Идеи
Long EM local debt and currencies.
A structural shift is underway: developed markets are losing safe-haven status due to fiscal deterioration, while emerging markets have improved their fiscal profiles. The dollar is in a structural downtrend. The best way to play this is through emerging market local debt (EMFX or EM local rates), which offers high yields and potential currency appreciation.
Long agency MBS for diversification.
Agency mortgages are an attractive investment because they have low correlation to tech/AI stocks and offer a decent yield. Corporate credit is becoming more correlated with equities, whereas mortgages provide diversification. Floating-rate securities are particularly interesting.
Gold has meaningful upside ahead.
Gold has meaningful upside potential in the current environment of dollar weakness, central bank buying, and geopolitical uncertainty. He sees continued support for gold prices for the rest of the administration.
Avoid private credit like 2007.
Private credit is reminiscent of 2007 subprime. There are widespread markdowns (e.g., from 100 to 81) and a lack of transparency. Redemption requests will likely rise in June. He advises against buying private credit, as a crisis of trust is unfolding.
Buy low-coupon long Treasuries as hedge.
To hedge against a potential U.S. debt restructuring or yield curve control, he has swapped Treasury holdings into the lowest-coupon off-the-run securities in each maturity cohort. This reduces risk and actually picks up yield. It is a low-cost insurance trade.
Long commodities as real asset hedge.
He likes a 20% allocation to commodities as a real asset hedge. The Bloomberg Commodity Index is performing well, supported by oil and food prices, and provides broad diversification.
This Bloomberg Markets video, published May 07, 2026,
features William Campbell, Ken Shinoda, Jeffrey Sherman, Jeffrey Gundlach
discussing EM local currency bonds, Agency MBS, GLD, Private credit / BDCs, Low-coupon long-term U.S. Treasuries, DBC.
6 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
William Campbell,
Ken Shinoda,
Jeffrey Sherman,
Jeffrey Gundlach
· Tickers:
EM local currency bonds,
Agency MBS,
GLD,
Private credit / BDCs,
Low-coupon long-term U.S. Treasuries,
DBC
