DoubleLine Deputy CIO Jeffrey Sherman and Portfolio Manager Samuel Lau welcome StoneX Director of Macro Global Strategy Vincent Deluard to The Sherman Show. Mr. Deluard begins the episode by sharing how his passion for collecting actual paper money and coins before getting into his career in finance, working at StoneX and teaching at Saint Mary’s College. Messrs. Sherman, Lau and Deluard then get into, among other topics, Mr. Deluard’s nonconsensus calls including his recession doubts (8:29), why he feels a certain level of inflation is accretive to the economy (12:04), why he thinks the government doesn’t need to balance its books (15:17) and where the 2% target for inflation comes from (20:00). On the topic of the federal government balancing the books, Mr. Deluard says, “I’m not arguing that we should just spend the way like Venezuela or Argentina does, but the notion that we need to balance the books is wrong. At the end of the day, it’s a tradeoff.”

The three also discuss how the Fed’s QE policy led to its current tough talk on inflation (24:50), why Mr. Deluard believes we can sidestep recession in 2023 (28:52), why we should let capitalism work out the banking dilemma (32:33) and Mr. Deluard’s thoughts on allocation (34:46), including commodity positioning (39:07) and lightening up on duration (42:14). This episode was recorded May 22, 2023.

The Sherman Show

TSS Episode 140: StoneX’s Vincent Deluard on Recession Skepticism, Not Balancing the Books and Going Lighter on Duration

TSS Episode 140: StoneX’s Vincent Deluard on Recession Skepticism, Not Balancing the Books and more

Jeffrey Sherman, DoubleLine’s Deputy CIO and Sam Lau, DoubleLine’s Asset Allocation Analyst, host a series of podcasts with distinguished guests, giving listeners insight into DoubleLine’s strategies, Portfolio Managers and industry innovators.

TSS Episode 140: StoneX’s Vincent Deluard on Recession Skepticism, Not Balancing the Books and more

The Sherman Show™