 24:04Robert Cohen: have
- 24:04Robert Cohen: growth
- 24:04Robert Cohen: in
- 24:05Robert Cohen: an
- 24:05Robert Cohen: asset
- 24:05Robert Cohen: class
- 24:05Robert Cohen: or
- 24:06Robert Cohen: growth
- 24:06Robert Cohen: in
- 24:06Robert Cohen: a
- 24:06Robert Cohen: sector
- 24:07Robert Cohen: And
- 24:07Robert Cohen: since
- 24:07Robert Cohen: we
- 24:08Robert Cohen: haven't
- 24:08Robert Cohen: had
- 24:08Robert Cohen: much
- 24:08Robert Cohen: growth
- 24:09Robert Cohen: other
- 24:09Robert Cohen: than
- 24:09Robert Cohen: maybe
- 24:09Robert Cohen: private
- 24:10Robert Cohen: credit
- 24:10Robert Cohen: which
- 24:10Robert Cohen: is
- 24:10Robert Cohen: a
- 24:10Robert Cohen: whole
- 24:10Robert Cohen: nother
- 24:11Robert Cohen: conversation
- 24:12Robert Cohen: but
- 24:12Robert Cohen: for
- 24:12Robert Cohen: today
- 24:12Robert Cohen: we
- 24:12Robert Cohen: can
- 24:13Robert Cohen: stick
- 24:13Robert Cohen: to
- 24:14Robert Cohen: just
- 24:14Robert Cohen: you
- 24:14Robert Cohen: know
- 24:14Robert Cohen: liquid
- 24:15Robert Cohen: tradable
- 24:15Robert Cohen: credit
- 24:16Robert Cohen: those
- 24:16Robert Cohen: asset
- 24:16Robert Cohen: classes
- 24:17Robert Cohen: have
- 24:17Robert Cohen: been
- 24:17Robert Cohen: certainly
- 24:18Robert Cohen: not
- 24:18Robert Cohen: growing
- 24:18Robert Cohen: much
- 24:19Robert Cohen: and
- 24:19Robert Cohen: so
- 24:19Robert Cohen: the
- 24:20Robert Cohen: risks
- 24:20Robert Cohen: build
- 24:20Robert Cohen: when
- 24:20Robert Cohen: you
- 24:20Robert Cohen: really
- 24:21Robert Cohen: grow
- 24:22Robert Cohen: and
- 24:22Robert Cohen: we're
- 24:22Robert Cohen: not
- 24:22Robert Cohen: there
- 24:23Robert Cohen: I
- 24:23Robert Cohen: remember
- 24:24Robert Cohen: twenty
- 24:24Robert Cohen: twenty-four
- 24:25Robert Cohen: was
- 24:25Robert Cohen: predicted
- 24:25Robert Cohen: to
- 24:26Robert Cohen: be
- 24:26Robert Cohen: a
- 24:26Robert Cohen: big
- 24:26Robert Cohen: M&A
- 24:26Robert Cohen: year
- 24:27Robert Cohen: It
- 24:27Robert Cohen: didn't
- 24:27Robert Cohen: materialize
- 24:28Robert Cohen: Twenty
- 24:29Robert Cohen: twenty-five
- 24:29Robert Cohen: was
- 24:30Robert Cohen: predicted
- 24:30Robert Cohen: to
- 24:30Robert Cohen: be
- 24:30Robert Cohen: a
- 24:30Robert Cohen: big
- 24:31Robert Cohen: M&A
- 24:31Robert Cohen: year
- 24:31Robert Cohen: didn't
- 24:32Robert Cohen: materialize
- 24:33Robert Cohen: And
- 24:33Robert Cohen: here
- 24:33Robert Cohen: we
- 24:33Robert Cohen: are
- 24:33Robert Cohen: in
- 24:33Robert Cohen: twenty
- 24:33Robert Cohen: twenty-six
- 24:35Robert Cohen: with
- 24:35Robert Cohen: the
- 24:35Robert Cohen: expectation
- 24:36Robert Cohen: of
- 24:36Robert Cohen: a
- 24:36Robert Cohen: big
- 24:36Robert Cohen: M&A
- 24:36Robert Cohen: year
- 24:37Robert Cohen: and
- 24:37Robert Cohen: it
- 24:37Robert Cohen: didn't
- 24:37Robert Cohen: materialize
- 24:38Robert Cohen: I
- 24:38Robert Cohen: think
- 24:38Robert Cohen: that's
- 24:39Robert Cohen: probably
- 24:40Robert Cohen: a
- 24:40Robert Cohen: function
- 24:40Robert Cohen: of
- 24:41Robert Cohen: higher
- 24:42Robert Cohen: than
- 24:42Robert Cohen: expected
- 24:42Robert Cohen: rates
- 24:43Robert Cohen: and
- 24:43Robert Cohen: just
- 24:43Robert Cohen: general
- 24:44Robert Cohen: geopolitical
- 24:45Robert Cohen: volatility
- 24:46Robert Cohen: But
- 24:46Robert Cohen: I
- 24:46Robert Cohen: also
- 24:46Robert Cohen: think
- 24:47Robert Cohen: the
- 24:47Robert Cohen: private
- 24:47Robert Cohen: equity
- 24:48Robert Cohen: sponsors
- 24:48Robert Cohen: for
- 24:49Robert Cohen: nearly
- 24:50Robert Cohen: twenty
- 24:50Robert Cohen: years
- 24:51Robert Cohen: now
- 24:51Robert Cohen: since
- 24:51Robert Cohen: the
- 24:52Robert Cohen: financial
- 24:52Robert Cohen: crisis
- 24:53Robert Cohen: have
- 24:53Robert Cohen: had
- 24:54Robert Cohen: an
- 24:54Robert Cohen: advantage
- 24:54Robert Cohen: because
- 24:55Robert Cohen: of
- 24:55Robert Cohen: very
- 24:55Robert Cohen: low
- 24:55Robert Cohen: rates
- 24:56Robert Cohen: an
- 24:56Robert Cohen: advantage
- 24:57Robert Cohen: over
- 24:57Robert Cohen: strategic
- 24:57Robert Cohen: buyers
- 24:58Robert Cohen: I
- 24:58Robert Cohen: think
- 24:59Robert Cohen: now
- 24:59Robert Cohen: we
- 24:59Robert Cohen: finally
- 24:59Robert Cohen: see
- 24:59Robert Cohen: that
- 25:00Robert Cohen: flip
- 25:00Robert Cohen: where
- 25:00Robert Cohen: strategic
- 25:01Robert Cohen: buyers
- 25:02Robert Cohen: have
- 25:02Robert Cohen: a
- 25:03Robert Cohen: advantage
- 25:03Robert Cohen: over
- 25:04Robert Cohen: the
- 25:04Robert Cohen: sponsor
- 25:05Robert Cohen: the
- 25:05Robert Cohen: M&A
- 25:05Robert Cohen: buyers
- 25:06Robert Cohen: excuse
- 25:06Robert Cohen: me
- 25:06Robert Cohen: the
- 25:06Robert Cohen: financial
- 25:07Robert Cohen: sponsor
- 25:07Robert Cohen: buyers
- 25:08Robert Cohen: And
- 25:08Robert Cohen: so
- 25:09Robert Cohen: those
- 25:09Robert Cohen: strategic
- 25:10Robert Cohen: buyers
- 25:11Robert Cohen: tend
- 25:11Robert Cohen: to
- 25:11Robert Cohen: use
- 25:11Robert Cohen: debt
- 25:12Robert Cohen: less
- 25:12Robert Cohen: than
- 25:13Robert Cohen: the
- 25:13Robert Cohen: financial
- 25:13Robert Cohen: buyers
- 25:14Robert Cohen: and
- 25:14Robert Cohen: I
- 25:14Robert Cohen: think
- 25:15Robert Cohen: maybe
- 25:15Robert Cohen: that's
- 25:15Robert Cohen: part
- 25:15Robert Cohen: of
- 25:15Robert Cohen: the
- 25:16Robert Cohen: reason
- 25:16Robert Cohen: why
- 25:16Robert Cohen: you
- 25:17Robert Cohen: see
- 25:17Robert Cohen: less
- 25:17Robert Cohen: M&A
- 25:18Robert Cohen: The
- 25:18Robert Cohen: M&A
- 25:19Robert Cohen: expectations
- 25:20Robert Cohen: have
- 25:20Robert Cohen: been
- 25:20Robert Cohen: now
- 25:20Robert Cohen: just
- 25:20Robert Cohen: set
- 25:21Robert Cohen: aside
- 25:21Robert Cohen: and
- 25:21Robert Cohen: now
- 25:21Robert Cohen: everyone's
- 25:22Robert Cohen: talking
- 25:22Robert Cohen: about
- 25:23Robert Cohen: AI
- 25:23Robert Cohen: financing
- 25:24Robert Cohen: That's
- 25:24Robert Cohen: been
- 25:25Robert Cohen: That's
- 25:25Robert Cohen: really
- 25:25Robert Cohen: the
- 25:25Robert Cohen: kinda
- 25:25Robert Cohen: topic
- 25:26Robert Cohen: du
- 25:26Robert Cohen: jour
- 25:27Robert Cohen: when
- 25:27Robert Cohen: you're
- 25:27Robert Cohen: talking
- 25:27Robert Cohen: about
- 25:27Robert Cohen: credit
- 25:29Ryan: Yeah,
- 25:29Ryan: that
- 25:29Ryan: makes
- 25:29Ryan: sense,
- 25:30Ryan: Robert.
- 25:30Ryan: And
- 25:31Ryan: on
- 25:32Ryan: our
- 25:32Ryan: next
- 25:32Ryan: episode,
- 25:33Ryan: we'll
- 25:33Ryan: dive
- 25:34Ryan: deep
- 25:34Ryan: into
- 25:34Ryan: private
- 25:35Ryan: credit.
- 25:35Ryan: That's
- 25:35Ryan: a
- 25:36Ryan: whole
- 25:36Ryan: conversation
- 25:37Ryan: in
- 25:37Ryan: itself.
- 25:37Ryan: And
- 25:38Ryan: while
- 25:38Ryan: you
- 25:38Ryan: were
- 25:38Ryan: talking
- 25:38Ryan: about
- 25:39Ryan: the
- 25:39Ryan: state
- 25:39Ryan: of
- 25:39Ryan: corporate
- 25:40Ryan: credit,
- 25:40Ryan: it
- 25:40Ryan: just
- 25:41Ryan: kept
- 25:41Ryan: on
- 25:42Ryan: reinforcing
- 25:43Ryan: the
- 25:43Ryan: topic
- 25:44Ryan: of,
- 25:45Ryan: it's
- 25:45Ryan: a
- 25:45Ryan: important
- 25:46Ryan: part
- 25:47Ryan: segment
- 25:47Ryan: of
- 25:47Ryan: investing
- 25:48Ryan: to
- 25:48Ryan: take
- 25:48Ryan: an
- 25:48Ryan: active
- 25:49Ryan: approach
- 25:50Ryan: to
- 25:50Ryan: it,
- 25:50Ryan: right?
- 25:52Ryan: Not
- 25:52Ryan: a
- 25:52Ryan: passive
- 25:53Ryan: approach.
- 25:53Ryan: Take
- 25:54Ryan: an
- 25:54Ryan: active
- 25:54Ryan: approach
- 25:55Ryan: because
- 25:55Ryan: there's
- 25:55Ryan: a
- 25:55Ryan: lot
- 25:55Ryan: of
- 25:56Ryan: segments
- 25:56Ryan: in
- 25:56Ryan: it,
- 25:56Ryan: and
- 25:56Ryan: like
- 25:57Ryan: you
- 25:57Ryan: said,
- 25:57Ryan: that
- 25:57Ryan: aren't
- 25:57Ryan: doing
- 25:58Ryan: well,
- 25:58Ryan: but
- 25:59Ryan: overall,
- 25:59Ryan: it
- 26:00Ryan: is
- 26:00Ryan: doing
- 26:00Ryan: well.
- 26:01Ryan: So
- 26:01Robert Cohen: Yeah
- 26:02Robert Cohen: A
- 26:02Robert Cohen: absolutely
- 26:03Robert Cohen: fixed
- 26:03Robert Cohen: income
- 26:03Robert Cohen: is
- 26:04Robert Cohen: about
- 26:04Robert Cohen: avoiding
- 26:05Robert Cohen: losers
- 26:05Robert Cohen: not
- 26:06Robert Cohen: picking
- 26:06Robert Cohen: winners
- 26:07Robert Cohen: And
- 26:08Robert Cohen: certainly
- 26:09Robert Cohen: credit
- 26:09Robert Cohen: selection's
- 26:10Robert Cohen: gonna
- 26:10Robert Cohen: be
- 26:10Robert Cohen: very
- 26:10Robert Cohen: important
- 26:11Robert Cohen: as
- 26:11Robert Cohen: we
- 26:11Robert Cohen: go
- 26:11Robert Cohen: into
- 26:11Robert Cohen: this
- 26:13Robert Cohen: particularly
- 26:13Robert Cohen: this
- 26:13Robert Cohen: AI
- 26:14Robert Cohen: spend
- 26:15Robert Cohen: that
- 26:15Robert Cohen: we're
- 26:15Robert Cohen: embarking
- 26:15Robert Cohen: on
- 26:16Robert Cohen: right
- 26:16Robert Cohen: now
- 26:16Robert Cohen: So
- 26:16Robert Cohen: it's
- 26:17Robert Cohen: gonna
- 26:17Robert Cohen: have
- 26:17Robert Cohen: a
- 26:17Robert Cohen: lot
- 26:17Robert Cohen: of
- 26:17Robert Cohen: issuance
- 26:18Robert Cohen: across
- 26:19Robert Cohen: all
- 26:19Robert Cohen: of
- 26:20Robert Cohen: credit
- 26:20Robert Cohen: whether
- 26:21Robert Cohen: it's
- 26:22Robert Cohen: corporate
- 26:22Robert Cohen: high
- 26:22Robert Cohen: yield
- 26:22Robert Cohen: investment
- 26:23Robert Cohen: grade
- 26:23Robert Cohen: but
- 26:23Robert Cohen: also
- 26:24Robert Cohen: ABS
- 26:24Robert Cohen: CMBS
- 26:26Robert Cohen: private
- 26:26Robert Cohen: credit
- 26:26Robert Cohen: It's
- 26:27Robert Cohen: gonna
- 26:27Robert Cohen: go
- 26:27Robert Cohen: sprinkle
- 26:28Robert Cohen: a
- 26:28Robert Cohen: little
- 26:28Robert Cohen: bit
- 26:28Robert Cohen: everywhere
- 26:29Robert Cohen: and
- 26:30Robert Cohen: credit
- 26:30Robert Cohen: selection's
- 26:30Robert Cohen: gonna
- 26:31Robert Cohen: be
- 26:31Robert Cohen: very
- 26:31Robert Cohen: important
- 26:33Ryan: Let's
- 26:33Ryan: talk
- 26:34Ryan: real
- 26:34Ryan: quick
- 26:34Ryan: about
- 26:35Ryan: securitized
- 26:36Ryan: credit.
- 26:37Ryan: There,
- 26:38Ryan: do
- 26:38Ryan: you
- 26:38Ryan: find
- 26:38Ryan: that
- 26:38Ryan: maybe
- 26:39Ryan: that
- 26:39Ryan: segment
- 26:40Ryan: of
- 26:40Ryan: fixed
- 26:40Ryan: income
- 26:41Ryan: may
- 26:41Ryan: provide
- 26:42Ryan: better
- 26:42Ryan: opportunities
- 26:43Ryan: moving
- 26:43Ryan: forward,
- 26:44Ryan: or
- 26:44Ryan: what's
- 26:44Ryan: your
- 26:44Ryan: take
- 26:44Ryan: on
- 26:45Ryan: securitized
- 26:46Ryan: credit?
- 26:47Robert Cohen: Yeah
- 26:47Robert Cohen: I
- 26:47Robert Cohen: don't
- 26:47Robert Cohen: think
- 26:48Robert Cohen: the
- 26:49Robert Cohen: I'm
- 26:49Robert Cohen: gonna
- 26:49Robert Cohen: say
- 26:50Robert Cohen: no
- 26:50Robert Cohen: to
- 26:50Robert Cohen: start
- 26:50Robert Cohen: It
- 26:50Robert Cohen: really
- 26:51Robert Cohen: isn't
- 26:51Robert Cohen: the
- 26:52Robert Cohen: structure
- 26:53Robert Cohen: it's
- 26:53Robert Cohen: the
- 26:53Robert Cohen: underlying
- 26:54Robert Cohen: assets
- 26:55Robert Cohen: So
- 26:56Robert Cohen: for
- 26:56Robert Cohen: example
- 26:57Robert Cohen: what
- 26:57Robert Cohen: I
- 26:57Robert Cohen: mean
- 26:57Robert Cohen: by
- 26:57Robert Cohen: that
- 26:57Robert Cohen: is
- 26:58Robert Cohen: if
- 26:58Robert Cohen: you're
- 26:58Robert Cohen: worried
- 26:58Robert Cohen: about
- 27:00Robert Cohen: AI
- 27:00Robert Cohen: capital
- 27:00Robert Cohen: spending
- 27:01Robert Cohen: being
- 27:02Robert Cohen: a
- 27:02Robert Cohen: significant
- 27:02Robert Cohen: risk
- 27:03Robert Cohen: in
- 27:03Robert Cohen: the
- 27:03Robert Cohen: corporate
- 27:04Robert Cohen: credit
- 27:04Robert Cohen: market
- 27:05Robert Cohen: and
- 27:05Robert Cohen: you
- 27:05Robert Cohen: take
- 27:06Robert Cohen: that
- 27:06Robert Cohen: same
- 27:06Robert Cohen: risk
- 27:06Robert Cohen: in
- 27:06Robert Cohen: ABS
- 27:07Robert Cohen: or
- 27:07Robert Cohen: C
- 27:08Robert Cohen: ABS
- 27:08Robert Cohen: asset-backed
- 27:08Robert Cohen: securities
- 27:09Robert Cohen: or
- 27:10Robert Cohen: commercial
- 27:10Robert Cohen: mortgage-backed
- 27:11Robert Cohen: securities
- 27:12Robert Cohen: if
- 27:12Robert Cohen: data
- 27:12Robert Cohen: centers
- 27:12Robert Cohen: are
- 27:12Robert Cohen: financed
- 27:13Robert Cohen: in
- 27:13Robert Cohen: those
- 27:13Robert Cohen: markets
- 27:14Robert Cohen: again
- 27:14Robert Cohen: it's
- 27:15Robert Cohen: the
- 27:15Robert Cohen: same
- 27:15Robert Cohen: risk
- 27:15Robert Cohen: So
- 27:15Robert Cohen: if
- 27:16Robert Cohen: you're
- 27:16Robert Cohen: worried
- 27:16Robert Cohen: about
- 27:17Robert Cohen: hedging
- 27:17Robert Cohen: your
- 27:17Robert Cohen: AI
- 27:18Robert Cohen: risk
- 27:18Robert Cohen: and
- 27:19Robert Cohen: you
- 27:19Robert Cohen: own
- 27:19Robert Cohen: a
- 27:19Robert Cohen: portfolio
- 27:20Robert Cohen: that
- 27:20Robert Cohen: owns
- 27:20Robert Cohen: a
- 27:20Robert Cohen: lot
- 27:20Robert Cohen: of
- 27:21Robert Cohen: CMBS
- 27:21Robert Cohen: and
- 27:21Robert Cohen: ABS
- 27:23Robert Cohen: data
- 27:23Robert Cohen: center
- 27:23Robert Cohen: risk
- 27:24Robert Cohen: well
- 27:24Robert Cohen: that's
- 27:24Robert Cohen: not
- 27:24Robert Cohen: diversifying
- 27:25Robert Cohen: the
- 27:25Robert Cohen: risk
- 27:25Robert Cohen: either
- 27:26Robert Cohen: I
- 27:26Robert Cohen: think
- 27:26Robert Cohen: it's
- 27:27Robert Cohen: more
- 27:27Robert Cohen: about
- 27:27Robert Cohen: finding
- 27:28Robert Cohen: uncorrelated
- 27:29Robert Cohen: assets
- 27:30Robert Cohen: to
- 27:30Robert Cohen: finance
- 27:31Robert Cohen: whether
- 27:31Robert Cohen: it
- 27:32Robert Cohen: be
- 27:32Robert Cohen: the
- 27:32Robert Cohen: healthcare
- 27:33Robert Cohen: space
- 27:33Robert Cohen: pharmaceuticals
- 27:35Robert Cohen: or
- 27:35Robert Cohen: healthcare
- 27:36Robert Cohen: in
- 27:36Robert Cohen: corporate
- 27:37Robert Cohen: credit
- 27:37Robert Cohen: you
- 27:37Robert Cohen: can
- 27:38Robert Cohen: finance
- 27:38Robert Cohen: in
- 27:38Robert Cohen: the
- 27:38Robert Cohen: CMBS
- 27:39Robert Cohen: space
- 27:39Robert Cohen: hospitals
- 27:40Robert Cohen: it
- 27:41Robert Cohen: could
- 27:41Robert Cohen: be
- 27:41Robert Cohen: other
- 27:41Robert Cohen: assets
- 27:42Robert Cohen: like
- 27:42Robert Cohen: warehouses
- 27:43Robert Cohen: and
- 27:43Robert Cohen: things
- 27:43Robert Cohen: that
- 27:43Robert Cohen: aren't
- 27:43Robert Cohen: directly
- 27:44Robert Cohen: correlated
- 27:44Robert Cohen: to
- 27:45Robert Cohen: this
- 27:46Robert Cohen: big
- 27:46Robert Cohen: AI
- 27:46Robert Cohen: trade
- 27:47Robert Cohen: So
- 27:47Robert Cohen: I
- 27:47Robert Cohen: wouldn't
- 27:47Robert Cohen: say
- 27:47Robert Cohen: all
- 27:48Robert Cohen: securitized
- 27:49Robert Cohen: is
- 27:49Robert Cohen: the
- 27:49Robert Cohen: place
- 27:49Robert Cohen: to
- 27:50Robert Cohen: be
- 27:50Robert Cohen: I
- 27:50Robert Cohen: think
- 27:50Robert Cohen: picking
- 27:50Robert Cohen: the
- 27:50Robert Cohen: right
- 27:51Robert Cohen: assets
- 27:52Robert Cohen: Mortgages
- 27:52Robert Cohen: make
- 27:53Robert Cohen: a
- 27:53Robert Cohen: lot
- 27:53Robert Cohen: of
- 27:53Robert Cohen: sense
- 27:54Robert Cohen: for
- 27:54Robert Cohen: a
- 27:54Robert Cohen: couple
- 27:55Robert Cohen: reasons
- 27:55Robert Cohen: If
- 27:55Robert Cohen: you
- 27:55Robert Cohen: look
- 27:55Robert Cohen: at
- 27:55Robert Cohen: the
- 27:56Robert Cohen: non-agency
- 27:57Robert Cohen: so
- 27:57Robert Cohen: the
- 27:57Robert Cohen: non-government
- 27:58Robert Cohen: guaranteed
- 27:58Robert Cohen: part
- 27:58Robert Cohen: of
- 27:58Robert Cohen: the
- 27:58Robert Cohen: mortgage
- 27:59Robert Cohen: market
- 28:00Robert Cohen: the
- 28:00Robert Cohen: borrowers
- 28:01Robert Cohen: where
- 28:01Robert Cohen: the
- 28:01Robert Cohen: borrower
- 28:01Robert Cohen: matters
- 28:02Robert Cohen: If
- 28:02Robert Cohen: you
- 28:02Robert Cohen: go
- 28:02Robert Cohen: into
- 28:02Robert Cohen: agency
- 28:03Robert Cohen: mortgages
- 28:04Robert Cohen: th
- 28:04Robert Cohen: there's
- 28:04Robert Cohen: no
- 28:04Robert Cohen: credit
- 28:04Robert Cohen: risk
- 28:05Robert Cohen: But
- 28:05Robert Cohen: if
- 28:05Robert Cohen: you
- 28:05Robert Cohen: go
- 28:05Robert Cohen: into
- 28:05Robert Cohen: the
- 28:05Robert Cohen: non-agency
- 28:06Robert Cohen: space
- 28:07Robert Cohen: credit
- 28:07Robert Cohen: underwriting
- 28:08Robert Cohen: has
- 28:08Robert Cohen: been
- 28:08Robert Cohen: very
- 28:08Robert Cohen: tight
- 28:09Robert Cohen: since
- 28:09Robert Cohen: the
- 28:09Robert Cohen: financial
- 28:09Robert Cohen: crisis
- 28:11Robert Cohen: so
- 28:11Robert Cohen: the
- 28:12Robert Cohen: loose
- 28:12Robert Cohen: lending
- 28:12Robert Cohen: standards
- 28:13Robert Cohen: that
- 28:13Robert Cohen: you
- 28:13Robert Cohen: hear
- 28:13Robert Cohen: about
- 28:13Robert Cohen: in
- 28:13Robert Cohen: other
- 28:14Robert Cohen: areas
- 28:14Robert Cohen: did
- 28:14Robert Cohen: not
- 28:15Robert Cohen: seep
- 28:15Robert Cohen: into
- 28:15Robert Cohen: the
- 28:16Robert Cohen: mortgage
- 28:16Robert Cohen: market
- 28:17Robert Cohen: And
- 28:17Robert Cohen: because
- 28:17Robert Cohen: there's
- 28:17Robert Cohen: been
- 28:17Robert Cohen: low
- 28:18Robert Cohen: housing
- 28:18Robert Cohen: activity
- 28:19Robert Cohen: the
- 28:20Robert Cohen: h
- 28:20Robert Cohen: high
- 28:20Robert Cohen: home
- 28:20Robert Cohen: prices
- 28:20Robert Cohen: mean
- 28:21Robert Cohen: there's
- 28:21Robert Cohen: a
- 28:21Robert Cohen: lot
- 28:21Robert Cohen: of
- 28:21Robert Cohen: equity
- 28:21Robert Cohen: cushion
- 28:22Robert Cohen: underneath
- 28:22Robert Cohen: those
- 28:23Robert Cohen: borrowers
- 28:23Robert Cohen: So
- 28:23Robert Cohen: you
- 28:23Robert Cohen: have
- 28:24Robert Cohen: a
- 28:24Robert Cohen: low
- 28:24Robert Cohen: loan-to-value
- 28:25Robert Cohen: because
- 28:25Robert Cohen: you
- 28:25Robert Cohen: have
- 28:26Robert Cohen: equity
- 28:26Robert Cohen: cushion
- 28:26Robert Cohen: and
- 28:26Robert Cohen: you
- 28:27Robert Cohen: have
- 28:27Robert Cohen: tight
- 28:27Robert Cohen: lending
- 28:27Robert Cohen: standards
- 28:28Robert Cohen: That's
- 28:28Robert Cohen: a
- 28:28Robert Cohen: pretty
- 28:29Robert Cohen: good
- 28:29Robert Cohen: combination
- 28:30Robert Cohen: CMBS
- 28:31Robert Cohen: so
- 28:32Robert Cohen: I
- 28:32Robert Cohen: think
- 28:32Robert Cohen: a
- 28:32Robert Cohen: reason
- 28:32Robert Cohen: to
- 28:32Robert Cohen: like
- 28:32Robert Cohen: CMBS
- 28:33Robert Cohen: is
- 28:33Robert Cohen: that
- 28:34Robert Cohen: after
- 28:34Robert Cohen: a
- 28:34Robert Cohen: calamity
- 28:35Robert Cohen: an
- 28:35Robert Cohen: asset
- 28:35Robert Cohen: class
- 28:36Robert Cohen: is
- 28:36Robert Cohen: usually
- 28:36Robert Cohen: in
- 28:36Robert Cohen: pretty
- 28:37Robert Cohen: good
- 28:37Robert Cohen: shape
- 28:37Robert Cohen: CMBS
- 28:38Robert Cohen: got
- 28:38Robert Cohen: walloped
- 28:39Robert Cohen: with
- 28:39Robert Cohen: the
- 28:39Robert Cohen: office
- 28:39Robert Cohen: space
- 28:40Robert Cohen: problems
- 28:40Robert Cohen: a
- 28:41Robert Cohen: post-pandemic
- 28:42Robert Cohen: and
- 28:42Robert Cohen: usually
- 28:42Robert Cohen: when
- 28:42Robert Cohen: an
- 28:42Robert Cohen: asset
- 28:43Robert Cohen: class
- 28:43Robert Cohen: gets
- 28:43Robert Cohen: walloped
- 28:44Robert Cohen: investors
- 28:45Robert Cohen: get
- 28:46Robert Cohen: religion
- 28:46Robert Cohen: and
- 28:46Robert Cohen: become
- 28:47Robert Cohen: very
- 28:47Robert Cohen: cautious
- 28:48Robert Cohen: about
- 28:48Robert Cohen: credit
- 28:48Robert Cohen: underwriting
- 28:49Robert Cohen: And
- 28:50Robert Cohen: so
- 28:50Robert Cohen: you've
- 28:50Robert Cohen: seen
- 28:50Robert Cohen: that
- 28:50Robert Cohen: in
- 28:50Robert Cohen: the
- 28:51Robert Cohen: CMBS
- 28:51Robert Cohen: space
- 28:51Robert Cohen: so
- 28:52Robert Cohen: that's
- 28:52Robert Cohen: good
- 28:53Robert Cohen: But
- 28:53Robert Cohen: then
- 28:53Robert Cohen: there's
- 28:53Robert Cohen: other
- 28:53Robert Cohen: accesses
- 28:54Robert Cohen: that
- 28:54Robert Cohen: we
- 28:54Robert Cohen: have
- 28:54Robert Cohen: to
- 28:54Robert Cohen: worry
- 28:54Robert Cohen: about
- 28:55Robert Cohen: So
- 28:55Robert Cohen: I
- 28:55Robert Cohen: think
- 28:55Robert Cohen: bank
- 28:55Robert Cohen: loans
- 28:56Robert Cohen: have
- 28:57Robert Cohen: a
- 28:57Robert Cohen: lot
- 28:57Robert Cohen: of
- 28:57Robert Cohen: risk
- 28:58Robert Cohen: which
- 28:58Robert Cohen: means
- 28:58Robert Cohen: by
- 28:59Robert Cohen: definition
- 29:00Robert Cohen: CLOs
- 29:01Robert Cohen: if
- 29:01Robert Cohen: you're
- 29:01Robert Cohen: lower
- 29:01Robert Cohen: in
- 29:01Robert Cohen: the
- 29:01Robert Cohen: capital
- 29:02Robert Cohen: structure
- 29:02Robert Cohen: have
- 29:02Robert Cohen: risk
- 29:03Robert Cohen: Not
- 29:03Robert Cohen: that
- 29:03Robert Cohen: the
- 29:04Robert Cohen: up
- 29:04Robert Cohen: in
- 29:04Robert Cohen: the
- 29:04Robert Cohen: cap
- 29:04Robert Cohen: structure
- 29:04Robert Cohen: AAAs
- 29:05Robert Cohen: are
- 29:05Robert Cohen: worrisome
- 29:06Robert Cohen: but
- 29:06Robert Cohen: down
- 29:07Robert Cohen: in
- 29:07Robert Cohen: the
- 29:07Robert Cohen: capital
- 29:08Robert Cohen: structure
- 29:09Robert Cohen: you
- 29:09Robert Cohen: could
- 29:09Robert Cohen: have
- 29:09Robert Cohen: risk
- 29:09Robert Cohen: because
- 29:10Robert Cohen: of
- 29:10Robert Cohen: defaults
- 29:11Robert Cohen: because
- 29:11Robert Cohen: of
- 29:12Robert Cohen: the
- 29:12Robert Cohen: credit
- 29:12Robert Cohen: quality
- 29:13Robert Cohen: in
- 29:13Robert Cohen: the
- 29:13Robert Cohen: bank
- 29:13Robert Cohen: loan
- 29:14Robert Cohen: market
- 29:15Robert Cohen: So
- 29:15Robert Cohen: a
- 29:15Robert Cohen: again
- 29:16Robert Cohen: why
- 29:16Robert Cohen: you
- 29:16Robert Cohen: need
- 29:16Robert Cohen: active
- 29:17Robert Cohen: management
- 29:17Robert Cohen: you
- 29:17Robert Cohen: can't
- 29:17Robert Cohen: just
- 29:18Robert Cohen: paint
- 29:18Robert Cohen: a
- 29:18Robert Cohen: broad
- 29:18Robert Cohen: brush
- 29:18Robert Cohen: and
- 29:19Robert Cohen: say
- 29:19Robert Cohen: Any
- 29:19Robert Cohen: securitized
- 29:20Robert Cohen: or
- 29:20Robert Cohen: any
- 29:20Robert Cohen: corporate
- 29:21Robert Cohen: is
- 29:21Robert Cohen: fine
- 29:21Robert Cohen: You
- 29:21Robert Cohen: really
- 29:22Robert Cohen: have
- 29:22Robert Cohen: to
- 29:22Robert Cohen: drill
- 29:22Robert Cohen: down
- 29:22Robert Cohen: into
- 29:23Robert Cohen: what's
- 29:23Robert Cohen: happening
- 29:23Robert Cohen: in
- 29:24Robert Cohen: these
- 29:24Robert Cohen: markets
- 29:25Robert Cohen: the
- 29:25Robert Cohen: benefit
- 29:26Robert Cohen: is
- 29:26Robert Cohen: if
- 29:26Robert Cohen: you
- 29:26Robert Cohen: have
- 29:26Robert Cohen: a
- 29:26Robert Cohen: multi-sector
- 29:28Robert Cohen: strategy
- 29:28Robert Cohen: like
- 29:28Robert Cohen: most
- 29:29Robert Cohen: of
- 29:29Robert Cohen: what
- 29:29Robert Cohen: we
- 29:29Robert Cohen: do
- 29:29Robert Cohen: at
- 29:29Robert Cohen: DoubleLine
- 29:31Robert Cohen: You
- 29:31Robert Cohen: can
- 29:31Robert Cohen: pick
- 29:31Robert Cohen: and
- 29:31Robert Cohen: choose
- 29:32Robert Cohen: the
- 29:32Robert Cohen: pieces
- 29:33Robert Cohen: of
- 29:33Robert Cohen: each
- 29:33Robert Cohen: market
- 29:33Robert Cohen: that
- 29:33Robert Cohen: you
- 29:33Robert Cohen: think
- 29:34Robert Cohen: makes
- 29:34Robert Cohen: sense
- 29:35Robert Cohen: So
- 29:35Robert Cohen: we
- 29:35Robert Cohen: talked
- 29:35Robert Cohen: about
- 29:36Robert Cohen: the
- 29:36Robert Cohen: quality
- 29:36Robert Cohen: of
- 29:36Robert Cohen: investment-grade
- 29:37Robert Cohen: credit
- 29:37Robert Cohen: and
- 29:38Robert Cohen: high
- 29:38Robert Cohen: yield
- 29:38Robert Cohen: and
- 29:38Robert Cohen: you
- 29:38Robert Cohen: pick
- 29:39Robert Cohen: the
- 29:39Robert Cohen: securities
- 29:40Robert Cohen: in
- 29:40Robert Cohen: those
- 29:40Robert Cohen: markets
- 29:41Robert Cohen: that
- 29:41Robert Cohen: you
- 29:41Robert Cohen: think
- 29:41Robert Cohen: make
- 29:42Robert Cohen: sense
- 29:42Robert Cohen: in
- 29:42Robert Cohen: the
- 29:43Robert Cohen: current
- 29:43Robert Cohen: environment
- 29:44Robert Cohen: That
- 29:44Robert Cohen: probably
- 29:44Robert Cohen: doesn't
- 29:45Robert Cohen: fill
- 29:45Robert Cohen: out
- 29:45Robert Cohen: a
- 29:45Robert Cohen: portfolio
- 29:46Robert Cohen: completely
- 29:46Robert Cohen: so
- 29:46Robert Cohen: you
- 29:47Robert Cohen: add
- 29:47Robert Cohen: a
- 29:47Robert Cohen: little
- 29:47Robert Cohen: bit
- 29:47Robert Cohen: of
- 29:48Robert Cohen: not
- 29:48Robert Cohen: agency
- 29:48Robert Cohen: mortgages
- 29:49Robert Cohen: or
- 29:49Robert Cohen: CMBS
- 29:50Robert Cohen: and
- 29:50Robert Cohen: CLOs
- 29:51Robert Cohen: in
- 29:51Robert Cohen: the
- 29:51Robert Cohen: right
- 29:51Robert Cohen: parts
- 29:52Robert Cohen: that
- 29:52Robert Cohen: make
- 29:52Robert Cohen: sense
- 29:53Robert Cohen: and
- 29:53Robert Cohen: you
- 29:53Robert Cohen: build
- 29:53Robert Cohen: a
- 29:53Robert Cohen: portfolio
- 29:54Robert Cohen: that
- 29:55Robert Cohen: works
- 29:55Robert Cohen: given
- 29:55Robert Cohen: the
- 29:56Robert Cohen: current
- 29:56Robert Cohen: environment
- 29:57Robert Cohen: to
- 29:57Robert Cohen: switch
- 29:58Robert Cohen: gears
- 29:58Robert Cohen: a
- 29:58Robert Cohen: little
- 29:58Robert Cohen: bit
- 29:59Robert Cohen: I
- 29:59Robert Cohen: think
- 29:59Robert Cohen: that
- 29:59Robert Cohen: the
- 30:00Robert Cohen: biggest
- 30:00Robert Cohen: problem
- 30:00Robert Cohen: that
- 30:01Robert Cohen: you
- 30:01Robert Cohen: have
- 30:02Robert Cohen: when
- 30:02Robert Cohen: you
- 30:02Robert Cohen: have
- 30:02Robert Cohen: single
- 30:02Robert Cohen: asset
- 30:03Robert Cohen: investing
- 30:04Robert Cohen: is
- 30:04Robert Cohen: you're
- 30:04Robert Cohen: forced
- 30:04Robert Cohen: to
- 30:04Robert Cohen: pick
- 30:04Robert Cohen: whatever
- 30:05Robert Cohen: is
- 30:05Robert Cohen: there
- 30:06Robert Cohen: in
- 30:06Robert Cohen: good
- 30:06Robert Cohen: times
- 30:07Robert Cohen: and
- 30:07Robert Cohen: bad
- 30:08Robert Cohen: So
- 30:08Robert Cohen: if
- 30:08Robert Cohen: you're
- 30:09Robert Cohen: just
- 30:09Robert Cohen: a
- 30:09Robert Cohen: high
- 30:09Robert Cohen: yield
- 30:10Robert Cohen: manager
- 30:10Robert Cohen: for
- 30:11Robert Cohen: example
- 30:11Robert Cohen: credit
- 30:12Robert Cohen: spreads
- 30:12Robert Cohen: are
- 30:12Robert Cohen: tight
- 30:13Robert Cohen: and
- 30:13Robert Cohen: high
- 30:13Robert Cohen: yield
- 30:13Robert Cohen: quality
- 30:14Robert Cohen: is
- 30:14Robert Cohen: pretty
- 30:14Robert Cohen: good
- 30:15Robert Cohen: but
- 30:15Robert Cohen: there's
- 30:15Robert Cohen: still
- 30:17Robert Cohen: some
- 30:17Robert Cohen: things
- 30:17Robert Cohen: to
- 30:17Robert Cohen: worry
- 30:18Robert Cohen: about
- 30:18Robert Cohen: There
- 30:18Robert Cohen: are
- 30:18Robert Cohen: still
- 30:19Robert Cohen: some
- 30:19Robert Cohen: bad
- 30:19Robert Cohen: credits
- 30:19Robert Cohen: there
- 30:20Robert Cohen: and
- 30:20Robert Cohen: if
- 30:20Robert Cohen: you're
- 30:20Robert Cohen: forced
- 30:21Robert Cohen: to
- 30:21Robert Cohen: only
- 30:21Robert Cohen: invest
- 30:21Robert Cohen: in
- 30:22Robert Cohen: that
- 30:22Robert Cohen: sector
- 30:23Robert Cohen: you're
- 30:23Robert Cohen: gonna
- 30:23Robert Cohen: pick
- 30:23Robert Cohen: you're
- 30:23Robert Cohen: gonna
- 30:24Robert Cohen: hug
- 30:24Robert Cohen: quality
- 30:25Robert Cohen: which
- 30:25Robert Cohen: the
- 30:25Robert Cohen: market's
- 30:25Robert Cohen: doing
- 30:26Robert Cohen: and
- 30:27Robert Cohen: you're
- 30:27Robert Cohen: gonna
- 30:27Robert Cohen: miss
- 30:28Robert Cohen: opportunities
- 30:28Robert Cohen: to
- 30:28Robert Cohen: go
- 30:29Robert Cohen: elsewhere
- 30:29Robert Cohen: where
- 30:29Robert Cohen: you
- 30:30Robert Cohen: can
- 30:30Robert Cohen: get
- 30:31Robert Cohen: often
- 30:31Robert Cohen: the
- 30:31Robert Cohen: same
- 30:32Robert Cohen: yield
- 30:33Robert Cohen: but
- 30:33Robert Cohen: l
- 30:33Robert Cohen: much
- 30:33Robert Cohen: higher
- 30:34Robert Cohen: credit
- 30:34Robert Cohen: quality
- 30:35Robert Cohen: or
- 30:35Robert Cohen: at
- 30:35Robert Cohen: least
- 30:35Robert Cohen: not
- 30:36Robert Cohen: any
- 30:36Robert Cohen: worse
- 30:36Robert Cohen: credit
- 30:36Robert Cohen: quality
- 30:37Robert Cohen: So
- 30:37Robert Cohen: it
- 30:37Robert Cohen: lets
- 30:37Robert Cohen: you
- 30:38Robert Cohen: move
- 30:38Robert Cohen: around
- 30:38Robert Cohen: in
- 30:38Robert Cohen: a
- 30:39Robert Cohen: way
- 30:39Robert Cohen: that
- 30:39Robert Cohen: it
- 30:39Robert Cohen: lets
- 30:40Robert Cohen: you
- 30:40Robert Cohen: build
- 30:40Robert Cohen: a
- 30:40Robert Cohen: more
- 30:41Robert Cohen: robust
- 30:41Robert Cohen: portfolio
- 30:42Robert Cohen: that
- 30:43Robert Cohen: should
- 30:43Robert Cohen: give
- 30:43Robert Cohen: you
- 30:44Robert Cohen: similar
- 30:44Robert Cohen: income
- 30:45Robert Cohen: but
- 30:45Robert Cohen: less
- 30:46Robert Cohen: volatility
- 30:46Robert Cohen: less
- 30:47Robert Cohen: drawdown
- 30:48Robert Cohen: when
- 30:48Robert Cohen: spreads
- 30:48Robert Cohen: widen
- 30:49Robert Cohen: and
- 30:49Robert Cohen: that's
- 30:49Robert Cohen: really
- 30:49Robert Cohen: what
- 30:49Robert Cohen: we're
- 30:49Robert Cohen: trying
- 30:49Robert Cohen: to
- 30:50Robert Cohen: do
- 30:50Robert Cohen: every
- 30:50Robert Cohen: day
- 30:51Ryan: Yeah,
- 30:52Ryan: that's
- 30:52Ryan: perfect.
- 30:52Ryan: So
- 30:53Ryan: let's
- 30:53Ryan: talk
- 30:54Ryan: real
- 30:54Ryan: quickly
- 30:55Ryan: about
- 30:56Ryan: duration
- 30:57Ryan: and
- 30:57Ryan: kind
- 30:57Ryan: of
- 30:58Ryan: my
- 30:58Ryan: last
- 30:58Ryan: question
- 30:59Ryan: here,
- 30:59Ryan: topic
- 31:00Ryan: regarding
- 31:00Ryan: just
- 31:01Ryan: fixed
- 31:02Ryan: income,
- 31:02Ryan: what's
- 31:02Ryan: going
- 31:03Ryan: on
- 31:03Ryan: there
- 31:03Ryan: in
- 31:04Ryan: dynamics
- 31:04Ryan: and
- 31:06Ryan: you
- 31:06Ryan: view
- 31:06Ryan: it.
- 31:07Ryan: Is
- 31:07Ryan: low
- 31:07Ryan: duration
- 31:08Ryan: still
- 31:08Ryan: the
- 31:08Ryan: play
- 31:08Ryan: right
- 31:09Ryan: now,
- 31:11Ryan: should
- 31:11Ryan: investors
- 31:12Ryan: maybe
- 31:12Ryan: start
- 31:12Ryan: looking
- 31:13Ryan: to
- 31:13Ryan: lock
- 31:14Ryan: in
- 31:14Ryan: some
- 31:14Ryan: of
- 31:14Ryan: these
- 31:14Ryan: higher
- 31:15Ryan: rates,
- 31:15Ryan: or
- 31:15Ryan: are
- 31:15Ryan: we
- 31:15Ryan: still
- 31:16Ryan: too
- 31:16Ryan: early
- 31:17Ryan: on
- 31:17Ryan: those
- 31:18Ryan: on
- 31:18Ryan: the
- 31:18Ryan: rates
- 31:18Ryan: at
- 31:19Ryan: these
- 31:19Ryan: levels?
- 31:20Robert Cohen: Yeah
- 31:21Robert Cohen: I
- 31:21Robert Cohen: think
- 31:21Robert Cohen: our
- 31:21Robert Cohen: view
- 31:21Robert Cohen: continues
- 31:22Robert Cohen: to
- 31:22Robert Cohen: be
- 31:22Robert Cohen: focused
- 31:23Robert Cohen: on
- 31:23Robert Cohen: lower
- 31:23Robert Cohen: duration
- 31:24Robert Cohen: focused
- 31:25Robert Cohen: on
- 31:25Robert Cohen: let's
- 31:25Robert Cohen: say
- 31:25Robert Cohen: 10
- 31:26Robert Cohen: years
- 31:26Robert Cohen: and
- 31:26Robert Cohen: in
- 31:27Robert Cohen: that
- 31:27Robert Cohen: the
- 31:27Robert Cohen: long
- 31:27Robert Cohen: end
- 31:27Robert Cohen: of
- 31:27Robert Cohen: the
- 31:28Robert Cohen: market
- 31:28Robert Cohen: is
- 31:30Robert Cohen: at
- 31:30Robert Cohen: risk
- 31:30Robert Cohen: now
- 31:31Robert Cohen: of
- 31:31Robert Cohen: inflation
- 31:32Robert Cohen: but
- 31:32Robert Cohen: it
- 31:33Robert Cohen: also
- 31:33Robert Cohen: has
- 31:33Robert Cohen: this
- 31:34Robert Cohen: risk
- 31:34Robert Cohen: of
- 31:34Robert Cohen: the
- 31:35Robert Cohen: deficit
- 31:36Robert Cohen: and
- 31:36Robert Cohen: overall
- 31:37Robert Cohen: US
- 31:37Robert Cohen: debt
- 31:38Robert Cohen: and
- 31:38Robert Cohen: so
- 31:38Robert Cohen: that
- 31:38Robert Cohen: could
- 31:38Robert Cohen: cause
- 31:39Robert Cohen: crowding
- 31:39Robert Cohen: out
- 31:40Robert Cohen: that
- 31:40Robert Cohen: causes
- 31:40Robert Cohen: rates
- 31:41Robert Cohen: on
- 31:41Robert Cohen: the
- 31:41Robert Cohen: back
- 31:41Robert Cohen: end
- 31:41Robert Cohen: to
- 31:41Robert Cohen: rise
- 31:42Robert Cohen: So
- 31:44Robert Cohen: again
- 31:44Robert Cohen: it's
- 31:44Robert Cohen: a
- 31:45Robert Cohen: question
- 31:45Robert Cohen: of
- 31:45Robert Cohen: what
- 31:45Robert Cohen: are
- 31:45Robert Cohen: you
- 31:45Robert Cohen: trying
- 31:46Robert Cohen: to
- 31:46Robert Cohen: achieve
- 31:47Robert Cohen: with
- 31:47Robert Cohen: your
- 31:47Robert Cohen: fixed
- 31:48Robert Cohen: income
- 31:48Robert Cohen: portfolio
- 31:49Robert Cohen: If
- 31:49Robert Cohen: you're
- 31:49Robert Cohen: trying
- 31:49Robert Cohen: to
- 31:50Robert Cohen: focus
- 31:50Robert Cohen: on
- 31:50Robert Cohen: the
- 31:50Robert Cohen: income
- 31:51Robert Cohen: part
- 31:51Robert Cohen: of
- 31:51Robert Cohen: your
- 31:51Robert Cohen: fixed
- 31:51Robert Cohen: income
- 31:52Robert Cohen: portfolio
- 31:53Robert Cohen: you
- 31:53Robert Cohen: can
- 31:53Robert Cohen: make
- 31:53Robert Cohen: you
- 31:54Robert Cohen: can
- 31:54Robert Cohen: generate
- 31:54Robert Cohen: high
- 31:55Robert Cohen: degrees
- 31:55Robert Cohen: of
- 31:55Robert Cohen: income
- 31:56Robert Cohen: in
- 31:56Robert Cohen: different
- 31:57Robert Cohen: flavors
- 31:58Robert Cohen: by
- 31:58Robert Cohen: being
- 31:58Robert Cohen: short
- 31:59Robert Cohen: So
- 32:00Robert Cohen: that
- 32:00Robert Cohen: works
- 32:01Robert Cohen: If
- 32:02Robert Cohen: you're
- 32:02Robert Cohen: looking
- 32:02Robert Cohen: to
- 32:02Robert Cohen: hedge
- 32:03Robert Cohen: equity
- 32:03Robert Cohen: volatility
- 32:04Robert Cohen: by
- 32:05Robert Cohen: investing
- 32:05Robert Cohen: in
- 32:05Robert Cohen: long
- 32:05Robert Cohen: duration
- 32:06Robert Cohen: assets
- 32:07Robert Cohen: they
- 32:07Robert Cohen: may
- 32:07Robert Cohen: not
- 32:07Robert Cohen: work
- 32:08Robert Cohen: the
- 32:08Robert Cohen: way
- 32:08Robert Cohen: they
- 32:08Robert Cohen: have
- 32:09Robert Cohen: historically
- 32:10Robert Cohen: They
- 32:10Robert Cohen: certainly
- 32:10Robert Cohen: didn't
- 32:10Robert Cohen: work
- 32:10Robert Cohen: in
- 32:10Robert Cohen: twenty
- 32:11Robert Cohen: twenty-two
- 32:12Robert Cohen: Everything
- 32:12Robert Cohen: was
- 32:12Robert Cohen: correlated
- 32:13Robert Cohen: so
- 32:13Robert Cohen: rates
- 32:13Robert Cohen: rose
- 32:14Robert Cohen: and
- 32:14Robert Cohen: equities
- 32:14Robert Cohen: sold
- 32:14Robert Cohen: off
- 32:16Robert Cohen: there's
- 32:16Robert Cohen: a
- 32:16Robert Cohen: chance
- 32:16Robert Cohen: that
- 32:16Robert Cohen: could
- 32:17Robert Cohen: happen
- 32:17Robert Cohen: again
- 32:17Robert Cohen: So
- 32:17Robert Cohen: if
- 32:18Robert Cohen: we
- 32:18Robert Cohen: have
- 32:18Robert Cohen: some
- 32:19Robert Cohen: kind
- 32:19Robert Cohen: of
- 32:19Robert Cohen: equity
- 32:20Robert Cohen: correction
- 32:20Robert Cohen: in
- 32:20Robert Cohen: the
- 32:20Robert Cohen: next
- 32:21Robert Cohen: several
- 32:21Robert Cohen: years
- 32:22Robert Cohen: it's
- 32:22Robert Cohen: certainly
- 32:23Robert Cohen: possible
- 32:24Robert Cohen: it's
- 32:24Robert Cohen: more
- 32:24Robert Cohen: than
- 32:24Robert Cohen: possible
- 32:25Robert Cohen: that
- 32:25Robert Cohen: will
- 32:25Robert Cohen: be
- 32:25Robert Cohen: coincident
- 32:26Robert Cohen: with
- 32:26Robert Cohen: the
- 32:26Robert Cohen: rise
- 32:26Robert Cohen: in
- 32:27Robert Cohen: rates
- 32:28Robert Cohen: Maybe
- 32:28Robert Cohen: it's
- 32:28Robert Cohen: the
- 32:29Robert Cohen: fiscal
- 32:29Robert Cohen: issues
- 32:30Robert Cohen: coming
- 32:30Robert Cohen: home
- 32:30Robert Cohen: to
- 32:31Robert Cohen: roost
- 32:31Robert Cohen: and
- 32:31Robert Cohen: we
- 32:31Robert Cohen: finally
- 32:31Robert Cohen: pay
- 32:32Robert Cohen: the
- 32:32Robert Cohen: price
- 32:33Robert Cohen: of
- 32:33Robert Cohen: the
- 32:33Robert Cohen: deficits
- 32:34Robert Cohen: it
- 32:34Robert Cohen: could
- 32:35Robert Cohen: be
- 32:35Robert Cohen: inflation
- 32:36Robert Cohen: there's
- 32:36Robert Cohen: a
- 32:36Robert Cohen: variety
- 32:36Robert Cohen: of
- 32:36Robert Cohen: reasons
- 32:37Robert Cohen: why
- 32:38Robert Cohen: the
- 32:38Robert Cohen: rate
- 32:38Robert Cohen: market
- 32:38Robert Cohen: may
- 32:38Robert Cohen: not
- 32:39Robert Cohen: behave
- 32:39Robert Cohen: as
- 32:39Robert Cohen: that
- 32:40Robert Cohen: hedge
- 32:41Robert Cohen: against
- 32:41Robert Cohen: equity
- 32:41Robert Cohen: volatility
- 32:42Robert Cohen: So
- 32:42Robert Cohen: it
- 32:42Robert Cohen: really
- 32:43Robert Cohen: comes
- 32:43Robert Cohen: down
- 32:43Robert Cohen: to
- 32:43Robert Cohen: what
- 32:43Robert Cohen: problem
- 32:43Robert Cohen: are
- 32:44Robert Cohen: you
- 32:44Robert Cohen: trying
- 32:44Robert Cohen: to
- 32:44Robert Cohen: solve
- 32:45Robert Cohen: And
- 32:45Robert Cohen: if
- 32:45Robert Cohen: the
- 32:45Robert Cohen: problem
- 32:46Robert Cohen: is
- 32:46Robert Cohen: or
- 32:47Robert Cohen: the
- 32:47Robert Cohen: your
- 32:47Robert Cohen: interest
- 32:48Robert Cohen: is
- 32:48Robert Cohen: to
- 32:48Robert Cohen: generate
- 32:48Robert Cohen: income
- 32:49Robert Cohen: I
- 32:49Robert Cohen: think
- 32:49Robert Cohen: the
- 32:49Robert Cohen: lower
- 32:50Robert Cohen: duration
- 32:50Robert Cohen: just
- 32:52Robert Cohen: Y-y-you
- 32:52Robert Cohen: can
- 32:52Robert Cohen: achieve
- 32:53Robert Cohen: that
- 32:53Robert Cohen: You
- 32:53Robert Cohen: can
- 32:53Robert Cohen: achieve
- 32:53Robert Cohen: the
- 32:53Robert Cohen: lower
- 32:54Robert Cohen: You
- 32:54Robert Cohen: can
- 32:54Robert Cohen: achieve
- 32:55Robert Cohen: that
- 32:55Robert Cohen: income
- 32:55Robert Cohen: with
- 32:55Robert Cohen: lower
- 32:55Robert Cohen: duration
- 32:56Robert Cohen: so
- 32:56Robert Cohen: why
- 32:56Robert Cohen: bother
- 32:57Robert Cohen: moving
- 32:57Robert Cohen: out
- 32:58Robert Cohen: on
- 32:58Robert Cohen: the
- 32:58Robert Cohen: curve
- 32:58Robert Cohen: and
- 32:58Robert Cohen: exposing
- 32:59Robert Cohen: yourself
- 32:59Robert Cohen: to
- 32:59Robert Cohen: that
- 33:00Robert Cohen: interest
- 33:00Robert Cohen: rate
- 33:01Robert Cohen: volatility
- 33:02Ryan: Yeah,
- 33:03Ryan: I
- 33:03Ryan: completely
- 33:03Ryan: agree.
- 33:04Ryan: There's...
- 33:05Ryan: try
- 33:05Ryan: and
- 33:05Ryan: reduce
- 33:06Ryan: those
- 33:06Ryan: risks
- 33:07Ryan: as,
- 33:07Ryan: as
- 33:07Ryan: much
- 33:07Ryan: as
- 33:08Ryan: you
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- 33:08Ryan: because
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- 33:08Ryan: are
- 33:08Ryan: risks
- 33:09Ryan: out
- 33:09Ryan: there
- 33:10Ryan: in
- 33:10Ryan: moving
- 33:10Ryan: forward.
- 33:11Ryan: So
- 33:11Ryan: very
- 33:11Ryan: good
- 33:11Ryan: point.
- 33:12Ryan: So
- 33:12Ryan: let's
- 33:12Ryan: bring
- 33:12Ryan: this
- 33:12Ryan: all
- 33:13Ryan: together.
- 33:13Ryan: Robert,
- 33:14Ryan: you
- 33:14Ryan: added
- 33:14Ryan: such
- 33:14Ryan: great
- 33:15Ryan: insight.
- 33:15Ryan: A
- 33:16Ryan: lot
- 33:16Ryan: of
- 33:17Ryan: information
- 33:18Ryan: you
- 33:18Ryan: shared.
- 33:18Ryan: It's
- 33:18Ryan: been
- 33:19Ryan: fant-
- 33:19Ryan: fantastic.
- 33:20Ryan: So
- 33:21Ryan: you
- 33:21Ryan: mentioned
- 33:22Ryan: multi-sector.
- 33:23Ryan: One
- 33:23Ryan: of
- 33:23Ryan: the,
- 33:24Ryan: Is
- 33:24Ryan: that
- 33:24Ryan: the
- 33:24Ryan: play
- 33:25Ryan: right
- 33:25Ryan: now
- 33:25Ryan: too
- 33:26Ryan: for
- 33:26Ryan: this
- 33:26Ryan: current
- 33:26Ryan: environment,
- 33:27Ryan: is
- 33:28Ryan: you
- 33:28Ryan: take
- 33:28Ryan: a
- 33:28Ryan: multi-sector
- 33:29Ryan: approach?
- 33:30Ryan: You
- 33:30Ryan: mentioned
- 33:30Ryan: it,
- 33:30Ryan: the
- 33:30Ryan: benefits
- 33:31Ryan: of
- 33:31Ryan: it.
- 33:32Ryan: Would
- 33:32Ryan: that
- 33:32Ryan: be
- 33:32Ryan: what
- 33:32Ryan: you
- 33:33Ryan: would,
- 33:33Ryan: you
- 33:34Ryan: do
- 33:34Ryan: for
- 33:34Ryan: a
- 33:34Ryan: financial
- 33:35Ryan: advisor?
- 33:37Robert Cohen: Absolutely
- 33:37Robert Cohen: I
- 33:37Robert Cohen: think
- 33:37Robert Cohen: the
- 33:38Robert Cohen: worst
- 33:38Robert Cohen: thing
- 33:38Robert Cohen: you
- 33:38Robert Cohen: can
- 33:38Robert Cohen: do
- 33:38Robert Cohen: is
- 33:39Robert Cohen: be
- 33:39Robert Cohen: in
- 33:40Robert Cohen: one
- 33:40Robert Cohen: bet
- 33:40Robert Cohen: So
- 33:40Robert Cohen: if
- 33:41Robert Cohen: you
- 33:41Robert Cohen: just
- 33:41Robert Cohen: have
- 33:41Robert Cohen: I
- 33:42Robert Cohen: don't
- 33:42Robert Cohen: know
- 33:42Robert Cohen: the
- 33:42Robert Cohen: S&P
- 33:43Robert Cohen: and
- 33:43Robert Cohen: long
- 33:43Robert Cohen: duration
- 33:44Robert Cohen: bonds
- 33:45Robert Cohen: that
- 33:45Robert Cohen: doesn't
- 33:45Robert Cohen: make
- 33:45Robert Cohen: sense
- 33:46Robert Cohen: So
- 33:47Robert Cohen: ma
- 33:47Robert Cohen: advisors
- 33:47Robert Cohen: can
- 33:48Robert Cohen: try
- 33:48Robert Cohen: to
- 33:48Robert Cohen: do
- 33:48Robert Cohen: it
- 33:48Robert Cohen: themselves
- 33:49Robert Cohen: but
- 33:49Robert Cohen: we
- 33:49Robert Cohen: just
- 33:50Robert Cohen: talked
- 33:50Robert Cohen: about
- 33:50Robert Cohen: the
- 33:51Robert Cohen: need
- 33:51Robert Cohen: to
- 33:51Robert Cohen: be
- 33:52Robert Cohen: focused
- 33:52Robert Cohen: and
- 33:53Robert Cohen: specialized
- 33:54Robert Cohen: because
- 33:54Robert Cohen: of
- 33:54Robert Cohen: the
- 33:54Robert Cohen: nuances
- 33:55Robert Cohen: in
- 33:55Robert Cohen: each
- 33:55Robert Cohen: of
- 33:55Robert Cohen: these
- 33:55Robert Cohen: asset
- 33:56Robert Cohen: classes
- 33:57Robert Cohen: So
- 33:57Robert Cohen: I
- 33:57Robert Cohen: think
- 33:57Robert Cohen: let
- 33:57Robert Cohen: your
- 33:58Robert Cohen: ad
- 33:58Robert Cohen: let
- 33:58Robert Cohen: your
- 33:58Robert Cohen: manager
- 33:59Robert Cohen: do
- 33:59Robert Cohen: it
- 33:59Robert Cohen: for
- 33:59Robert Cohen: you
- 33:59Robert Cohen: that's
- 34:00Robert Cohen: our
- 34:00Robert Cohen: mantra
- 34:00Robert Cohen: Like
- 34:00Robert Cohen: let
- 34:01Robert Cohen: us
- 34:01Robert Cohen: figure
- 34:01Robert Cohen: out
- 34:02Robert Cohen: how
- 34:02Robert Cohen: much
- 34:03Robert Cohen: how
- 34:03Robert Cohen: much
- 34:03Robert Cohen: exposure
- 34:03Robert Cohen: you
- 34:04Robert Cohen: have
- 34:04Robert Cohen: to
- 34:04Robert Cohen: mortgages
- 34:04Robert Cohen: to
- 34:05Robert Cohen: rates
- 34:05Robert Cohen: to
- 34:06Robert Cohen: investment
- 34:06Robert Cohen: grade
- 34:06Robert Cohen: corporates
- 34:07Robert Cohen: to
- 34:07Robert Cohen: high
- 34:08Robert Cohen: yield
- 34:08Robert Cohen: corporates
- 34:08Robert Cohen: to
- 34:08Robert Cohen: all
- 34:08Robert Cohen: these
- 34:09Robert Cohen: sectors
- 34:10Robert Cohen: I
- 34:10Robert Cohen: think
- 34:10Robert Cohen: we
- 34:11Robert Cohen: you
- 34:11Robert Cohen: know
- 34:11Robert Cohen: we
- 34:11Robert Cohen: have
- 34:11Robert Cohen: teams
- 34:12Robert Cohen: looking
- 34:12Robert Cohen: at
- 34:12Robert Cohen: this
- 34:12Robert Cohen: every
- 34:13Robert Cohen: day
- 34:13Robert Cohen: It's
- 34:14Robert Cohen: hard
- 34:14Robert Cohen: for
- 34:14Robert Cohen: an
- 34:14Robert Cohen: advisor
- 34:14Robert Cohen: to
- 34:15Robert Cohen: look
- 34:15Robert Cohen: at
- 34:15Robert Cohen: all
- 34:15Robert Cohen: of
- 34:15Robert Cohen: these
- 34:15Robert Cohen: markets
- 34:16Robert Cohen: all
- 34:16Robert Cohen: the
- 34:17Robert Cohen: time
- 34:17Robert Cohen: and
- 34:17Robert Cohen: figure
- 34:18Robert Cohen: out
- 34:18Robert Cohen: how
- 34:18Robert Cohen: to
- 34:18Robert Cohen: move
- 34:18Robert Cohen: things
- 34:18Robert Cohen: around
- 34:20Robert Cohen: We're
- 34:20Robert Cohen: looking
- 34:20Robert Cohen: at
- 34:20Robert Cohen: it
- 34:20Robert Cohen: every
- 34:20Robert Cohen: day
- 34:21Robert Cohen: We
- 34:21Robert Cohen: have
- 34:21Robert Cohen: teams
- 34:21Robert Cohen: in
- 34:21Robert Cohen: this
- 34:22Robert Cohen: and
- 34:22Robert Cohen: this
- 34:22Robert Cohen: is
- 34:22Robert Cohen: all
- 34:22Robert Cohen: we
- 34:22Robert Cohen: do
- 34:23Robert Cohen: And
- 34:23Robert Cohen: so
- 34:24Robert Cohen: I
- 34:24Robert Cohen: think
- 34:24Robert Cohen: that's
- 34:25Robert Cohen: the
- 34:25Robert Cohen: best
- 34:25Robert Cohen: solution
- 34:26Robert Cohen: is
- 34:26Robert Cohen: let
- 34:26Robert Cohen: us
- 34:26Robert Cohen: worry
- 34:26Robert Cohen: about
- 34:27Robert Cohen: it
- 34:27Robert Cohen: We're
- 34:27Robert Cohen: looking
- 34:27Robert Cohen: at
- 34:27Robert Cohen: it
- 34:28Robert Cohen: every
- 34:28Robert Cohen: day
- 34:28Robert Cohen: We
- 34:28Robert Cohen: talk
- 34:28Robert Cohen: about
- 34:29Robert Cohen: these
- 34:29Robert Cohen: things
- 34:29Robert Cohen: every
- 34:29Robert Cohen: day
- 34:30Robert Cohen: and
- 34:30Robert Cohen: we're
- 34:31Robert Cohen: thinking
- 34:31Robert Cohen: about
- 34:31Robert Cohen: what
- 34:31Robert Cohen: the
- 34:32Robert Cohen: optimal
- 34:32Robert Cohen: asset
- 34:32Robert Cohen: allocation
- 34:33Robert Cohen: mix
- 34:34Robert Cohen: should
- 34:34Robert Cohen: be
- 34:35Robert Cohen: and
- 34:35Robert Cohen: we're
- 34:35Robert Cohen: changing
- 34:35Robert Cohen: it
- 34:35Robert Cohen: on
- 34:36Robert Cohen: the
- 34:36Robert Cohen: fly
- 34:36Robert Cohen: as
- 34:37Robert Cohen: as
- 34:37Robert Cohen: conditions
- 34:37Robert Cohen: change
- 34:38Robert Cohen: So
- 34:39Robert Cohen: I
- 34:39Robert Cohen: think
- 34:39Robert Cohen: that's
- 34:39Robert Cohen: the
- 34:39Robert Cohen: winning
- 34:39Robert Cohen: strategy
- 34:41Robert Cohen: because
- 34:41Robert Cohen: we're
- 34:41Robert Cohen: gonna
- 34:41Robert Cohen: have
- 34:42Robert Cohen: conditions
- 34:43Robert Cohen: change
- 34:43Robert Cohen: pretty
- 34:43Robert Cohen: rapidly
- 34:44Robert Cohen: in
- 34:44Robert Cohen: an
- 34:44Robert Cohen: environment
- 34:44Robert Cohen: with
- 34:44Robert Cohen: volatility
- 34:45Robert Cohen: and
- 34:46Robert Cohen: you
- 34:46Robert Cohen: have
- 34:46Robert Cohen: to
- 34:46Robert Cohen: be
- 34:46Robert Cohen: able
- 34:46Robert Cohen: to
- 34:46Robert Cohen: move
- 34:46Robert Cohen: your
- 34:46Robert Cohen: portfolio
- 34:47Robert Cohen: around
- 34:47Robert Cohen: quickly
- 34:48Robert Cohen: and
- 34:49Robert Cohen: that's
- 34:49Robert Cohen: what
- 34:49Robert Cohen: we're
- 34:49Robert Cohen: here
- 34:49Robert Cohen: to
- 34:49Robert Cohen: do
- 34:50Ryan: Yeah.
- 34:51Ryan: No,
- 34:51Ryan: I
- 34:51Ryan: completely
- 34:52Ryan: agree.
- 34:53Ryan: You
- 34:53Ryan: brought
- 34:53Ryan: up
- 34:53Ryan: the
- 34:54Ryan: optimal
- 34:54Ryan: fixed
- 34:55Ryan: income
- 34:55Ryan: allocation,
- 34:56Ryan: asset
- 34:57Ryan: allocation.
- 34:58Ryan: I
- 34:58Ryan: know
- 34:58Ryan: it,
- 34:59Ryan: for
- 34:59Ryan: everyone
- 35:00Ryan: it's
- 35:00Ryan: different,
- 35:01Ryan: right?
- 35:01Ryan: What
- 35:01Ryan: e-
- 35:02Ryan: everyone
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- 35:02Ryan: a
- 35:02Ryan: different
- 35:03Ryan: asset
- 35:03Ryan: allocation
- 35:04Ryan: that
- 35:04Ryan: is
- 35:05Ryan: optimal
- 35:05Ryan: for
- 35:05Ryan: them.
- 35:06Ryan: What
- 35:06Ryan: do
- 35:06Ryan: you
- 35:06Ryan: believe
- 35:07Ryan: right
- 35:07Ryan: now
- 35:07Ryan: though
- 35:08Ryan: is
- 35:08Ryan: a
- 35:08Ryan: more
- 35:08Ryan: of
- 35:09Ryan: an
- 35:09Ryan: optimal
- 35:09Ryan: fixed
- 35:10Ryan: income
- 35:10Ryan: allocation?
- 35:12Robert Cohen: I'm
- 35:12Robert Cohen: gonna
- 35:13Robert Cohen: half
- 35:13Robert Cohen: pump
- 35:13Robert Cohen: the
- 35:14Robert Cohen: question
- 35:14Robert Cohen: because
- 35:14Robert Cohen: it
- 35:14Robert Cohen: really
- 35:15Robert Cohen: does
- 35:15Robert Cohen: matter
- 35:15Robert Cohen: There's
- 35:16Robert Cohen: a
- 35:16Robert Cohen: wide
- 35:16Robert Cohen: variety
- 35:16Robert Cohen: of
- 35:17Robert Cohen: risk
- 35:17Robert Cohen: tolerance
- 35:17Robert Cohen: out
- 35:18Robert Cohen: there
- 35:18Robert Cohen: But
- 35:19Robert Cohen: generally
- 35:19Robert Cohen: speaking
- 35:20Robert Cohen: most
- 35:21Robert Cohen: people
- 35:21Robert Cohen: are
- 35:21Robert Cohen: overweight
- 35:22Robert Cohen: equities
- 35:22Robert Cohen: in
- 35:23Robert Cohen: an
- 35:23Robert Cohen: environment
- 35:23Robert Cohen: where
- 35:23Robert Cohen: valuations
- 35:24Robert Cohen: are
- 35:24Robert Cohen: very
- 35:24Robert Cohen: high
- 35:25Robert Cohen: We
- 35:25Robert Cohen: can
- 35:25Robert Cohen: argue
- 35:25Robert Cohen: about
- 35:26Robert Cohen: growth
- 35:26Robert Cohen: but
- 35:27Robert Cohen: you
- 35:27Robert Cohen: probably
- 35:28Robert Cohen: overweight
- 35:28Robert Cohen: more
- 35:29Robert Cohen: equities
- 35:29Robert Cohen: than
- 35:29Robert Cohen: you
- 35:29Robert Cohen: should
- 35:30Robert Cohen: be
- 35:30Robert Cohen: and
- 35:30Robert Cohen: you're
- 35:31Robert Cohen: probably
- 35:31Robert Cohen: underweight
- 35:31Robert Cohen: fixed
- 35:32Robert Cohen: income
- 35:33Robert Cohen: I
- 35:33Robert Cohen: think
- 35:33Robert Cohen: because
- 35:34Robert Cohen: people
- 35:34Robert Cohen: have
- 35:34Robert Cohen: not
- 35:34Robert Cohen: liked
- 35:35Robert Cohen: fixed
- 35:35Robert Cohen: income
- 35:35Robert Cohen: since
- 35:35Robert Cohen: the
- 35:36Robert Cohen: 22
- 35:36Robert Cohen: 2022
- 35:37Robert Cohen: rate
- 35:38Robert Cohen: volatility
- 35:39Robert Cohen: So
- 35:39Robert Cohen: generally
- 35:40Robert Cohen: speaking
- 35:40Robert Cohen: you
- 35:40Robert Cohen: probably
- 35:40Robert Cohen: wanna
- 35:41Robert Cohen: have
- 35:41Robert Cohen: a
- 35:41Robert Cohen: little
- 35:41Robert Cohen: bit
- 35:41Robert Cohen: more
- 35:41Robert Cohen: fixed
- 35:41Robert Cohen: income
- 35:42Robert Cohen: and
- 35:42Robert Cohen: a
- 35:42Robert Cohen: little
- 35:42Robert Cohen: bit
- 35:43Robert Cohen: less
- 35:43Robert Cohen: equities
- 35:44Robert Cohen: And
- 35:44Robert Cohen: what
- 35:45Robert Cohen: that
- 35:45Robert Cohen: means
- 35:45Robert Cohen: for
- 35:45Robert Cohen: each
- 35:46Robert Cohen: client
- 35:46Robert Cohen: portfolio
- 35:47Robert Cohen: is
- 35:47Robert Cohen: going
- 35:47Robert Cohen: to
- 35:47Robert Cohen: be
- 35:47Robert Cohen: different
- 35:47Robert Cohen: but
- 35:48Robert Cohen: I
- 35:48Robert Cohen: can
- 35:48Robert Cohen: I
- 35:48Robert Cohen: think
- 35:48Robert Cohen: I
- 35:48Robert Cohen: can
- 35:48Robert Cohen: make
- 35:49Robert Cohen: that
- 35:49Robert Cohen: broad
- 35:49Robert Cohen: generalization
- 35:50Robert Cohen: that
- 35:51Robert Cohen: given
- 35:51Robert Cohen: this
- 35:51Robert Cohen: ba
- 35:51Robert Cohen: backdrop
- 35:52Robert Cohen: of
- 35:53Robert Cohen: overexposed
- 35:54Robert Cohen: with
- 35:54Robert Cohen: high
- 35:54Robert Cohen: valuations
- 35:55Robert Cohen: and
- 35:56Robert Cohen: underexposed
- 35:56Robert Cohen: to
- 35:58Robert Cohen: re
- 35:58Robert Cohen: fixed
- 35:58Robert Cohen: income
- 35:59Robert Cohen: when
- 35:59Robert Cohen: we
- 35:59Robert Cohen: finally
- 35:59Robert Cohen: have
- 36:00Robert Cohen: income
- 36:00Robert Cohen: in
- 36:00Robert Cohen: fixed
- 36:01Robert Cohen: income
- 36:02Robert Cohen: you
- 36:02Robert Cohen: probably
- 36:02Robert Cohen: need
- 36:02Robert Cohen: to
- 36:02Robert Cohen: do
- 36:02Robert Cohen: some
- 36:03Robert Cohen: rebalancing
- 36:03Robert Cohen: towards
- 36:04Robert Cohen: fixed
- 36:04Robert Cohen: income
- 36:06Ryan: Robert,
- 36:07Ryan: thank
- 36:08Ryan: you
- 36:08Ryan: so
- 36:08Ryan: much.
- 36:08Ryan: Like
- 36:09Ryan: I
- 36:09Ryan: said,
- 36:09Ryan: it
- 36:09Ryan: awesome
- 36:10Ryan: to
- 36:10Ryan: have
- 36:10Ryan: you
- 36:10Ryan: back
- 36:11Ryan: on.
- 36:11Ryan: All
- 36:11Ryan: the
- 36:12Ryan: insight,
- 36:13Ryan: all
- 36:13Ryan: the
- 36:13Ryan: information
- 36:14Ryan: that
- 36:14Ryan: you
- 36:14Ryan: share,
- 36:15Ryan: it's
- 36:16Ryan: great.
- 36:16Ryan: S-
- 36:16Ryan: I
- 36:16Ryan: just
- 36:17Ryan: sit
- 36:17Ryan: back
- 36:17Ryan: and
- 36:17Ryan: listen.
- 36:18Ryan: I
- 36:18Ryan: should
- 36:18Ryan: be
- 36:18Ryan: taking
- 36:19Ryan: notes.
- 36:19Ryan: Thankfully,
- 36:19Ryan: I
- 36:20Ryan: can
- 36:20Ryan: watch
- 36:20Ryan: this
- 36:20Ryan: a
- 36:20Ryan: couple
- 36:21Ryan: times
- 36:21Ryan: over
- 36:21Ryan: and
- 36:22Ryan: over.
- 36:23Ryan: So
- 36:23Ryan: thank
- 36:23Ryan: you,
- 36:23Ryan: it's
- 36:23Ryan: fantastic.
- 36:24Ryan: And
- 36:24Ryan: I
- 36:24Ryan: love
- 36:25Ryan: you
- 36:26Ryan: came
- 36:26Ryan: on
- 36:26Ryan: and
- 36:26Ryan: talked
- 36:27Ryan: so
- 36:27Ryan: much
- 36:27Ryan: about
- 36:27Ryan: AI
- 36:28Ryan: and
- 36:28Ryan: the
- 36:28Ryan: risks.
- 36:29Ryan: We
- 36:29Ryan: often
- 36:30Ryan: talk
- 36:30Ryan: about
- 36:30Ryan: AI
- 36:31Ryan: and
- 36:31Ryan: the
- 36:31Ryan: opportunities,
- 36:32Ryan: a
- 36:32Ryan: lot
- 36:32Ryan: of
- 36:33Ryan: opportunities
- 36:33Ryan: out
- 36:33Ryan: there
- 36:33Ryan: in
- 36:34Ryan: AI,
- 36:34Ryan: but
- 36:35Ryan: also
- 36:35Ryan: there
- 36:35Ryan: are
- 36:35Ryan: some
- 36:35Ryan: risks
- 36:36Ryan: in
- 36:36Ryan: how
- 36:36Ryan: it
- 36:37Ryan: pertains
- 36:38Ryan: to
- 36:38Ryan: fixed
- 36:38Ryan: income.
- 36:39Ryan: I
- 36:39Ryan: think
- 36:39Ryan: it's
- 36:39Ryan: fantastic.
- 36:40Ryan: Where
- 36:41Ryan: can
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- 36:41Ryan: audience
- 36:41Ryan: get
- 36:42Ryan: more
- 36:42Ryan: information
- 36:42Ryan: about
- 36:43Ryan: DoubleLine?
- 36:44Robert Cohen: Quite
- 36:44Robert Cohen: simply
- 36:45Robert Cohen: doubleline.com
- 36:46Robert Cohen: That
- 36:46Robert Cohen: is
- 36:47Robert Cohen: the
- 36:47Robert Cohen: link
- 36:47Robert Cohen: to
- 36:47Robert Cohen: everything
- 36:48Robert Cohen: related
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- 36:49Robert Cohen: DoubleLine
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- 36:51Robert Cohen: go
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- 36:51Robert Cohen: doubleline.com
- 36:53Ryan: Yep.
- 36:53Ryan: Fantastic.
- 36:54Ryan: Awesome,
- 36:54Ryan: Robert.
- 36:55Ryan: Thank
- 36:55Ryan: you
- 36:55Ryan: so
- 36:55Ryan: much,
- 36:56Ryan: and
- 36:56Ryan: thank
- 36:56Ryan: you
- 36:56Ryan: everyone
- 36:57Ryan: for
- 36:57Ryan: listening
- 36:57Ryan: to
- 36:57Ryan: this
- 36:58Ryan: episode
- 36:58Ryan: of
- 36:58Ryan: Zephyr's
- 36:59Ryan: Adjusted
- 37:00Ryan: for
- 37:00Ryan: Risk
- 37:00Ryan: podcast.
- 37:01Ryan: You
- 37:01Ryan: can
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- 37:01Ryan: all
- 37:01Ryan: of
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- 37:03Ryan: YouTube
- 37:04Ryan: channel,
- 37:04Ryan: Spotify,
- 37:05Ryan: and
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- 37:08Ryan: Please
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- 37:11Ryan: follow
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- 37:12Ryan: Thank
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- 37:13Ryan: great
- 37:13Ryan: rest
- 37:14Ryan: of
- 37:14Ryan: your
- 37:14Ryan: week