YouSaid · the spoken record

Libby Cantrill

lines on the record: 63
first: 2018-05-31
most recent: 2018-05-31
sittings or episodes: 1
sources: podcast

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“Came out of business school. Wow. I mean, I think it's changing every single day. So it's You know, I think in some ways I was lucky, right? Because I think I saw that Washington didn't speak Wall Street language and Wall Street didn't speak Washington language. So I think in 15 years back, I wish I had more confidence that that was really the case, that there was really a need for this. And I think what we're seeing here is that markets really are influenced by what's going on in Washington and policymakers. So I don't know if that's what I wish I knew, but again, I think that this bridge between the two is really important, I think will become even more important going forward.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“And they have a totally different perspective. And I think growing up with social media is just totally changing this generation and their perspective. And I think as moving these sort of these kind of older or more traditional organizations in a really positive way. So I would say don't be discouraged by sort of financial services, join financial services, but also be prepared to speak up and try to make some change.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“They are all. That is yet another good question, Mary. You know, what I think is, and I see this in our New York office that has even a more disproportionate number of millennial folks, but that their voice is really important. And I think what we're seeing, this is seeing this in Parkland, right? Is that, I guess that's not technically the millennial generation, but what have you, but that this kind of younger generation with a fresher perspective is really important. And I think they need to be realistic about how much they can change in organizations, but that shouldn't necessarily prevent them from speaking up, from trying to make change. And we found that in our, at least in our New York office at Pimco, that we've really, a lot of the change that we've instituted over the last two years from a cultural perspective has come from those folks because they've made suggestions.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I go to my six-year-old karate classes. You know, again, I do, and I really, I do have a lot of, I spend a lot of time with my kids on the weekend, of course. I try to work out, but I have a three and a six-year-old, so they're pretty unforgiving when I'm around. They want my time. But I think I wouldn't have it any other way, right? I wouldn't have it. I think that being a mom makes me a better employee and being an employee and having a career makes me a better mom. So it's hectic, but I wouldn't do it any differently.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“But, you know, I mean, again, not to kind of be trite, but I think that you just realize that nobody has it going into starting your work at 22, you sort of think that you look up to the woman at 30 or 40 and they think that they have it figured out. I think as I realize, I just turned 40, you just realize that you never figure this out and that's okay and that you sort of have to give yourself the freedom in order to fail, but also to rectify things. So, you know, I just keep, I keep just trying and trying as, you know, and that's again a kind of a lesson for my mom is that you just, you know, persistence is important. And I think persistence can get you far.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh gosh, I feel like I fail every day. You know, I joke, but I do feel in some ways, again, I think as just a juggling, you know, not to put too much of a point on this, but having two small children and trying to do what, and we haven't really talked about this, but I also co-head our New York office here. And so I just, I have a lot of my plate, and invariably, I feel like I'm letting somebody down. I'm not doing something, whether it's unusually work takes priority over my kids, even though my kids are, of course, my number one priority. And so is my husband if he's listening to this? Put that in there. He's probably tuned out. Right. It still is the end of it. It's just you, me and a couple.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“But and a big but here, I think there is much more of a commitment of an awareness, a commitment on boards, a commitment among management teams to actually change things. And again, not just creating a woman's network and having women, you know, talk over glasses of wine about whatever. It's really about a fundamental commitment to change. And I think that does feel like it's changing. And I think the data is really compelling on this. And this is what we've been trying to make the argument other folks and our clients are making this argument to us as well is that diverse teams lead to better outcomes from a performance from a financial perspective. So this is not just a question of, it would be nice to have. This is a question of a must-have because it really is drives the bottom line.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I think again, you know, going back to our discussion, at least about gender and just about diversity in general, you know, ethnicity and what have you, that has been glacial. I don't think that looks very different.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I know. I know. I ended up feeling like I had to read it for my job, but it wasn't necessarily for pleasure. I felt like it was more of a work assignment than anything else. So, you know, I like novels. But honestly, I think like other folks have said, you know, being a worker working and traveling and then being a parent doesn't allow me a lot. And then having to read the news. So honestly, I go to bed reading Twitter and I wake up reading Twitter, which is not, I don't think it's healthy long term. No, it's not.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I read both, right? So I read in terms of non fiction, I read a lot of presidential history, which I think has been in some ways. Reassuring or interesting during this period of time to sort of see, you know, read about what we went through in the 19th century or what have you. Give us a view. How chaotic that has been. Well, so I just downloaded Grant by Chair now. Right. Everybody loves it. It's supposed to be amazing. And then on the other hand, I like to read fiction too because to what we were talking about earlier, there's just been no escape from the news cycle. And so to read, and I was, you know, read fire and fury. And it just like too much. It just throws you right. It's too much. It's like right back in there.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think seeing working for this woman when I was a teenager and sort of seeing her struggle with parenthood and running for Congress, really just, again, kind of reaffirmed that you can do it. It's just that it takes a lot of hard work and persistence.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Know my view is that the work is just really important. It gives you obviously gives you some professional identity, but it also gives you economic independence. And I think that was certainly underscored to me during this kind of experience growing up. And then later on, this member of Congress who I worked for in the state legislature and then later in the House of Representatives, she really in some ways exemplified what I hope I am now. She was a real professional, she was dedicated to her work. She was ambitious, but at the same time she was a mother and she was a friend and a wife and all of those things. I mean, again, sounds kind of cheesy, but to see that, and I really do believe, and we were talking about this about women mentors in Wall Street, but you have to, you know, you could only be what you can see.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I, you know, I have to say my mom is important because my parents got divorced, my mom hadn't worked, and she went back to work at a pretty difficult time because she had to. And I think seeing her kind of resilience and her grit You know, just sort of solidified the importance of, well, first of all, it solidified the importance of work for me, that I think as a, I think especially as a woman,”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I struggle at solving these questions this morning. I struggled with that one. You know, I think it's something, and we talked a little bit about this, that taking these risks early on in your career, and it's something I talk to about, especially to younger women who are coming into finance, but taking risks, it's taking calculated risks is just important. And I did that when I left finance temporarily to go to Washington, and then I helped, you know, in some ways create this role at PIMCO, this role had never existed before. And if I hadn't spoken up, if I hadn't made the case for why this was important from a business and an investment perspective, I wouldn't be here today. So I don't know whether this is something that I want people to know about me, but I do think when reflecting on my career, it's”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, something that I, you know, I think every investor who's covering their own sector, they really try to do it in a dispassionate way. I think because politics is so visceral, it's so emotional. It's maybe harder to do, but I really, and it goes back to our view that we don't have we don't have a normative view about how things should be. It's we're trying to react to how things are and predict how things will be. Again, not how they should be. So that's, it makes it easier because I'm not projecting my own kind of views on what a policy direction. I'm sort of saying, okay, this is what is likely to happen and this is how the market will react to it. And I view that very similar role as any sort of credit research analyst who's looking at another sector, dispassionate objective. But, you know, it's a harder just given the topic.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“And some of the mandatory, some of the entitlements is earmarked for military folks in terms of benefits and what have you in healthcare programs. But yeah, so anyway, so it's a very small part of discretionary spending. And again, this is a difficult thing for a member of Congress to advocate for. But I do think it was an unintended consequence of its elimination. And you look at sort of the inflection point of when all this partisanship happened. And maybe it's just totally coincidental, but it really was around 2010. It was partly because of the Tea Party, of course. Right. But again, there wasn't an incentive to bring them to the table because there weren't those ear marks anymore.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“What a perfect headline. But it's 1% of discretionary spending. It's such a small part of spending. And discretionary spending, of course, is only a third of all government spending because two-thirds is entitlement spending. So we're talking about a really de minimis.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And it's been something that has been discussed behind, I think, closed doors recently, but it's so, the optics of bringing back earmarks, I think, would be.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Some sort of middle ground. Some middle ground, and it really precludes sort of the ideological wings of both parties from abandoning their party and from not voting for something. So it basically brings people to the table and it allows compromise. And I really fundamentally believe, and to the credit of policymakers in Washington, I actually think this is a widely held belief that compromise is really central to governing. I mean, it's like a statement of the obvious, right?”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say, and again, there's not one explanation for why there has been a lack of bipartisanship, but the elimination of earmarks, and this is going to be an unpopular thing to say, but these are the things that horse trading.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Both candidates, and to your point, everybody, every member of Congress likes to bring at home some goodies for their own district, right? And that is one thing that, you know”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I know it's been frustrating, right? Because it's something that was contemplated under President Obama. And it was certainly obviously contemplated on the campaign trail.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, for sure. Yes. I mean, and so I just, so again, not only are they not doing no harm. And maybe it's not sort of short-term harm, but in the long run, you think that you really have to have the courage of your convictions and just courage in general in order to address some of these really longer-term big issues that we're talking about. Either it's the debt issue, it's the entitlement issue, it's investment in education or infrastructure or what have you, that takes courage and it also you risk not getting re-elected. And I think we don't have folks who have that kind of long-term view.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the noise coming out of Washington really, right? I mean, I think the fact that bipartisanship Isn't necessarily lost, but it's definitely on ice at least for a while that we've seen more manufactured crises, whether it's the debt ceiling crisis or government shutdowns or just this real lack of comity and lack of, I think, constructive engagement between the two parties in order to actually address really longer-term issues. Like our entitlements issue, which has become so polarized, but having worked on the hill, there's some really easy ways to address this that are actually quite bipartisan, that if a centrist coalition came out, I think put something forward in the political environment was different, it could actually affect change. But it's really the kind of the lack of political will, of political courage in some ways just the lack of even discussion between the two parties.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“About this all the time. I know, and I wish I had one simple, straightforward way of thinking of it. I mean, I think in some ways, you know, investors, I think, hope that politicians that are about a base level do no harm, right? They don't really get in the way of markets. I think that the sort of second order is that they hope that politicians actually do something for economic growth, for longer-term viability and what have you. And then I think on the sort of flip side of that is really what they can do to hinder markets and the economy.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I think that's absolutely true. Although it really is important to define which markets you're talking about, obviously, right? So the equity market, which we just have less interaction in because we really manage primarily fixed income assets seems much more reactive to these headlines. And arguably, things are more, you know, certain sectors are more priced for perfection. So they're probably more vulnerable to sell-offs when you do have a negative headline, whether it's trade or something else. I think the fixed income market has been maybe a little bit more deliberate, a little bit more thoughtful about internalizing some of these policies. You see, I think, less dramatic moves from on headlines. And I think you see kind of less volatility. And again, it's what the drivers are of fixed income versus equities. But I think that the fixed income market has been a little bit more immune.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and you know, we don't really take a normative view on policy. So we're not telling policymakers what they should do or what they shouldn't do. What we say is if you do this, this is how the market will react. And this is how the economy will react. So, you know, should it have been done later? Who knows? But certainly I think the practical impact of it being done now is that means that policymakers have less flexibility longer term.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of debt overhangs because in a of course in a time of recession or downturn the sort of the fiscal side will have less capacity to actually step in because of these big deficits. They're running in good times. I mean, as you know, this is a very unusual approach, right, to be adding all of this kind of fiscal juice at a time that the economy is actually doing pretty well. 4% unemployment. Right. So to add it late in the economic cycle, we think what might preclude policymakers from stepping in when actually the economy.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and this is, I mean, this is one where I'm really just an input, and it's really their analysis and discussion that will lead to that in terms of how it impacts our positioning, but it is one of the reasons our view is that the spending bill was going to happen and that there was going to be some more fiscal profligacy than I think people had maybe expected. But this is going to have a dampening effect on growth over the long term. So again, we have the benefit of being long-term investors. We think things through on a cyclical sort of six to nine months basis, but we also have the luxury of thinking things through on a kind of a three to five year basis. And this is the genesis of our new neutral and new normal kind of paradigm that we think this is one of the reasons why rates are structurally going to be lower because you're probably going to have a dampening of on growth because of these large.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. I'm surprised there is a surprise. So, my husband trades equities, and we have some pretty interesting dinner conversations. And all of 2017, he's like, oh, you're such a bear about the trade policy and the protectionism and the potential trade war. But again, I mean, to our discussion, we needed this, this was so clearly telegraphed to the market that this was going to happen. It was just a question of when and not if, that sometimes the equity market does, you know, it befuddles us. And I think it befuddles me and sometimes it befuddles other folks.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Trying to get China to the negotiating table and an easy win are again really underestimating how President Trump feels about this issue and the folks that he has in charge. I mean, Bob Lightheiser is an incredibly wily, credible U.S. trade representative who knows the law and was behind many of the more protectionist measures against Japan in the 1980s. So I would take, again, I would take President Trump very seriously on these issues.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, yeah, I mean, maybe not us, but we knew it was coming, honestly. I think that the size of it was surprising. We were thinking more sort of 20 basis points, but the fact that it is up to the kind of the three-tenths of a percent in terms of real GDP, we're talking about really a significant impulse from Washington. So about six tenths. So if you talk about one-tenth of a drag, well, again, the good outweighs the bad. I think the big question, however, is do these $100 billion of tariffs in addition to the $50 billion or do we proceed with those? And then, of course, the big question is, what is China do in retaliation? And that, there's just a lot of uncertainty around it. But to our earlier discussion, I think it's going to be a much more significant concession from China for this administration to back off. I think people who view this as sort of symbolic posturing just”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So, you know, the statement that you're referring to is really based on the 50 billion. So the initial set of tariffs that President Trump had announced as part of this investigation into China's potential sort of tenuous use of American intellectual property, 50 billion is not going to really be too much of a headwind on the economy, right? We say a tenth of a percent perhaps in terms of a drag on GDP. That's really dwarfed by the more pro-growth things that we have seen from this administration, including, of course, the tax bill, which has gotten a lot of news, but also something that hasn't really gotten, I think, as much attention in the media, which has been the spending bill that was approved earlier this year and that adds about 30 basis points to real GDP growth. Surprised everybody.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“So that does not necessarily impact us as much. I mean, you might have specific sectors that are impacted, but from a macro perspective, you know, gun legislation is not necessarily going to impact the growth of the economy or the Fed's next move, right? So most of the things from a pure kind of top down macro perspective are the things that are going to be driving growth and inflation. And gun policy is not necessary. But it could obviously impact more of a bottom-up. So let's”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it's honestly, it's just both. And it really depends on the environment. So you can imagine back a few years ago after Dodd-Frank was implemented and all the regulatory agencies were deciding the rules of the road for derivatives and other things that matter from our perspective. It was more of a traditional government affairs role. We were educating folks in Washington. We were trying to make our arguments about what they should kind of the direction of the policy should go in. But now just given what we've been talking about, how newsworthy and eventful event driven this administration has been, it's been more on the investment side.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I am in New York, yes. Right. That off About as beautiful as a place pretty nice. Yeah. You can imagine that a lot of my business school friends think I'm just nuts for working in New York versus Newport Beach. But of course, New York is closer to Washington.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, look, I don't, A, I don't think there's one silver bullet, and B, I can't speak about other firms, but I can just speak about Pimco. And we brought in third-party auditors to make sure that we're paying fairly in terms of somebody who has wearing the same role, the same level, and what have you in the same function. But again, it's the issue of making sure that we have women in leadership. So those women are having the same opportunities and are getting those big paychecks that men have been getting historically. So I don't want to say that there's one, you know, there's one way to solve this, but I do think that developing women and promoting them and getting them into these decision-making roles is super important.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I think promotion and retention in some ways fixes the pay issue because a lot of times the pay issue is because you just have more senior men at the top. So if you get more women at the top, A, making these decisions about pay, but B, just making sure that there is just sort of balance about the distribution of pay. And some of these recent studies that have come out have, I think, conflated the issue, right? So there's this UK gender parity study that came out. And at least in our case, because like every other financial firm, we had to publish it, what I think, I don't think we have a pay. I mean, it's illegal to discriminate about pay on gender, right? Well, yes and no. But in our case, I can say is that it's not about pay parity. It's about making sure that you get more women at the top. So that distribution of pay doesn't look so out of it.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't want to say that this, if you've kind of addressed these issues of mothering, that you're going to fix the problem, but that definitely is a piece in the puzzle that has to be addressed. So Pimco, like other organizations, are trying to do that.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, you can get women in the door at 22 because they want to be an investment banking program. They want to go to the buy side. But how do we make sure that we're getting them to the next step? And I think some of it is the women do have to have children biologically, right? So making sure that we're supporting women during that period of time and not just making sure that they have maternity leave, but making sure that when they come back that they're supported, making sure that they don't necessarily miss out on a promotion or opportunity when they're out on leave, or when they're really just in the fast lane of parenting. I think that, and the interesting thing that PIMCO is that we're seeing these demands both from women, but also from men. I mean, a lot of men in our New York office especially have working wives. And so, you know, they want to make sure that they have parental leave, that they have some flexibility to make sure that they can go to the preschool recital or what have you. So in some ways,”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think that's fair. However, if you look at the composition of management teams across Wall Street and the buy side, you don't necessarily see as many women as you want to. So I think while we may not have the more draconian severe harassment issues that I think some of these other industries had that have been unearthed recently, we still do have a real development problem among women and retention problem. And so that's the key is how do we make sure we can get women in the door?”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“From the CEO down are really committed to increasing diversity. And it's not just lip service. It's actually making sure that every interview slate has some woman on it at the very least one, if not more. It's making sure that when we're looking at promotion classes, that they're balanced. It's making sure that we are looking to women for different opportunities instead of just instead of maybe just sort of the conventional man. So I think we're really trying to make a difference. But it's, again, it's been, I think it's been glacial. I just look over almost the last 20 years in finance. I've been involved in financial services and we haven't made as much progress as we really need to. But I do think it's changing.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's, I mean, it's changing, but it's at a glacial pace, honestly. I think especially on the sell side and investment banks. I mean, if I look back to when I entered finance back in 2000, about almost half of my analyst class were women, which was, I think, really notable at the time. I just don't think what's been in some ways discouraging is that over time there have been many women who've dropped out of finance. So it's not necessarily that we're not starting at the right place. It's really a question of retaining them and developing them and promoting them and all of those things. But to Michelle's point, it's certainly, I think the landscape is looking different, but also the commitment among senior leaders. I think that our folks certainly at PIMCO.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Course, you know, this is determining how markets are reacting. So it's something that we've been talking more recently about.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“You shouldn't be surprised, right? And so, and you go back to 2017, and I think people thought, okay, well, he hadn't done anything in 2017 on trade. And I would be, I mean, not to be pedantic, but I would take issue with that as well. Because if you actually look at what he was doing and what his trade representative, Bob Lighthiser was doing, what Wilbur Ross was doing at Commerce, they were laying the foundation for these tariffs. So, you know, not to bore everybody, but before you can just pursue tariffs, you have to go through this investigation process. And that's, you know, several took in this case almost a year to do. So on stealing aluminum, that was initiated back in April 2017. And then, of course, they just made the decision most more recently on how to proceed. But this felt pretty clear, these things were coming. And I think to the credit of our folks at Pimco, they weren't necessarily surprised that this has happened.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that was back in the 1980s, actually. I think there were several interviews, but there was one interview, I think, from 1987 or something with Oprah where he's talking about Japan.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. And you even go back to the tape when he did interviews back in the 1980s, and he was talking about Japan cleaning our clocks on trade, about NAFTA, about China ascension to the WTO. I mean, I don't think a lot of public policy issues animated him before he became the president, but this was one of them. And I really think he sincerely believes that we're getting shortchanged on these trade agreements and he wants to rectify it.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Term outlook about where we should be as it relates to, say, interest rates or credit or emerging markets and what's going on in Washington drives all of those things arguably these days. So take trade. Trade has been something I've been talking about, honestly, ad nauseam to our investment committee really since right after the election because I think people underestimated how sincere President Trump feels about trade. Am I really, and you know that?”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“The gross ray, yeah, the government part. Thank you. Do we need to walk through the GDP equation? Maybe. But so anyway, so it's always been something that has been a big consideration. We've talked about it. We've thought about it. But clearly over really since the financial crisis, when the intersection of politics and policy and markets have been more acute, I mean, going back to TARP, going back to Dodd-Frank, and then, of course, the housing bailout, the banks bailout, all this. And then fast forward to today when all of these, you know, what's going on in Washington really is driving markets. So, you know, I think we have the luxury in many ways of being a long-term investor, right? We're a fiduciary for millions of retirees, for thousands of pension plans and what have you. So we really are not necessarily reacting to the news of the day so much. We are trying to construct a long”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. So the Fed responds to inflation and growth, and what is a big driver of growth? Well, it's the fiscal part, right? Of course, it's other parts of the economy, but that G and the GDP equation is pretty, pretty important. The gross.”
2018-05-31 · Masters in Business · Libby Cantrill Discusses Fixed Income and Equities · IDENTIFIED FROM THE TRANSCRIPT · source