PIMCO Accrued Interest

Commercial real estate is one of the few asset classes that went through a relatively recent recession and still offers attractive valuations, whether through lending or owning.

In a world shaped by big headlines, Richard Clarida and Libby Cantrill give advisors a grounded view of what really matters in Washington, the economy, and the markets. Together with host Greg Hall, they explore the next chapter for the Federal Reserve under Kevin Warsh, the fluidity of the conflict in the Middle East, and the political ripple effects of AI, inflation, and tariffs.

About the Speakers

(1:09) What to expect from a Warsh-led Fed

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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

When geopolitics shift from isolated economic events to consistent economic inputs, advisors need a new playbook – one built on durability and flexibility.

CIO of Non Traditional Strategies Marc Seidner and Head of Emerging Markets Pramol Dhawan join Greg Hall to share:
· How geopolitical uncertainty is pushing markets to price wide-ranging outcomes
· Why we may get the “stag” without the “flation”
· How bonds are outyielding some high-flying AI stocks

Show notes:
(4:42) The thesis of “When Geopolitics Becomes an Economic Input”
(11:05) How geopolitical risks may impact the market
(13:54) Why today is different than 2022
(19:07) Goldilocks or recession? What’s next for the economy
(22:46) Bonds outyielding high-flying AI stocks

If you enjoyed the episode, check out some related resources below:
When Geopolitics Becomes an Economic Input
Three Cyclical Forces Shaping Markets

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

Private credit is much more than a direct lending story. It’s an asset-based finance one, too. And this other lane of private credit continues to be a solid source of diversification and returns. Benjamin Ensminger-Law and Jason Steiner  join Greg Hall to walk through this evolving opportunity in private credit, starting with why cash flow velocity and structural diversity set asset-based financing apart from direct lending. From there, they lay out the four pillars of generating alpha in an asset class still in its early innings

PIMCO’s Head of Municipal Bonds Dave Hammer wants taxable investors to pay attention to muni market opportunities in today’s market. With rates at attractive levels, continuing strong credit quality, and seasonal factors affecting bond prices, he is excited about what’s ahead for investors. He discusses the broadening menu of municipal investing, which includes more and more privately-arranged debt in bespoke situations, as well as how thorough credit research and patient sector allocation drive results over the long term. In a world characterized by macro and geopolitical volatility, the muni markets offer a more local solution for investors looking to compound on a tax-efficient basis.”

Show notes:

(4:59) How recent events have impacted the muni market

(10:49) Why today is a good entry point

(16:27) Which sectors have become more or less attractive

(22:23) The divergence in outcomes between different projects

(25:49) Bank retrenchment and the muni market

(29:18) How the team stays ahead

(41:10) Where AI meets the muni market

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Apple:

Spotify

Ted Seides — the founder and voice of Capital Allocators — joined Greg Hall on Accrued Interest to “zoom out” from the headlines and talk about larger trends and dynamic shifts he thinks will influence investing for the next decade. The conversation had no script, ranging from equity index composition, to structural changes in private equity, to the ongoing tribulations of the direct lending market. It’s a great chat with a fascinating market observer, and a good opportunity to step away from the newsfeed and think big picture.

Show notes:

Related Episodes:

Apple:

Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui

Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets

Spotify:

Private Credit’s Other Lanes Still Offer Value with Lotfi Karoui

Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets

The discussion and content provided within this podcast is intended for

In the midst of ongoing geopolitical uncertainty, we take a moment to turn our minds to a topic that affects us all and waits for nobody: taxes. To prepare you for 2026 and beyond, Devin Ekberg joins Greg Hall to discuss tax changes from the One Big Beautiful Bill Act and potential pitfalls to avoid. Between deep dives on SALT deduction phaseouts and the potential stackable tax benefits of muni and real estate investments, Devin finds a way to compare tax planning to Van Halen and Brown M&Ms.

Show notes:

(4:43) Tax changes from theOne Big Beautiful Bill Act

(7:19) What mistakes to avoid from the new tax rules

 (15:22) Basics of the new Trump Accounts

 (19:51) Tax planning and the active vs passive debate

 (29:04) How advisors are using munis in portfolios

 (34:36) Where does real estate fit in tax planning

Lately, private credit has attracted its share of grim headlines, but as Lotfi Karoui — PIMCO Managing Director, Multi Asset Credit Strategist and Co Head of Client Solutions and Analytics — points out, many recent developments in the space should be seen as expected features of a cyclical credit market.

In his debut appearance on Accrued Interest, Lotfi and host Greg Hall dig into the private credit story: from direct lending’s emergence after the Great Financial Crisis, to its explosive growth post-COVID, and what we can expect in the future as investor expectations realign to actual opportunities and risks. They also explore diversification options within the private credit landscape, including asset-based finance (ABF) and real estate.

Join us in welcoming Lotfi to PIMCO and Accrued Interest.

Show notes:

(3:50) The emergence of direct lending after the Great Financial Crisis

Related Episodes:

Apple:

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 www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures

What began as an uncertain year has only grown more unpredictable, with conflict in the Middle East and stress across credit rattling the broader markets. Christian Stracke, PIMCO’s President and Head of APAC and EMEA, joins Accrued Interest to lay out a framework for investing when uncertainty and volatility are features, not the exception. Together, he and host Greg Hall get into the ripple effects that the latest geopolitical shocks could have on oil prices, inflation and global markets—and why there’s “a crisis of confidence” in some, not all, parts of private credit.

Shownotes:
(4:27) The market’s reaction to tension in the Middle East
(10:33) How rate markets are digesting recent events
(13:43) A framework for investing in uncertain times
(18:37) The ripple effect on oil prices and inflation
(24:52) A crisis of confidence in credit markets
(30:45) How stress in U.S. credit impacts the broader credit landscape

Apple:
·       Expect the Unexpected with Pramol Dhawan
·       Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets

Spotify:
·       Expect the Unexpected with Pramol Dhawan
·       Will Headlines Hit Your Bottom Line? Risk and Reality in Today’s Credit Markets

Stability, calm, and order are giving way to fragmentation, volatility, and surprise. In his most recent PIMCO Perspectives, co‑authored with Marc Seidner, Pramol Dhawan says that this shift makes 2026 a year when investors should “expect the unexpected.” He joins host Greg Hall to explore how this new world order is reshaping markets — from the opportunities volatility can unlock in global fixed income to the evolving rebalancing between stocks and bonds. They even get into why the world is tilting toward mercantilism, though thankfully, not in a way that forces you to dust off your economics textbooks.

Show notes:

(0:00) Intro

(2:30) How politics are shaping economics

(9:55) What the return of the stock-bond correlations means for investors

(14:33) The case for active management in global markets

(18:03) Risk and opportunities in what’s ahead

(26:28) Why emerging markets now?

(31:35) What “unexpected” really means in “expect the unexpected”

If you enjoyed the episode, explore more of our resources below:

PIMCO Perspectives: Expect the Unexpected

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