My guest today is Adam Abbas, Portfolio Manager and Head of Fixed Income at Oakmark. After recording over a hundred podcasts, I was thrilled to finally chat with another Fixed Income manager. We start with some valuable lessons from investing in the TMT sector, the impact of zero interest rates, and the role of monetary policy in the credit markets. We then explore today’s opportunities in fixed income, the growing influence of private credit, and the thinking behind launching a fund at Oakmark. Please enjoy this conversation with Adam Abbas.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Show Notes
(00:00:00) Welcome to Making Markets
(00:00:24) The Apple 401k Anecdote
(00:00:45) Early Career and Investment Strategies
(00:01:39) BlackBerry vs. Apple: A Case Study
(00:03:54) Lessons from Lehman Brothers
(00:04:35) Navigating the TMT Sector
(00:10:40) High Yield Credit Market Insights
(00:10:59) Impact of Low Interest Rates
(00:12:29) Monetary Policy and Market Reactions
(00:14:15) The Role of the Federal Reserve
(00:17:49) Global Economic Considerations
(00:20:18) Inflation and Deficit Concerns
(00:23:40) Market Signaling and Investment Strategies
(00:27:21) Credit Market Analysis
(00:28:34) Underwriting and Credit Strategies
(00:29:07) Investment Opportunities in High Yield and Investment Grade
(00:29:40) Leveraged Loans and Floating Rate Instruments
(00:31:25) MBS Agency Paper vs. Corporates
(00:36:29) Private Credit Market Impact
(00:40:28) Oakmark's Fixed Income Strategy
(00:48:23) Boeing: A Case Study in Credit Risk
(00:53:33) Corporate Credit Cycle Sentiment
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