PIMCO: Insights from the CEO of a $1.8 Trillion Fixed Income Manager - With Emmanuel Roman

With a successful career incorporating 18 years at Goldman Sachs, and then CEO of the MAN Group, Emmanuel explains today’s landscape for investors across the fixed income universe.

In his first ever podcast interview, he shares in-depth insights into PIMCO’s mission and reach. He discusses how the world is awash with cash and short-term maturities, creating opportunities with interest rates having adjusted upwards.

He feels there is a tidal wave of liquidity, underpinning an optimistic view of the possible investments which exist; from credit, both public and private, through to emerging market local FX debt.

He explains why alpha is very identifiable and investable and why active beats passive in the fixed income universe. He discusses how AI is transforming data processing in the finance sector.

Finally, he explains why banks are retreating from some quarters of the lending landscape, creating opportunities for PIMCO.

Finally, he reflects on the European dilemma in being able to create meaningful growth, and why all these government debts will have to be paid at some point ahead.

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TOPICS:
00:00 - Introduction
01:21 - Emmanuel’s Background
02:32 - Emmanuel’s Education
04:25 - Time at Goldman Sachs
08:28 - PIMCO Overview
13:33 - PIMCO’s Prospects
15:40 - Real Estate Analysis
18:40 - Private Debt
20:28 - Liquidity Premiums
22:50 - Active Vs Passive
25:32 - Emerging Market Debt
27:35 - Debt:GDP Ratios
29:09 - US Macro Analysis
30:50 - Japanese Economy
32:15 - Eurosclerosis
34:40 - UK Economy
36:24 - AI & The Finance Sector
38:35 - AI & PIMCO
40:50 - Cultural Differences
43:00 - Wealth Preservation
46:13 - Presidents and Wines!
47:42 - Students/Early Career Advice
49:35 - Charity Allocation
52:02 - Optimism and Support of Arsenal FC!
53:10 - Summary

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DISCLAIMER
MONEY MAZE PODCAST - All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed.

PIMCO - PIMCO manages $1.86 trillion in assets, including $1.48 trillion in third-party client assets as of 31 December 2023. Assets include $82.2 billion (as of 30 September 2023) in assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO.

[lucyshapiro]

First and foremost, thank you for sharing this insightful conversation and for having such a special guest on your show, Simon.

Question as I watch this on 5/14/2024: Based on this interview and our current market conditions, where do you think Emmanuel would adjust his stance? For instance, does the forecast of 8-9% returns for 2024 still hold, or has that prediction shifted?