ALO29: What Every Investor Should Know About Valuations ft. David Giroux

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 12 March 2025

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Leveraged loans combined with treasuries create a solid strategy for navigating today’s fixed income market. These two asset classes work like a peanut butter and jelly sandwich, balancing each other out—leveraged loans shine when interest rates rise, while treasuries thrive when rates drop. In our chat today with David Giroux, portfolio manager at T. Rowe Price, we dive into how this mix helps manage risk and enhance returns in uncertain market conditions. Giroux shares his insights on the current investment landscape, emphasizing the importance of evaluating management quality and capital allocation strategies. Join us as we unpack these ideas and explore what they mean for the future of investing.

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Transcript

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0:00.0	Leveraged loans in combination with treasuries together is kind of the pita, butter, and jelly sandwich of the fixing market, if you will.
0:15.8	Because think about this, you know, leverage loans do well when rates are rising.
0:22.1	The treasuries do well when rates are declining right so they they help all of a sudden each other a little bit there
0:26.0	so if you put loans together in a portfolio with treasuries again you get you know the combination
0:34.0	of those two things the peanut butter and jelly sandwich is really generates
0:38.9	really good risk-dressed returns.
0:42.2	Imagine spending an hour with the world's greatest traders.
0:46.1	Imagine learning from their experiences, their successes, their successes, and their failures.
0:50.5	Imagine no more.
0:52.3	Welcome to Top Traders Unplugged, the place where you can learn from the best
0:56.8	hedge fund managers in the world so you can take your manager, due diligence, or investment
1:01.3	career to the next level. Before we begin today's conversation, remember to keep two things
1:06.4	in mind. All the discussion we'll have about investment performance is about the past,
1:11.8	and past performance does not guarantee or even infer anything about future performance.
1:16.0	Also understand that there's a significant risk of financial loss with all investment strategies,
1:20.7	and you need to request and understand the specific risks from the investment manager about
1:25.1	their product before you make investment decisions.
1:28.1	Here's your host, veteran hedge fund manager, Niels Kostrup Larson.
1:37.6	Welcome and welcome back to another conversation in our series of episodes that focuses
1:41.8	on markets and investing from a global macro perspective.
1:45.7	This is a series that I not only find incredibly interesting as well as intellectually challenging,
1:51.6	but also very important given where we are in the global economy and the geopolitical cycle.
	...

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