Portfolio Intelligence Podcast

How do you make your college application and essay stand now that AI can influence how application materials are generated and screened? Hear from Nancy Steenson, a college admissions coach, as she joins the podcast and host John Bryson to offer tips for students and parents as they navigate today’s college admissions environment. Nancy explores how admissions officers are factoring in standardized test scores, grades, essays, extracurricular activities, and interviews differently than they had been just a few years ago. She also explains how admissions officers at the most selective schools may assess application materials differently than their peers at less selective colleges. Among the pieces of advice that she shares: standardized test scores still matter; grade-point average standards can vary widely from high school to high school; and don’t get fooled into thinking grammar is just as important as personal voice in an essay.

An initial round of interest-rate cuts no longer appears to be imminent, given recently uneven inflation data and robust jobs growth that have prompted the U.S. Federal Reserve to put a dovish policy shift on hold. What does this delayed timeline mean for equities and fixed income heading into earnings season? Emily R. Roland, CIMA, and Matthew D. Miskin, CFA, co-chief investment strategists at John Hancock Investment Management, join the podcast and host John Bryson to discuss the need for a patient approach to investing and a focus on fundamentals, given a recent market rally that’s pushed equity valuations higher. Emily and Matt explore monetary policy, the outlook for stocks and bonds, and pockets of opportunity that they’re seeing in mid-cap equities and industrial stocks tied to economic growth in Midwestern states. With an election coming up in November, the strategists also discuss the importance of keeping politics out of portfolios.

https://www.bloomberg.com/news/articles/2022-10-19/record-bloat-set-stage-for-record-pain-in-cross-asset-portfolios

The U.S. equity market continued to rally in early 2024, even as the latest inflation data and the economy’s resilience prompted the U.S. Federal Reserve to dampen expectations for a full-fledged pivot to an aggressive rate-cutting stance through year end. What’s an investor to do in this highly uncertain environment? Matthew D. Miskin, CFA, co-chief investment strategist at John Hancock Investment Management, joins the podcast to assess where the most attractive equity opportunities lie while also gauging current risks. Matt explains why he continues to see strong potential in semiconductor companies and other technology stocks despite their lofty valuations. He also warns about the risks for equity investors should the flow of economic data cause the Fed to once again embrace a hawkish stance on rates. Finally, Matt assesses the latest quarterly earnings season, cost-cutting initiatives that may enhance profit margins but could hurt long-term growth, and the challenges that advisors and investors face in putting cash to work in today’s markets.

Amid a shifting interest-rate outlook and inflation picture, the U.S. fixed-income market saw a swift reversal in 2023 as bond yields spiked through most of the year before sinking beginning in late October. With that recent volatility fresh in mind, we explore the outlook for the rest of 2024 with Jeffrey N. Given, CFA, senior portfolio manager and co-head of U.S. core and core-plus fixed income at Manulife Investment Management. Jeff joins podcast host John Bryson to assess current opportunities for shifting cash allocations into fixed income. Jeff sees plenty of factors that he believes are likely to be supportive of bond prices going forward, particularly in market segments such as U.S. agency mortgage-backed securities and corporate investment-grade credit.

As market expectations of interest-rate cuts solidifies, the investment case for fixed-income asset is likely already well telegraphed. The story for equities, however, could be slightly more complex. Might U.S. stocks extend their 2023 winning streak into the new year as the lagged effects of monetary tightening make their way into the real economy? Will current valuations—and, crucially, earnings expectations—hold up as economic growth slows? Podcast host John P. Bryson, head of investment consulting and education savings at John Hancock Investment Management, caught up with Emily Roland and Matt Miskin, co-chief investment strategists at John Hancock Investment Management to get a clearer sense of where stock prices and corporate earnings could be headed. He also asked them to share their views on where investors might find opportunities.

The month of November no doubt brought a fair amount of relief to investors who had been, up to that point, operating under a huge cloud of uncertainty. News that inflation had eased more than expected in October strengthened the case for a pause in interest-rate hikes and sparked a rally in the stock market. While the shift in investor sentiment is encouraging, is it likely to last? Podcast host John P. Bryson, head of investment consulting and education savings at John Hancock Investment Management, posed that question to Emily Roland and Matt Miskin, co-chief investment strategists at John Hancock Investment Management. He also asked them if the recent pullback in inflationary pressures had laid the foundation for rate cuts next year and how advisors should be approaching portfolio positioning in the current environment.

Danielle Roberts, founding partner of the insurance agency Boomer Benefits, joins podcast host John P. Bryson to discuss the ins and outs of Medicare, an important part of many retirees' financial planning. Danielle outlines the different parts of Medicare coverage, addresses common misconceptions, and offers advice to help investment professionals assist clients ahead of potential Medicare changes in 2024 and beyond. She also explores surcharges that Medicare participants may need to pay in addition to their premiums—costs that can have a big financial impact on high-income earners in particular. Finally, Danielle discusses best practices for enrolling in Medicare, explains the options for clients who don’t retire at age 65, and identifies three Medicare missteps that people often make.

Adam A. Weigold, CFA, senior portfolio manager and head of municipal bonds at Manulife Investment Management, joins podcast host John P. Bryson to discuss the state of the municipal bond market and emerging trends in the segment. Adam explains how munis’ primarily retail investor base shapes dynamics in the muni market, and he explores the impact that changes in the economic outlook can have on the market’s high-yield side. The muni specialist discusses how his approach as an active manager seeks to identify the most attractive current opportunities in munis and make adjustments as fixed-income market conditions change. Adam explores the muni market’s current fundamentals and the role that munis may play in potentially enhancing portfolio resilience in the event of an economic downturn. Finally, he assesses current default risks in the muni market and identifies where he’s seeing attractive opportunities in late 2023.

Discussion on rising market volatility and outlook for Q4 2023. Impact of Fed's rate hikes on fixed income and equities. Slowdown in global economic growth, prefer US equities. Advice for Q4 2023: focus on higher quality stocks, avoid high yield, find value in mortgage-backed securities and corporates.