Ideas
Mimi Duff
Head of NY Office and Senior Client Advisor, GenTrust
5:24
Japanese investors still find U.S. Treasuries attractive
Despite the Bank of Japan tightening, Japanese investors are unlikely to find U.S. assets less alluring. Domestic Japanese investors are mostly positioned inside the curve, but there are still back-end buyers, and Mimi says the whole U.S. curve remains attractive.
Mimi Duff
Head of NY Office and Senior Client Advisor, GenTrust
8:44
Credit spreads too tight, avoid corporate credit
Mimi is net neutral duration and does not love credit. She does not think investors are compensated for credit risk with spreads so tight, especially with more issuance coming from hyperscalers.
Mass merchants win value-seeking holiday shoppers
With inflation pressuring wallets, shoppers are spending selectively and using AI to find bargains. Kathryn says the predominant AI-driven recommendations are coming in mass merchants and wholesale-price retail, positioning those formats as holiday beneficiaries.
Bullish commercial real estate despite higher rates
Chad remains bullish on commercial real estate even though higher rates raise the cost of capital. He cites expected 2.3% GDP growth, unemployment just over 4%, and consumer spending up 5%, while emphasizing selectivity.
Real estate debt offers best returns
Higher rates are creating the best returns JPMorgan has seen in its real estate debt portfolio since the global financial crisis. Chad says the strategy offers income and mid-teens IRRs, with double-digit returns paid monthly.
Net lease offers income, tax advantages
The net lease strategy is attractive because it combines credit underwriting with real estate ownership, giving clients income and tax advantages. Chad says investor demand for cash flow and a $1.1 billion fund close support the strategy.
Housing shortage supports single-family rentals
The U.S. is about five million housing units short, and with mortgage rates near 7%, supply remains constrained. Chad is positioned in more than 6,000 single-family leasing units and sees smaller transaction sizes as an opportunity given aging first-time buyers.
Sun Belt migration supports rent growth
Capital is flowing to the Sun Belt while higher rates discourage new construction, setting up less supply, more demand, and stronger rent growth. Chad continues to like migration trends and focuses on middle-income families earning roughly $100,000 a year.
Quality office wins; older office struggles
The office market is a haves-and-have-nots market: the bottom third has 70% of vacancy, while trophy properties in locations like Park Avenue and Midtown are in demand. Chad favors quality office and office with hospitality over older office.
Quality office wins; older office struggles
The office market is a haves-and-have-nots market: the bottom third has 70% of vacancy, while trophy properties in locations like Park Avenue and Midtown are in demand. Chad favors quality office and office with hospitality over older office.
Baby boomers support senior housing demand
The first baby boomers turn 80 this year, and Chad says JPMorgan has focused heavily on senior housing, especially in the Sun Belt, to capture demographic demand.
Higher rates improve fixed-income returns
After years of strong equity returns, many portfolios have drifted to 70/30 or 75/25 and need rebalancing. Dana says higher rates mean the fixed-income sleeve should produce better returns and is an appropriate way to bring risk back to target.
International equities are good diversifiers
Dana notes that international equities had a fantastic 2025 and are a strong diversification tool, which matters as U.S. equity exposure and hyperscaler concentration keep rising.
AI memory demand tightens Sandisk supply
AI infrastructure continues to consume more memory and tighten supply, supporting Sandisk. Carol notes the stock jumped almost 11% and has risen more than 630% year-to-date after recent Nvidia CEO comments.
Avoid long-duration Treasuries until Iran clarity
Andrew warns that buying bonds and extending duration now is effectively a bet on oil and the Iran war, since bond prices have been closely correlated with oil. He says investors should wait for more geopolitical certainty before going long duration.
IG corporate spreads are too tight
IG corporate spreads are tight, above their top decile, and relative-value investors are not being paid to buy them. Andrew wants spreads to widen toward agency MBS levels before adding IG corporates.
Agency MBS offer attractive relative value
Agency MBS are a more attractive high-quality, liquid place to hide out, offering yields in the low sixes while mortgage rates are around 7%. Andrew prefers them until IG corporate spreads widen.
Treasurers favor money-market, short-duration assets
Corporate treasurers are shifting back toward cash and cash-like instruments, including money market funds, because the Iran war and higher rates make long-duration assets less attractive. Nina says the trend could continue if the Fed follows through with more hikes.
Sports collectibles are a serious asset class
Caitlin argues sports collectibles are becoming a serious asset class, helped by emotion and improved authentication. She expects the Michael Jordan 1998 NBA Finals Game 3 jersey to sell above estimate and be worth more in 20 years.
On can crack global football
Nike is losing Kylian Mbappe to On, and On is giving him equity as it moves from running and Roger Federer into global football. Randall says On believes Mbappe, who can play through the 2030 World Cup, is key to reaching consumers, and the signing may broaden On into everyday trainers.
This Bloomberg Markets video, published September 18, 2026,
features Mimi Duff, Kathryn Gramling, Chad Tredway, Dana D'Auria, Carol Massar, Andrew Szczurowski, Nina Trentmann, Caitlin Donovan, Randall Williams
discussing TLT, LQD, Mass merchants and wholesale retailers, XLRE, Real estate debt, Net lease real estate, Single-family rental housing, Sun Belt real estate, Quality/trophy office real estate, Older office real estate, Senior housing, ACWX, SNDK, MBB, Short-duration assets, Money market funds, Sports collectibles, Michael Jordan 1998 NBA Finals Game 3 jersey, ONON.
20 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Mimi Duff,
Kathryn Gramling,
Chad Tredway,
Dana D'Auria,
Carol Massar,
Andrew Szczurowski,
Nina Trentmann,
Caitlin Donovan,
Randall Williams
· Tickers:
TLT,
LQD,
Mass merchants and wholesale retailers,
XLRE,
Real estate debt,
Net lease real estate,
Single-family rental housing,
Sun Belt real estate,
Quality/trophy office real estate,
Older office real estate,
Senior housing,
ACWX,
SNDK,
MBB,
Short-duration assets,
Money market funds,
Sports collectibles,
Michael Jordan 1998 NBA Finals Game 3 jersey,
ONON
