Chairman of Investments and Global Chief Investment Officer Scott Minerd leads Guggenheim Partners’ macroeconomic and investment research functions. Together, our team of economists, strategists, and analysts provides investors with economic and policy analyses and assessments of their potential impacts on asset prices.


 
Market Perspectives

Sustainable Development: The Future of Investing

Scott Minerd, Chairman of Investments and Global CIO, explains in the Milken Institute’s Power of Ideas why sustainable development will be a key component of long-term investment performance.

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Macro View

A New Policy Orthodoxy Is Emerging

The demand for new monetary policy strategy and greater fiscal action is growing.

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Sector Report

Rates: U.S. Beckons Yield-Starved Global Investors

Investors from outside of the United States seeking higher relative yields will continue to support Treasurys.

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Media Appearance

Minerd: Central Bank Liquidity Driving Asset Prices

On FOMC decision day, Scott Minerd, Chairman of Investments and Global CIO discusses on CNBC the investment ramifications of global central bank policies.

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Portfolio Strategy

Third Quarter 2016 Fixed-Income Outlook: Chart Highlights

At a glance, selected charts from our Third Quarter 2016 Fixed-Income Outlook highlight views from our fixed-income investment team on relative value and macroeconomic conditions.

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Minerd on WealthTrack: Fixed Income Strategy in a Negative Rate World

Scott Minerd, Chairman of Investments and Global CIO, discusses challenges and opportunities in today’s market with WealthTrack’s Consuelo Mack.

“The Fed is now hostage to the markets,” Minerd warned Mack as they discussed market challenges and opportunities on a recent edition of PBS' WealthTrack. “The problem is that as central banks around the world keep searching for new ways to stimulate the economy, it’s creating imbalances, so we’re slowly seeing asset classes get inflated.”

For investors, this dynamic creates an unusual conundrum: Where to find assets that represent value given the heightened risk inherent in a global economy awash in manipulated liquidity. In the following video series, including highlights from the interview, Minerd shares insights on how careful security selection and a disciplined approach to investing can help steer investors through challenging market conditions.

 

Recent Perspectives

May 24, 2016

Asset-Backed Securities and CLOs: Focus on Seniority

We anticipate cheaper entry points into mezzanine and subordinate CLO tranches, and esoteric ABS.

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May 24, 2016

Non-Agency Residential Mortgage-Backed Securities: Volatile Prices Mask Improving Fundamentals

Improving fundamentals, lower bond prices, and limited supply form a constructive thesis for non-Agency RMBS.

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May 24, 2016

Commercial Mortgage-Backed Securities: Awash in Demand, Short in Supply

A frenzied rally in April will moderate as Wall Street restarts its CMBS production engine.

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May 24, 2016

Commercial Real Estate Debt: Demand for Loans May Exceed Supply

While commercial real estate fundamentals remain strong, strains on loan supply could cause borrowing costs to tick higher in 2016.

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May 24, 2016

Municipals: Revenue Bonds Trump General Obligations

We selectively favor bonds supported by dedicated revenue streams.

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May 24, 2016

Agency Residential Mortgage-Backed Securities: Agency MBS Has Global Appeal

U.S. housing market dynamics and low/negative rates overseas should drive demand for Agency MBS.

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May 24, 2016

Rates: Flight to Quality Benefits Treasurys

U.S. rates products will remain relatively attractive, given extremely low to negative global bond yield levels.

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May 24, 2016

Fixed-Income Outlook: Managing Through a Persistent State of Heightened Volatility

In the second quarter 2016 edition of the Fixed-Income Outlook, the leaders of our fixed-income investment team discuss relative value and our current economic outlook.

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May 20, 2016

Sustainable Development: The Future of Investing

Scott Minerd, Chairman of Investments and Global CIO, explains in the Milken Institute’s Power of Ideas why sustainable development will be a key component of long-term investment performance.

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May 03, 2016

Complacency in Uncharted Waters

Solely relying on monetary policy for market stability is inherently destabilizing, and yet central bankers continue to deploy aggressive monetary policy with no end in sight. The Fed’s balance sheet in pre-crisis 2007 was just 6 percent of nominal gross domestic product (GDP); today it is 25 percent. The European Central Bank’s (ECB) balance sheet has gone from 13 percent to 26 percent of euro zone GDP in that same time period. The Bank of Japan is on another monetary planet entirely, having grown its footings from 22 percent to 77 percent of GDP over that same timeframe. The result is an eerie calm in the market, but under these still waters lurks a leviathan.

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