YouSaid · the spoken record

Manny Roman

lines on the record: 51
first: 2026-01-22
most recent: 2026-01-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I'm an evocative guy. And I do think repeatability is really, really important. You want to make the process as industrial as possible and sort of say, okay, those are all the levels I have. And on average, this is going to be pretty good.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And the great idea and the great man coming from the mountain, I was the table of the laws. I'm not entirely sure it's that repeatable because sometimes you get lost in the burning bush and other things and so on.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“We hit single, right? And I think what makes our performance is really the work of 300 people on the Dynavisin, but we hit a lot of single well. And when you put all this single together, the result is pretty good. The great man coming down from the mountain and thinking that all this great macro trend are going to happen that doesn't quite work. It's really about being incredibly disciplined and essentially making a bit of money every single day with various different levels. Maybe I demystify what we do, but I think it's actually a lot of work, and this is why it works. And it's repeatable. I always say to a fund manager, why do you think you can make money? Question number one. Question number two, why is it repeatable? Why do you think you can do it again?”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think we look at volatility all the time, and I think when we find opportunity to sell volatility, we do. And it's a source of al-Fan. I think we've done it for a very long time. And, you know, sometimes we think it's attractive and sometimes we think it's less attractive. And we, you know, I'm not going to talk about a physician, but it is a source of risk premium. And I think we focus on it. I think we, to kind of come back to this”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think what happened is she gave this whole tax package at the same time. So there was like this liberalization. At the same time, a tax package where clearly someone hadn't kind of figured out the very basic math in terms of what it did to government spending. And then all of a sudden you had a huge deficit that the market sow and say, oh my God, there's no way you can do this. This is not realistic. And the back end of the curve just went crazy. I mean, at some point in time, fiscal policy really, really matters. And, you know, look, one of the thing about being European is you look at fiscal policy quite a bit because that's been one of the core lever of economic policy. And somehow, I think the left hand and the right hand forgot to talk to each other and they came up with a package which made no sense and clearly hadn't been blessed by the UK Treasury and the market reacted incredibly strongly to that.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's a really, really dangerous game. Also, once you lose credibility, you really lose credibility. And I often say, I think everyone has looked at the Listos situation in the UK. When you do something borderline crazy, in literally five days, you can destroy your credibility on the bond market, and you have to move at the speed of light and with the Bank of England to be able to correct when rates go up literally 100 bips. And so I do think the market punishes you and punishes you really hard if you try to do something which she doesn't want.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And you have a voting process. I think when you achieve economists tells you you're crazy, it's just really difficult to kind of go against this. Now, you know, maybe once you can kind of look through the data and say, I do think the data are going to become better, here's why.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we believe in fair independence. And as we often say, I haven't met many politicians who want higher rate. And so this two level in economic policy, there's monetary and fiscal, you want the Fed to be in charge of monetary policy. And I think the good news is whoever gets the job as head of the Fed enters into the history book. I think the weight of the function is such that people tend to make very rational decisions. It doesn't mean that they always the correct one, but you're not going to see a situation where with a reading of inflation they make totally suboptimal decision for political reasons. I think it's very from that. I think it's very hard to do.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think to link that back to the market Has been quite a high level of activity in private equity in software because the cash flow were deemed to be Predictable with high leverage, it will be interesting to see what happened to the returns of this software company. The years to come. There'll be winners and losers. But the top line of some of the software company will be interesting. And I know that Dan is worried about the software industry in terms of risk and every single credit we own. We look at it with an air length and say if AI is as game changing as we think it is, what would it do to this business model? And I think that's a perfectly reasonable question. In terms of what it may do.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you're totally right. I think that all of us have apps that we use and software that we use that we don't love and that cost too much money and we'll try to replace them. And some of them you'll be able to replace quickly and some of them you won't.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Match perfectly. So when it's in the mortgage market, you have your house. Your mortgage, your credit score, a picture of your house, your insurance, your employment history, your communication with your mortgage provider, all of these things I think should give us a finer assessment in terms of what's happening. And then the more data that you have, the more of an edge presumably you get. But I think you embark into this journey being humble and sort of hope that you have a few wins.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think compliance will also benefit quite a bit from AI and the ability to do deep learning and sort of figure out whether they trend, whether we miss something, whether you look at every possible situation. I think that's also quite good. And then there's the offensive part where you sort of said, okay, can I use large language model to try to extract from data? Insight and opportunity that I may have missed. And I think on this, some of it will say okay, that doesn't work, yes, you know, we've analyzed every single sentence from the Fed and every single transcript, and we found nothing that we didn't know. And then sometimes we may find things that are new and allows us to have an additional alpha. And I do think that large language models have a competitive edge when you have a lot of data which don't necessarily.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And every single account has different parameters, different restriction. It all goes to a custodian. It gets split. It has best X. All of these things is a complicated factory. Anything which makes the factory simpler, more efficient, and safer is a really, really good thing. AI will help to do this. We spend a lot of time discussing NDA and things like this where honestly it's probably fair to say that we have better things to do. And so if AI gets us to a more efficient and less costly solution, that's good. I always say if AI allows us to reallocate resource more in R&D than in repetitive menial function that we don't need to do.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I think for us the sort of defensive and offensive opportunity. So the defensive one, it should increase significantly productivity in terms of everything we do, from the way we manipulate document, the way we create marketing, the way we optimize our trade function. Remember, every time we buy a bond, it goes into many different accounts.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, Abu Dhabi is once again of the super secular trend. Think the Middle East has come a long way. And I think you also had a new generation of investment professionals locally trained and locally raised, which is pretty good. And so once again, I think that's quite good. And then there's what we don't know, everything happening with Iran and whether Iran is something will happen or not. And I think the honest answer is no one knows.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the Gulf is very exciting. I mean, I always make this joke. If you close your eyes and you take a direct plane from MA to Abu Dhabi, so as you know, we're in Newport Honestly, you think you went around the world and kind of came back.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“all of these things. And I always say you can break the world differently. So you look at our business. I can break it and say you have high gross region, Middle East, Australia, Canada, Asia, where they all have the same characteristics. They have high growth and high savings rate and those are usually pretty good for asset manager. And then you have mature market like US and the UK where you'd be happy to grow at 5% because there's nothing really new happening and the market is the market. You may take market share and you may lose market share, but the secular growth in the markets is sort of well known.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I hope so. I hope the market offers a level playing field at some point in time and something that all of us feel comfortable investing in”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Asia, I think all the high growth market from a CEO standpoint is quite interesting. So we have a great Asian business. And when you look at the population, the savings rate and whether it will be 10 years from now, I think it is incredibly important that we do extremely well in Asia. And so we have offices in Japan, Hong Kong, Singapore, Taiwan, Australia, and they're doing great. The buildup of wealth is really, really important. And that's before we start talking about China. And so if you look at the super secular horizon, Asia will become significantly bigger than Europe in terms of the amount of money for asset manager and where the opportunity set is. And I think that's pretty clear to me.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“It is good to be PIMCO when it comes to new issue where we were part of the structuring working with in this case Morgan Stanley and we understood the credit quite well and it was something which fit into a portfolio. It may very well be that the next one doesn't fit into what we do in which case we'll pass.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, not everyone can take 25 billion dollars of a dealer. And so I always say, you know, one of the things was done that we constantly think about is what's our competitive edge? And we big and we do one thing. We do fixed income in all shapes and form. And so we always say we're going to make money where those strengths are. And that's clearly one of our strengths.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably can do it with their cash and build up their cash and don't need to issue debt to be able to do it. So different people will go with different strategy.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think you reported. We try not to talk about single positions, but you reported that we got involved into a very large 20 plus billion dollar transaction to build data center. And some of these deals are going to be incredibly attractive and some won't be. And so I think what's really interesting is the big data center user may actually be AA or better rated company. And so Oracle or Meta or any of this company actually have a capital structure where they may need a lot of money, but the money is backed by market cap if you use a Merton model, which is above a trillion dollars. And so they're pretty safe investment. That's pretty unique. And so size is a competitive edge that plays well to our strength. We position ourselves to have plenty of capacity to do it if and when it comes. And then some people like Microsoft and Google”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and look, it's hard to work. It's the US, if you look at it from a macro standpoint, has a shortage of house, right? So we need more homes. And the reality is when you look over the 30-year period, the only places where costs haven't gone down. Is building. And the reality is, we need more cheap houses, especially in affordable housing. And that's a policy that I think would be quite good, but it's not because institution shouldn't own single house. You need more houses. You need people to be able to afford proper houses. And that's true, I think, in a lot of states. And there are states like, you know, Texas, for example, where you have plenty of space and you look at the cost of housing and it's going down and you have states like California where it's really complicated”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Look, it's a complicated tension. And if you put yourself into the shoes of the US administration, what looks clear to me is you want mortgage rate to be lower rather than higher. And for that, part of it your controller and part of it you don't. And it's inflation expectation. It's the shape of the curve and it's discipline. And whether they get there or not, I don't know is the short answer. 30-year mortgages and the whole mortgage ecosystem looks cheap and there's plenty to buy and it looks attractive. Yes, we do think that the purchase will help in terms of valuation. But I don't know what I don't know. Know it's too early to have any intelligent thing to say, but a lot of things can happen.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Honestly, there's things where I just give up and I say, and I say, I don't understand. That's one of them. Really? Yes, totally. Well, I believe that assets are being moved by two factor evaluation and momentum. So the momentum in gold is incredibly strong. I see it goes up every single day. Someone is buying it. Maybe it's CTA, maybe it's individual, maybe it's central bank. I don't know. One I don't understand. I stay on the sideline. But at the same token, I don't really understand crypto. And that's okay. I think when you're in asset management, the one thing you need to know is sort of stick to your knitting and do what you know how to do. And when you don't understand sort of said, okay, that's not my gig. I shouldn't be doing this. Other people understand it better than I do.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, you look at the big currency, it's the most efficient market in the world. I mean, if you look statistically, they're incredibly hard to predict. I mean, you look at time series of dollar yen or dollar sterling or dollar euro and so on. I mean, it is. That's close to white noise as anything can be. So you build a portfolio. Yes, there is a theme that the dollar may get weakened, in which case you want to have other currency. We like the Australian dollars. We like the British pound. Why? Because the economy is slowing down and you have high rates. And so there's plenty of room to cut. And you say to yourself that's something you want to own. But, you know, how much of your portfolio it is, 20, 25%, something like this. It cannot be 100.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Know what actually can the president do in terms of Greenland? The reality is he needs two-thirds of the Senate and Congress approval. That seems like a lot. So we care about smaller things. And often we said, look, we don't know anything that the market doesn't know. And so we shouldn't build positions based on politics because the reality is we all see the same thing at the same time. In some markets, I come back to currency.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we try to be incredibly humble and say, why do we have an edge? And the reality is if the three of us sees the exact same thing at the same time, we don't have an edge. I think we really, really try to understand politics. We have one of my partner, DB Cantrell, is solely focused on U.S. politics. She does a great job. We care, but we care about macro issues that may not make it. A pod. We care about mortgage reform. We care about”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“The time and look, Mark Carney is a friend. He used to be on a global advisory board. I think he's a fantastic human being and a great prime minister for Canada. But I will read the transcript of his speech at the same time, you will. And I understand the predicament. The question is, how much Canadian bonds do I want to own and how much Canadian dollar do I want to own? And, you know, information is very, very efficient. And the reality is Marx says to everyone at the same time what he thinks, and that's the way it should work.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Simple people, we mind the shop. We mind the shop and look, people make different decisions and so on and so forth. And given what's happening in the market, given everything else, I think we're glad we're in the office.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“My excuses, I think, I mean, look, I always say my partner, Diane Eviston, who was on your pod a month ago and I, look, our life belongs to a client. We are here to manage the firmware. We're here to sort of fly.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“As exciting as it should be. We haven't seen growth over the past six years. It's a problem. So the other trend which is happening exactly at the same time that we've been very involved with is the AI buildup and the fact that at the same time you have the South America. At the same time, you have an enormous amount of money coming into AI and data center and building up a whole new ecosystem. And that, I think, will provide exciting investment opportunity for plenty of people. So you have to wait the two and the micro versus the politics. And if I was a guessing man, I think the macro wins.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“That there's an upset Danish pension plan for reasons that I think we can understand, but that in the large scale of thing represents absolutely nothing. And one of the things when you work for PIM code that you see is country with high savings rate and low population, Canada, Australia need the US to put capital to work because the local market is too small. So imagine, for example, that you are one of the superannuation in Australia. The reality is you need the US to put money to work. Your local market is too small. You're not going to put 50% of your assets in Asia. And Europe, I don't know. I mean, I'm European. There's many things that I love about Europe, but the investment opportunity may not be.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Here we go, 90% of the graduate from UT stay in Austin. So you're one of the exceptions because that was one of the pitch.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Old secondhand and all from the tech industry. And I read the same news than you do. I'll be honest with you, I never met Larry Page, but I understand he moved to Texas. By the way, one of the things we've done really, really well is we set up an Austin office and it's been a great success. So we have 500 people in Austin. It's a big business for us. There's a great university there which produced a lot of grad in STEM.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“You've got to live in Nevada. But there are many other places, and there's anecdotal evidence of people moving to Austin and domiciling themselves in Austin and so on and so forth. And so I think one of the things about the US tax code is you have competition among states in terms of where people can reside and so on and so forth. Now, you know, there's many great things about California. We're based in Newport Beach. We're happy to be in Newport Beach. We pay high taxes. It's all good.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“It turned out to be a disaster because the reality is people can move, they decided to vote with defeat and they didn't believe that the government would keep the taxes at historically 23% of wealth. And they decided to go to Belgium or to Switzerland and to other places and so on. So I think the evidence in terms of how well wealth tax work is quite mixed. In California, you can cross the Nevada and decide you want to live in Nevada, God forbid”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And if you believe in fiscal policy and the fact that eventually taxes will go higher, then I think that the dynamic becomes quite different and you can have higher sustainability in terms of debt because the ability to collect money is there. You look at the US, for example, you could have at some point in time higher inheritance taxes, this $80 trillion of wealth in the baby boomers. Eventually that will go to the next generation, but it will also go to the state. And it's a question of how much goes to the state versus the next generation, but there is the ability to tax more.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Of the pod as well. And I said to him, I said, You know, we tend to look at debt to GDP. What if we look at debt to household savings? And then you realize for both the US and Japan that there's just a lot of money. In the US with the baby boomer, in Japan with savers who tend to not to spend enough.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“I was surprised by the fact that you have much more activism in the stock market, people to try to take ownership in company, trying to turn them around, breaking down conglomerates, It's not the first time I hear that But I think this time it's certainly more real than it has been. And then when you think of the AI robotic trend, the one thing Japan knows how to do is to make things and to make sophisticated product. And I think that all of a sudden, there is a competitive edge that Japan has in terms of number of stock which looks attractive. Forget about whether they price right or wrong, but in terms of business model, they're quite attractive.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, look, we have a big Japanese office, and there are people in Pimco who knows a lot about this. I mean, look, it's for 20 years. Japan has tried to restart inflation. And for 19 years, it really hasn't worked. And then all of a sudden, they managed to get somewhere in a labor market which is fairly tight, where immigration is a problem, and where when you go there, I think there's a clear desire to monitor immigration and the new prime minister has been very vocal about making sure that there's a limit in terms of labor force moving into Japan. Now, over the medium term, that's a problem. But when you look at the inflationary pressure, it's pretty clear that there's more inflation in Japan than there has been for the longest possible time. Now, the second thing is, I think you see other factor in Japan that you haven't seen in a long time.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And it may be on NIM specific, it may be on macro trend. I do think that a competitive edge is not to be able to predict day-to-day what's going to happen to the market. Our competitive edge is to have structural position, to think about where value is, to optimize our portfolio, to think about the downside risk. That's what we know how to do. And it's an interesting market. Some things are cheap, I would say. Rates are cheap, and some things are rather tight. Investment rates are probably rather tight. But in structural product and mortgages, there's a lot to do. So you have this environment where you can build portfolio and sort of feel reasonably comfortable that you will perform over the next 12 to 24 months.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a funny thing. We do like volatility because with volatility comes alpha. And so we do like the opportunity to provide liquidity and add interesting position to our portfolio for sure. But we need to get up and scale down the risk depending on what's happening in the market and depending on the opportunity. And so we just came back from a very strong period of performance. There's going to be plenty.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And the same goes in the US, right? I mean, you really want to look at the tenure. The 30 years is a bit of a different story.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's probably overall a good thing. Now, the super secular trend is the demographic pressures are a real problem, a real problem. But I think one of the things we try to do is look at the liquid instruments. So the 40-year JGB may not be the most liquid instrument. The 10-year JGB is a real-year.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Mean you feel bullish. I think everyone you meet is bullish equity. You know, I started my career in 1997. It's the first time that I see the Nikkei above when I started. I mean, it's unbelievable. But yes, there is for the first time inflation.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Equity like return using fixed income. And for as long as that remains the case, I think the rates are very bounded in terms of where they're going to go. Japan is a very specific situation. I just came back from Japan last week”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me start with the US because it's the easiest thing. Look, rates have been essentially in a ranch for the past year and a half. And I think the Treasury and the Fed would be very focused on the long end of the curve. I think that fixed income offers a real good entry point in terms of investment. I mean, we talked about the SP. The S&P is very expensive. Investors are going to look at long-term fixed income and say, I can make 6 or 7% holding a basket of fixed income. That looks really attractive. And so I think every time you yield back up, you see money coming back. I talk about PIMCO. The flows have been incredibly good over the past 12 months. People have come and bought US asset. And the trend is very clear. Nothing is changing. And we have people basically saying, I can get.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the first point. The second point, I think, is the currency barely move. I mean, I was looking at euro and sterling this morning. I mean, we flat as a pancake, the move away from the dollar, yes, as a secular trend, the fact that you want to diversify away from the dollar makes sense and you want to have other currencies than the dollar, but the dollar remains the real reserve currency of the world. And so I take all of this with a grain of salt and we animals in the best possible way. And we look at the screen and we tend to overreact to what we hear and so on and so forth.”
2026-01-22 · Odd Lots · Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade · IDENTIFIED FROM THE TRANSCRIPT · source