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Welcome to Animal Spirits, a show about markets, life, and investing. Join Michael Batnik and Ben Carlson as they talk about what they're reading, writing, and watching. All opinions expressed

by Michael and Ben are solely their own opinion and do not reflect the opinion of Riddholz wealth

management. This podcast is for informational purposes only and should not be relied upon for any

investment decisions. Clients of Riddholt's wealth management may maintain positions in the

securities discussed in this podcast.

Welcome to Animal Spirits with Michael and Ben. On today's talk your book, we have Stephanie LaRose Lear, head of business strategy and development and Invesco. Here's the thing that I learned

from this episode. There are just a million fixed income products now available to people.

Duncan was asking me the other day,

hey, I thought fixed income was supposed to hedge against geopolitical crises like this.

And it's kind of my question was, what kind of fixed income do you have?

Do you have a floating rate fund? Do you have a muni fund?

Do you have some sort of structured credit? Do you have a floating rate fund? Do you have a muni fund? Do you have some sort of structured credit? Do you have a total bond fund? That's a good point. Fixed income has gotten a lot broader and it's a lot different than it used to be in the past. Back in the day, you just assumed, all right, risk off, bonds on. And it's not so simple anymore. Yes. And I think that's what we've learned this decade is that there's a lot of different environments and fix and can perform differently under different environments. Rising rates, lower rates, higher inflation, lower inflation. And I think the need for diversification, if you're going to want to protect, is probably greater than it's been. So anyway, we talked to Stephanie about all this stuff, the different products they have, what's going on in the world, what's going on with

the rates, how the economy is impacting it, inflation expectations, all this good stuff.

So here's our talk with Stephanie.

Stephanie, welcome to the show. Thanks for having you.

All right. Today, we're going to. Thanks for having you. All right.

Today we're going to be talking about public credit, aka bonds, which historically have been a.

The boring, deliberately part of the portfolio.

And given all of the headlines in the other area of the loan market, I'd say

boring sounds pretty good right now. What are what sort of client conversations are you having

these days, Stephanie? Yeah. So boring. That is very synonymous with bonds, right? These days,

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