What Goes Up

An inverted yield curve. Fears of recession. Three rate cuts from the Federal Reserve. And a boatload of negative yielding debt. All remnants of a year to remember, when everything rallied and U.S. stocks notched one of their best in decades. Matthew Peron, chief investment officer for City National Rochdale recounts 2019’s highlights.

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It was a fabulous year to be invested in stocks or bonds. But what’s in store for 2020? Nela Richardson, an investment strategist at Edward Jones, and Bloomberg columnist Cameron Crise give their outlooks. Richardson says a lot of older clients are reluctant to make less risky investments due to the huge returns they’ve enjoyed in 2019. Meanwhile, the rally in bonds has pushed interest rates down and made the returns on fixed-income look unappealing. 

Mentioned in this podcast:

Maybe It’s Time to Start Worrying About Euphoria in U.S. Stocks

U.S. Yield Curve Hits Steepest Point in Over a Year

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Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market.

Mentioned in this podcast:

Job-Crusader Powell Signals Long Policy Pause Amid Low Inflation

Fed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks

It Took 13 Years for the Crisis to End in U.S. Financial Stocks

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Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities.

Mentioned in this podcast:

Peloton Stock Is Pummeled on Backlash From ‘Gift That Gives’ Ad

A 20-Carat Blue Diamond Is Sold for Almost $15 Million

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Climate change is arguably the biggest problem facing mankind in the 21st century, and any serious effort to slow it will require further massive investments in clean energy. At investment firm GMO, portfolio manager Lucas White leads a strategy that invests in companies which stand to benefit from the transition to green energy. It not only makes sound environmental sense, White says, but it also makes economic sense.

Mentioned in this podcast:

Thinking Outside the Box: How and Why to Invest in a Climate Change Strategy

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As 2020 approaches, the financial industry is busy issuing global outlooks for the new year. Recession? Trade deal? Higher or lower bond yields? Wilmington Trust Corp. threw another major risk into the mix: the continued rise of populism. Luke Tilley, chief economist at Wilmington and a former adviser with the Federal Reserve Bank of Philadelphia, weighs in. Also joining the show is Bloomberg’s Katherine Greifeld, who discusses the recent drop in bond yields and what’s arguably the most-boring foreign-exchange market since 1976.

Mentioned in this podcast:

Currency Doldrums Spur Complacency Risk That Could ‘Destroy Profits’

Bond Market’s Fate Hangs in Balance Before Trade-War Crunch Time

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As U.S. benchmark stock indexes keep hitting new highs, at least one Wall Street strategist is on alert for a potential pullback by year’s end. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, explains why she’s sticking with a year-end target of 2,950 for the S&P 500, about 5% below where it’s currently trading. Also joining the podcast is Bloomberg’s Ye Xie, who discusses the U.S. trade war with China and democracy protests in Hong Kong from the perspective of a global markets reporter.  

Mentioned in this podcast:

FOMO Grows as Investors Scurry to Catch Stock Market Boom

U.S. Senate Readies Quick Vote on Trade Status: Hong Kong Update

Patek Philippe Watch Sells for $31 Million in Record Auction

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The bond market has taken a major U-turn in recent weeks, causing the ever-important 10-year Treasury yield to jump from a three-year low of less than 1.43% in September to almost 2% on Thursday. Is this a turning point for fixed income or just a correction in an overbought Treasuries market? Robert Tipp, chief investment strategist at PGIM Fixed Income, shares his thoughts. Bloomberg Executive Editor Chris Nagi also explains what the rise in yields means for a U.S. stock market that touched record highs this week.  

Mentioned in this podcast:

Career Risk Flashing in Fund Land as Only 29% Beat Benchmarks

U.S. Rates: Low for Long, But Likely Positive

Robinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’​​​​​​​

Correction: This post incorrectly identified Robert Tipp’s title. The post has been updated.

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Negative interest rates! They’re all the rage in Europe, but could this trend come to the U.S. financial system in the foreseeable future? Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investment Management, explains how it could happen. Also joining the podcast is Bloomberg Opinion columnist Shira Ovide, who discusses the latest earnings reports from big tech and communications companies.

Mentioned in this podcast:

Another rate cut—Is the U.S. economy weakening?

First Obama, Then Trump, Now They Say Warren Will Crush Stocks

Alphabet Is a Money-Making Mystery But It Works

The 1963 Schwinn Catalog

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Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.

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