For the better part of the last century, the largest companies in the world were those that produced physical property – traditional transportation machines, the energy that powered them, or the capital that financed them.

Rick Rieder and team argue that a series of small, but more probable, wins in fixed income can pave the way for portfolios to outperform benchmarks in 2023.

“You can't always get what you want
But if you try sometimes, well, you might find
You get what you need”
“You Can’t Always Get What You Want,” The Rolling Stones (Let It Bleed, 1969)

In 1974, U.S. President Gerald Ford took office “amidst one of the worst economic crises in U.S. history,” which was characterized by double digit inflation.

The Queen’s Gambit miniseries helped propel Netflix to a winning earnings report last quarter, but in fact the chess strategy it is named after has helped propel chess players to winning games for decades.

Rick Rieder and Russ Brownback argue that contrary to the many year-end outlooks foreseeing either a recession or a rebound in 2020, the most likely path for the economy and markets is more moderate, which can be encapsulated in their theme of “1.8.”