Vishal Khanduja
Co-Head of Broad Markets Fixed Income, Morgan Stanley Investment Management
Ticker
Side
Mentions
Opened
Entry
P&L
Thesis
Theme
Source
Long
Apr 20
$80.56
-1.1%
The current high-yield bond market is of the highest quality ever seen, with a high proportion of BB-rated issuers and low duration. This offers attractive yield with lower fundamental risk compared to the past, making it a better allocation than long-duration investment-grade credit.
Macro
Long
Mar 16
$96.00
-2.1%
"Around that seven to 10 year point does provide you quite a bit of protection from a growth shock." The massive spike in oil prices acts as a regressive tax on the consumer, leading to demand destruction and a subsequent economic growth shock. Central banks will not hike into a supply-driven energy shock, meaning the next major move in yields is likely lower as economic growth slows down. LONG medium-to-long duration US Treasuries as a hedge against an impending growth shock caused by triple-digit oil prices. If inflation expectations become unanchored and the Fed is forced to hike rates to maintain credibility, long-duration bonds will sell off.
"Around that seven to 10 year point does provide you quite a bit of protection from a growth shock." The massive spike in oil prices acts as a regressive tax on the consumer, leading to demand destruction and a subsequent economic growth shock. Central banks will not hike into a supply-driven energy shock, meaning the next major move in yields is likely lower as economic growth slows down. LONG medium-to-long duration US Treasuries as a hedge against an impending growth shock caused by triple-digit oil prices. If inflation expectations become unanchored and the Fed is forced to hike rates to maintain credibility, long-duration bonds will sell off.
Macro
Long
Mar 16
$87.22
-2.2%
"Around that seven to 10 year point does provide you quite a bit of protection from a growth shock." The massive spike in oil prices acts as a regressive tax on the consumer, leading to demand destruction and a subsequent economic growth shock. Central banks will not hike into a supply-driven energy shock, meaning the next major move in yields is likely lower as economic growth slows down. LONG medium-to-long duration US Treasuries as a hedge against an impending growth shock caused by triple-digit oil prices. If inflation expectations become unanchored and the Fed is forced to hike rates to maintain credibility, long-duration bonds will sell off.
"Around that seven to 10 year point does provide you quite a bit of protection from a growth shock." The massive spike in oil prices acts as a regressive tax on the consumer, leading to demand destruction and a subsequent economic growth shock. Central banks will not hike into a supply-driven energy shock, meaning the next major move in yields is likely lower as economic growth slows down. LONG medium-to-long duration US Treasuries as a hedge against an impending growth shock caused by triple-digit oil prices. If inflation expectations become unanchored and the Fed is forced to hike rates to maintain credibility, long-duration bonds will sell off.
Macro
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