Ryan Nauman hosts Zephyr’s Adjusted for Risk podcast with Robert Cohen, Director of Global Developed Credit at DoubleLine, to discuss why bonds face bearish sentiment amid elevated Treasury yields and how advisors should think about fixed income today. Cohen frames the macro backdrop as “war and AI,” citing Middle East conflict-driven oil constraints that could push core CPI above 4% and keep inflation above 3%, while massive AI capex supports earnings but raises valuation and concentration risks. He explains how DoubleLine limits AI exposure in credit, argues corporate credit fundamentals remain strong with upgrades outpacing downgrades despite tight spreads, and flags weakness in lower-quality loans/private credit. The conversation covers securitized credit opportunities by underlying assets, emphasizes active, multi-sector management, and recommends lower duration given inflation and deficit risks, while suggesting many investors may be underweight fixed income.
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00:00 Welcome and Setup
01:51 Meet Robert Cohen
03:32 Macro War and AI
06:25 Managing AI Exposure
10:00 AI ROI and Bubble Risks
16:19 Markets vs Macro Signals
19:48 Corporate Credit Health
26:32 Securitized Credit Picks
30:52 Duration Strategy Now
33:12 Multi Sector Approach
34:53 Rebalancing to Fixed Income
36:06 Wrap Up and Resources
