PIMCO Accrued Interest

AI has become one of the dominant forces shaping both equity and bond indices, creating concentrations and distortions that many investors may not fully appreciate. Host Greg Hall sits down with Charles Schwab Chief Investment Strategist Liz Ann Sonders to explore how the AI trade has permeated portfolios, often in ways that extend far beyond a handful of technology stocks. As index performance becomes increasingly driven by a small group of companies, investors face a critical challenge: understanding how much AI exposure they already own, where the hidden risks reside, and whether those are the risks they actually want to take. 

Together, they look beneath the surface of the major indices matters more than ever, how AI-related concentration is influencing both stocks and bonds, and where opportunities may exist for investors who can navigate around these market distortions. Rather than making broad, short-term bets, they examine the value of focusing on fundamentals, diversifying sources of return, and building portfolios that reflect intentional risk-taking rather than unintended exposure.  

Show notes:

(5:35) Testing the Bull Market AI Hypothesis 

(13:08) Financing the AI Timeline 

(18:59) What Market Concentration Means for Advisors 

(23:47) The Role of Active Management in Equities 

(27:28) Accounting for the AI CapEx Boom 

(31:13) Restoring Balance in Portfolios 

(41:44) Resilience in the Face of Rate Volatility 

If you enjoyed the episode, check out our other related resources: 

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to

With rising rates dominating the headlines, advisors are understandably concerned.  PIMCO Group CIO Dan Ivascyn says the story isn’t the volatility — it’s the high starting yields. At near 25-year highs, those yields can potentially deliver long-term returns in multiple scenarios, from an economic slowdown to the most optimistic AI adoption scenarios. Dan explains how to make the most of today’s starting yields, and why doing so takes patience and a disciplined process, grounded in high-quality fixed income, a globally diversified approach, and in using sensible duration to lock in high yields for years to come. For advisors, that adds up to many ways to win.

Show notes:

(2:56) What’s behind today’s rate volatility 

(7:23) Why starting yields change the bond equation 

(12:01) Why today’s bond market is different from 2022 

(16:33) Putting bond and equity volatility in perspective 

(24:31) Where fixed income fits in an era of AI and innovation 

(28:49) Inside PIMCO’s approach to duration 

If you enjoyed the episode and want to learn more, check out related resources: 

[Cyclical Outlook]  Growth Holds, Risk Widen

[Podcast] What's Pushing Long-Term Bond Yields Higher? Apple ( or )  Spotify

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to

What separates great advisors today? According to David Chubak, Head of Wealth Management and Field Management at Edward Jones, it's the same qualities that have always mattered: trust, relationships, and a deep understanding of clients. David joins Greg Hall to explain why, even in the age of AI and endless information, human connection remains at the heart of great advice. Drawing on his own experience working with advisors, lessons from behavioral finance, and the values instilled by his grandparents, David shares a framework for building strong client relationships as we enter the "Golden Age of Advice." 

Show notes: 

[4:38] Life Lessons That Led David to Edward Jones 

[10:02] How the Edward Jones Model Came to Be 

[18:14] The Growing Need for Human Advice 

[27:00] Celebrating a Special Event for Edward Jones 

[30:37] The Next 100 Years for Edward Jones and Financial Advisors 

[34:13] How Financial Advisors Can Keep Evolving 

[39:12] Growth While Staying True to Edward Jones’ Values 

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to

Even the most experienced investors can fall prey to one of the 150+ behavioral biases researchers have documented. But Dr. Anastasia Buyalskaya, a behavioral finance advisor to PIMCO, and Devin Ekeberg, PIMCO senior consultant in advisor education, believe the goal isn’t to rationalize them away; it’s to build frameworks that keep biased thinking from driving decision making.  

Together with Greg Hall, they discuss: 

Show notes: 

[4:01] Intro to Behavioral Finance 

[13:10] Common Decision-Making Biases 

[20:20] Tools for Avoiding Behavioral Traps 

[24:45] Using Behavioral Finance in Advisor Conversations 

[34:01] How Sources of Information Influence Behavior 

[46:36] Is AI Good or Bad for Decision Making? 

[51:27] How are Advisors using AI? 

If you enjoyed the episode, check out more PIMCO resources about behavioral finance: 

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

A confluence of rising sovereign debt, surging AI-related corporate bond issuance, and inflation concerns has lifted 30-year yields in the U.S. and elsewhere to two-decade highs.  On the heels of their very popular July episode – Old-Fashioned Bond Math for a New-Fashioned Fed – Marc Seidner and Pramol Dhawan join host Greg Hall to discuss.

Show notes: 

(3:37) Rising rates are a global term-premium story 

(4:46) Treasury's response 

(7:15) What actually drove the move higher in rates

(11:56) AI issuance and "indigestion" 

(14:49) The 30-year is not the 10-year 

(19:07) Mixed data and Jackson Hole 

If you enjoyed episode, read the piece behind today's conversation:

What’s Pushing Long-Term Bond Yields Higher?

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Global cycles have fallen out of sync, and the gaps between markets are widening. PIMCO CIO of Global Fixed Income Andrew Balls says that's the exact type of environment where global active management matters most.

Show notes: 

[9:59] The thesis of Rupture and Resilience 

[15:43] Politics driving economics in Japan, the U.K., and Europe 

[30:47] The AI supercycle in Europe vs. the U.S. 

[36:13] The investment implications of rearming Europe 

[40:51] Europe and the global energy complex 

[43:42] Making the case for global fixed income 

If you enjoyed the episode, check out more of our resources on global fixed income: 

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

Under a Warsh-led Fed, with less explicit guidance and less implicit backstop, Marc Seidner and Pramol Dhawan tell host Greg Hall that bond math starts to matter again. Listen as they explore:

·         The “Warsh Dividend” and what it could mean for investors?

·         Why diversification still matters in a market increasingly dominated by a handful of mega-cap stocks.

·         Exorcising the ghost of 2022 – How duration and higher yields are working in bond investors' favor again.

Show notes

[1:26] The Thesis of "Old-Fashioned Bond Math for New-Fashioned Fed"

[8:16] Investing over the past decade vs investing now

[16:20] What to expect from a Warsh-led Fed

[21:40] If nothing changed at the Fed

[25:56] Synergies with fixed income​‌

If you enjoyed episode, read the piece behind today's conversation:

·         Old-Fashioned Bond Math for a New-Fashioned Fed

And check out other related sources about the opportunity in fixed income:

·         Read: Global Bond Diversification: Higher Yields and New Opportunities for Alpha

·         Listen: Lotfi Karoui on Private Credit and the AI CapEx Supercycle (Apple or Spotify)

The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to https://www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

From the pages of The Credit Market Lens to the Accrued Interest microphone, Lotfi Karoui joins host Greg Hall to explore why the focus on direct lending may be overshadowing the structural themes important to the future of credit markets. Together, they discuss the cyclical pressures weighing on business development companies and why liquidity alone may not resolve today’s challenges. Looking ahead, they explain why the AI CapEx super cycle, global energy reshoring, and renewed defense spending may test the market’s ability to absorb issuance. For advisors, these dynamics highlight the potential value of diversification in bonds and emerging markets.

We didn't rename the podcast… we're just drilling into commodities this

Show notes:

Fresh off publishing PIMCO’s Secular Outlook, “Rupture and Resilience,” Group CIO Dan Ivascyn joins Greg Hall to discuss the structural forces likely to shape markets over the next five years.