Ken Shinoda, portfolio manager at DoubleLine Capital, joins Julia La Roche on episode 64 to provide his macro outlook and views on housing. He also shares one of his highest conviction ideas right now.
Ken joined DoubleLine at its inception in 2009. He is Chairman of the Structured Products Committee and oversees the non-Agency RMBS team specializing in non-Agency mortgage-backed securities, residential whole loans, and other mortgage-related opportunities. He is co-Portfolio Manager on the Total Return, Opportunistic Income, Income, Opportunistic MBS and Strategic MBS strategies. He is also lead Portfolio Manager overseeing the Mortgage Opportunities private funds. Ken is a permanent member of the Fixed Income Asset Allocation Committee and also participates in the Global Asset Allocation Committee.
Ken is also the host of DoubleLine’s “Channel 11 News” (@DLineChannel11), a YouTube and webcast series that provides market insights and commentary with peers and industry experts.
0:00 Intro
0:38 A ‘master’s degree in finance’ analyzing MBS during the GFC
2:20 Macro view
5:07 Way more negative on the economy
6:00 Structured Products, explained
7:50 Why housing didn’t crash
8:27 Mirror opposite of the financial crisis
9:30 Office space
12:00 Less of a soft landing now
13:30 Housing outlook
17:50 Existing home sales
19:11 The Great Migration
21:00 Institutional buying in housing
24:55 Why the desert states are declining
25:30 Seeing homebuilding pick up again
26:37 Investing in RMBS explained
31:50 Forbearance
33:00 Views on credit quality, performance during different market cycles
37:00 Rates
40:00 Structured products
41:41 Commercial real estate
45:00 Parting thoughts
