Quotes of the Week

Collected market wisdom from The Lead Left

“There is a disconnect between where the market is going and where the economy is heading.”

– Alessio de Longis, senior portfolio manager, Invesco. (Nov 4 2019)

“It’s becoming more difficult for investors to read central banks.”

– Frederik Ducrozet, senior economist, Pictet Weath Management. (Oct 28 2019)

“It’s reaching a crescendo in all sorts of places.”

– Kit Juckes, macro strategist, Société Générale. (Oct 21 2019)

“There’s a broad sense of optimism.”

– Timothy High, interest rate strategist, BNP Paribas. (Oct 14 2019)

“The market goes through these ebbs and flows depending on the headline of the day.”

– Amy Kong, senior portfolio manager, Fiduciary Trust Co. International. (Oct 7 2019)

“You probably don’t want a very volatile overnight rate that’s going to be the replacement benchmark.”

– Subadra Rajappa, head of US rates strategy, Societe Generale. (Sept 30 2019)

“I’ve never seen the world…so globally spooked about something that initially didn’t even happen.”

– Adrian Orr, governor, Reserve Bank of New Zealand, on a trade war with China. (Sept 23 2019)

“The most likely outcome…is that we’re going to give up the recession ghost by the end of the year.”

– James Paulsen, chief investment strategist, The Leuthold Group. (Sept 16 2019)

“We’ve been down this path a few times before.”

– JJ Kinahan, chief market strategist, TD Ameritrade, on trade talks. (Sept 9 2019)

“It’s a race to the bottom around the world.”

– Joachim Fels, global economic advisor, Pimco. (Sept 2 2019)

“Investors’ new daily ritual will be watching the daily fixed rate on the yuan.”

– Keith Lerner, chief market strategist, SunTrust Advisory Services. (Aug 12 2019)

“The Fed now finds itself where it’s getting dragged back to a slow-growth environment.”

– Lynda Schweitzer, co-head, global fixed income, Loomis Sayles & Co. (Aug 5 2019)

“It’s not costless to be preemptive.”

– Eric Rosengren, president, Federal Reserve Bank of Boston. (July 29 2019)

“Yields are going to be lower for longer, inflation is going to be lower for longer, and growth is going to be lower for longer.”

– Colin Robertson, managing director, fixed income, Northern Trust Asset Management.
(July 22 2019)

“There’s always a reach for yield when rates go down.”

– Kristina Hooper, chief global market strategist, Invesco. (July 15 2019)

“People are struggling to figure out where to put their money in the midst of so many unknowns.”

– Justin Wiggs, managing director, equity trading, Stifel Nicolaus. (July 8 2019)

“The market has gone over its skis in pricing in rate cuts.”

– Nancy Davis, chief investment officer, Quadratic Capital Management. (July 1 2019)

“The case for somewhat more accommodative policy has strengthened.”

– Jerome Powell, chair, Federal Reserve.
(June 24 2019)

“There is a lot of noise in the market and rates are reflecting that.”

– Nick Maroutsos, co-head of global bonds, Janus Henderson Investors. (June 17 2019)

“It’s taken people a while to adjust their thinking from a Goldilocks economy to just how Goldilocks is it.”

– Tom Martin, senior portfolio manager, Globalt Investments. (June 10 2019)

“Markets were already freaking out over existing tariffs. We’ve just thrown gas on the fire.”

– Kristin Hooper, chief global market strategist, Invesco (June 3 2019)

“I don’t think there’s any way to put lipstick on the manufacturing numbers.”

– Joshua Shapiro, chief U.S. economist, MFR, Inc. (May 27 2019)

“It looks like an inopportune time to have more trade-war headlines creep into the markets.”

– Matt Miskin, market strategist, John Hancock Investments (May 20 2019)

“The market’s concerned that maybe things will get worse before they get better.”

– Donald Ellenberger, head of multi-sector strategies, Federated Investors. (May 13 2019)

“We’re stuck on this word ‘transitory,’”

– Kevin Giddis, head of fixed-income capital markets, Raymond James (May 6 2019)

“I don’t think inflation is running away from us.”

– Robert Kaplan, president, Federal Reserve Bank of Dallas. (Apr 29 2019)

“It’s almost like the market is calling a mulligan on what transpired in the fourth quarter.”

– Michael Baele, senior portfolio manager, US Bank Private Wealth Management. (Apr 22 2019)

“There are times when bad news is good news, but there are times when bad news is bad news.”

– Bhanu Baweja, deputy head, global market strategy, UBS. (Apr 15 2019)

“If the Fed was cutting rates, then I suspect the world would be looking a lot worse.”

– David Riley, head of credit strategy, Blue Bay Asset Management. (Apr 8 2019)

“It doesn’t look like there’s anything visible that will kill this low, sustainable growth we’re seeing.”

– Joe Ramos, head of fixed income, Lazard Asset Management. (Apr 1 2019)

“We think the bond market is sending a pretty accurate signal about expectations for slow inflation and growth.”

– Bob Browne, chief investment officer, Northern Trust. (Mar 25 2019)

“The market seems to be saying that the FOMC isn’t going to raise rates in 2019.”

– Kevin Giddis, head of fixed-income capital markets, Raymond James. (Mar 18 2019)

“The Fed said what they have to say, and now they’re sitting back and watching the data.”

– Larry Milstein, head of government and agency trading, Pressprich. (Mar 11 2019)

“The world is not operating by the old rules.”

– Diane Swonk, chief economist, Grant Thornton. (Mar 4 2019)

“The Fed went from being pretty insensitive to what was happening in financial markets in December to completely capitulating in January.”

– Hans Mikkelsen, head of high grade credit strategy, BAML. (Feb 25 2019)

“Take the world that we were in over the past five years and flip it upside down.”

– Gennadiy Goldberg, US rates strategist, TD Securities. (Feb 18 2019)

“We're not on the verge of a recession.”

– Isabelle Mateos y Lago, managing director, chief multi-asset strategist, BlackRock.
(Feb 11 2019)

“I think most people haven’t embraced this trashy rally. They’re going, ‘Oh, it’s just January’.”

– Andrew Laphorne, head of quantitative equity research, Societe Generale. (Feb 4 2019)

"The idea that growth is going to slow massively and the Fed is going to keep tightening...that narrative has changed.”

– Will Smith, portfolio manager, Alliance Bernstein. (Jan 28 2019)

“We’re in a mental recession.”

– Sam Khater, chief economist, Freddie Mac, on the housing market. (Jan 21 2019)

“Leverage has switched all the way in favor of investors.”

– John Gregory, head of leveraged syndicated desk, Wells Fargo Securities. (Jan 14 2019)

“These [jobs] numbers are not consistent with a recession in 2019.”

– Darrell Cronk, chief investment officer, wealth and investment management, Wells Fargo.
(Jan 7 2019)

“What we’re seeing now is pretty typical for end-of-credit-cycle behavior.”

– Guy LeBas, chief fixed income strategist, Janney Capital Management. (Dec 17 2018)

“If you want to find a place with a lack of imbalances, it’s the consumer.”

– Jacob Oubina, senior economist, RBC Capital Markets. (Dec 10 2018)

“This is a geriatric expansion.”

– David Kelly, chief global strategist, J.P. Morgan Asset Management. (Dec 3 2018)

“All investors have goals, and none of those can be fulfilled with negative returns.”

– Ed Keon, chief investment strategist, QMA.
(Nov 26 2018)

“Volatility is the watchword for the rest of the year.”

– William Delwiche, investment strategist, Robert W. Baird & Co. (Nov 19 2018)

“This [election] result means the Fed will continue to be the top choice of what moves markets.”

– Andrew Brenner, head of international fixed income, National Alliance Securities.
(Nov 12 2018)

“While these covenants are not changing the probability of default rates, they are drastically changing the probability of recovery rates.”

– Oleg Melentyev, head of high-yield credit strategy, BAML. (Nov 5 2018)

“The global synchronized recovery has started to morph into a synchronized slowdown.”

– Matthew Forester, chief investment officer, Lockwood Advisors. (Oct 29 2018)

“There’s a tug of war in the market. Is the business cycle slowing down to the point it’s looking like a recession, or not?”

– Quincy Krosby, chief market strategist, Prudential Financial (Oct 22 2018)

“It’s a Wall Street truism that you can’t fight the Fed – except, maybe with loans.”

– Steve Miller, ceo, Fulcrum Financial Data.
(Oct 15 2018)

“There’s no reason to think this cycle can’t continue for quite some time, effectively indefinitely.”

– Jerome Powell, chairman of the Federal Reserve Board. (Oct 8 2018)

“On the surface it looks like the US is firing on all cylinders.”

– Jack McIntyre, portfolio manager, Brandywine Global Investment Management. (Oct 1 2018)

“The wall of fear we were talking about just two weeks ago...seems like it’s completely collapsed.”

– Priya Misra, head of global strategy, TD Securities. (Sept 24 2018)

“If anything, multiple rate increases will produce a flatter yield curve.”

– Thomas di Galoma, head of Treasury trading, Seaport Global Holdings. (Sept 17 2018)

The events of 2008-09 create appreciation for the possibility of events like 2008-09, which prompts risk-reducing behavioral changes that make the system more stable.”

– Jason Thomas, Director of Research, The Carlyle Group. (Sept 10 2018)

“The U.S. is best-in-class and there’s no way to avoid U.S assets.”

– Witold Bahrke, senior macro strategist, Nordea Asset Management. (Sept 3 2018)

“Away from the trade war, just about everything is lining up positively.”

– Julian Emanuel, chief equity and derivatives strategist, BTIG. (Aug 13 2018)

“Everyone thinks we won’t have a problem financing trillion-dollar deficits until we have one.”

– Brian Edmonds, head of interest rate trading, Cantor Fitzgerald. (Aug 6 2018)

“The current state of the bond market is quite confusing and as muddy as the Mississippi River.”

– Kevin Giddis, head of fixed income, Raymond James. (July 30 2018)

“The merry-go-round isn’t going to last forever.”

– Josh Markman, managing director, Bel Air Investment Advisors. (July 23 2018)

“People are on the lookout for a downturn.”

– Joseph LaVorgna, chief economist, Americas, Natixis. (July 16 2018)

“I still think many market participants are turning a blind eye to what is currently going on in Europe.”

– Mark Grant, chief global strategist, B. Riley FBR. (July 9 2018)

“Rising global real interest rates are the No. 1 predictor of financial problems in vulnerable economies.”

– Kenneth Rogoff, professor, Harvard University. (July 2 2018)

“Bonds and equities falling at the same time is the portfolio wrecker.”

– Larry Hatheway, head of investment solutions, GAM Investments. (June 25 2018)

“Correlations moving around can do a lot more damage than volatility rising.”

– Tom Clarke, global macro strategies, William Blair. (June 18 2018)

“The world confused a lucky confluence of growth factors with a self-feeding synchronized pickup.”

– Mohamed El-Erian, chief economic advisor, Allianz. (June 11 2018)

“With all the additions and subtractions to Ebitda, I’m surprised nobody’s tried multipying.”

– David Zion, research analyst, Zion Research Group. (June 4 2018)

“Everyone is looking for the cloud in the sky, but the outlook is still positive.”

– JJ Kinahan, chief market strategist, TD Ameritrade. (May 28 2018)

“There’s this cloud of geopolitical uncertainty that’s overshadowing the fact that we have a fairly sturdy backdrop in the US.”

– Emily Roland, head of capital markets research, John Hancock Investments. (May 21 2018)

“Bonds and equities falling at the same time is the portfolio wrecker.”

– Larry Hatheway, head of investment solutions, GAM Investments. (May 14 2018)

“Mission accomplished, for now.”

– Michael Feroli, chief U.S. economist, JPMorgan Chase, on Fed’s decision on rates. (May 7 2018)

“A lot of investors are really primed to see inflation coming in, and that freaks them out.”

– Megan Greene, chief economist, Manulife Asset Management. (Apr 30 2018)

“It was a confluence of factors that…conspired to produce a move higher in yields.”

– Christopher Sullivan, chief investment officer, United Nations Federal Credit Union.
(Apr 23 2018)

“We had a regime change with respect to both volatility and interest rates.”

– Joanne Hill, chief advisor of research, Cboe Vest Financial. (Apr 16 2018)

“The market is still trying to work out whether an increase in rates will choke off economic activity.”

– Joe Amato, president and chief investment officer, equities, Neuberger Berman Group LLC. (Apr 9 2018)

“The market isn’t going to be a one-way street as it as has been the last couple of years.”

– Ernesto Ramos, head of quantitative equity strategy, BMO Global Asset Management.
(Apr 2 2018)

“The market is trying to figure out if we’re headed back to correction territory or if we’re going back up to records.”

– Stephen Carl, principal, Williams Capital Group. (Mar 26 2018)

“I look at the world at the moment as being bond-unfriendly.”

– James Athey, senior investment manager, Aberdeen Standard Investments. (Mar 19 2018)

“Some of the headwinds the US economy faced in previous years have turned into tailwinds.”

– Jerome Powell, chair, Federal Reserve.
(Mar 12 2018)

“There’s been a generation of market participants that haven’t really seen a rising rate environment.”

– Lyn Graham-Taylor, senior rates strategist, Rabobank. (Mar 5 2018)

“We might well be witnessing the peak of Fed optimism alongside the height of market sentiment.”

– Ian Lyngen, head of US rates strategy, BMO Capital Markets. (Feb 26 2018)

“If this inflation trend holds…we’re in for some real fun and games in markets in 2018.”

– Jim Reid, global head, fundamental credit strategy group, Deutsche Bank. (Feb 19 2018)

“I wouldn’t say it’s over yet.”

– Eric Davidson, chief investment officer, Wells Fargo Private Bank (Feb 12 2018)

“Markets go down, that's normal. It's not a reason to panic.”

– Michael Farr, president, Farr, Miller, and Washington. (Feb 5 2018)

“The market has blinders on.”

– Kristina Hooper, chief global market strategist, Invesco. (Jan 29 2018)

“We are in a global synchronized recovery - everybody knows that.”

– Brian Jacobsen, head of multisector strategy, Wells Fargo Asset Management. (Jan 22 2018)

“We’ve gotten used to things being very good.”

– Brad McMillan, chief investment officer, Commonwealth Financial Network. (Jan 15 2018)

“Globally everyone is running in the same direction.”

– Gregory Daco, economist, Oxford Economics. (Jan 8 2018)

“There was no knocking the market off its perch.”

– JJ Kinahan, chief market strategist, TD Ameritrade. (Jan 1 2018)

“I would simply say I am very worried about the sustainability of the US debt trajectory.”

– Janet Yellen, Chair, Board of Governors, Federal Reserve System. (Dec 11 2017)

“This is starting to feel like a melt‑up.”

– Edward Yardeni, president and chief investment strategist, Yardeni Research, Inc. (Dec 4 2017)

“Bond markets are in bubble territory.”

– Andrew Brenner, head of global fixed income, National Alliance Capital Markets. (Nov 27 2017)

“The institutional loan market is cannibalizing some issuance on the high‑yield bond side.”

– Jeff Cohen, global head of leveraged finance capital markets, Credit Suisse. (Nov 20 2017)

“The absence of covenants reflects the relative strength of issuers at the negotiating table.”

– Oleg Melentyev, head of high‑yield credit strategy, BAML. (Nov 13 2017)

“It is very clear financial conditions in the world are too easy.”

– Rick Rieder, chief investment officer, global fixed income, BlackRock. (Nov 6 2017)

“We finally have everything clicking at once.”

– Ryan Detrick, senior market strategist, LPL Financial. (Oct 30 2017)

“As you move down the risk‑and‑return spectrum, the pyramid gets wider and wider.”

– Stephen Schwarzman, Chairman and CEO, The Blackstone Group. (Oct 23 2017)

“We’re in this sweet spot. That’s been the case all year, and that’s still the case.”

– Lee Ferridge, head of North American macro strategy, State Street Global Markets.
(Oct 16 2017)

“You can leverage, you can borrow without covenants, and so for equity holders it affords you very unusual rates of return.”

– Michael Milken. (Oct 9 2017)

“It’s basically the worst it’s ever been in terms of loan covenant protections.”

– Derek Gluckman, senior covenant officer, Moody’s Investors Service. (Oct 2 2017)

“We’re entering more and more into an environment where you may want to avoid passive investments.”

– Tom Stringfellow, chief investment officer, Frost Investments. (Sept 25 2017)

“The market continues to hit all‑time highs, yet there are a myriad of excuses for it to sell off.”

– Michael Scanlon, managing director, Manulife Asset Management. (Sept 18 2017)

“Thereʹs a lot of people out there wondering what could be the next catalyst for a market correction.”

– Marcelle Daher, senior managing director, Manulife Asset Management. (Sept 11 2017)

“The economy is doing well, but it’s not necessarily taking off.”

– Laura Rosner, senior economist, Macro Policy Perspectives. (Sept 4 2017)

“The way the S&P has reacted, it doesn’t seem like people are pricing in nuclear war.”

– Frank Cappelleri, executive director of brokerage, Instinet. (Aug 14 2017)

“There is a lack of yield opportunities abroad.”

– Hans Mikkelsen, head of high‑grade credit strategy, Bank of America Merrill Lynch.
(Aug 7 2017)

“There’s a lot of Johnny‑come‑latelies given all the new money. The experience hasn’t really shown yet, but it will.”

– Mark Berman, MB Financial Advisors, LLC.
(July 31 2017)

“We are moving away from extremely accommodative monetary policy.”

– Ron Sanchez, chief investment officer, Fiduciary Trust Co. (July 24 2017)

“Everyone is starving for yields, chasing different assets.”

– Jim Madison, portfolio and cash services analyst, Manulife Asset Management.
(July 17 2017)

“Sentiment for bonds has gone from the rooftop to the basement.”

– Jim Vogel, market strategist, FTN Financial.
(July 10 2017)

“The bond market is already pricing in a Fed policy mistake.”

– David Woo, head of global interest rates and foreign exchange, Bank of America Merrill Lynch. (July 3 2017)

“There is a tremendous amount of complacency in the markets right now.”

– Gene Tannuzzo, senior portfolio manager, Columbia Threadneedle.
(June 26 2017)

“Nothing is cheap, everything is overvalued, and it’s very hard to find good opportunities.”

– Kathleen Gaffney, manager, Eaton Vance Multisector Income Fund.
(June 19 2017)

“Moderate is going to be as good as it gets for the near-term.”

– Lindsey Piegza, chief economist, Stifel Financial Corp., on the economy. (June 12 2017)

“The risk of another taper tantrum is fairly low.”

– John Bellows, portfolio manager, Western Asset Management Co. (June 5 2017)

“You’ve got a lot of things stuck in a range because the forces are pretty balanced.”

– Russ Koesterich, co-portfolio manager, Blackrock Global Allocation Fund. (May 29 2017)

“If data stays solid to improving, this cycle still has legs to it.”

– Matthew Peron, head of global equity, Northern trust. (May 22 2017)

“It’s really a good time to be an issuer.”

– Andrew Whittaker, vice chairman, Jefferies. (May 15 2017)

“June is still alive.”

– Mary Ann Hurley, vice president, trading, D.A. Dacidson & Co., on next Fed rate hike.
(May 8 2017)

“I remain optimistic that the economy is actually improving.”

– Mickey Levy, chief economist, Americas and Asia, Berenberg Capital Markets. (May 1 2017)

“The biggest mystery of the year has been the disconnect between the chaos in Washington and the calmness in markets.”

– Adam Sender, founder, Sender Co. and Partners. (Apr 24 2017)

“Consumers are saying one thing in response to a survey, but doing something else with their wallet.”

– Carl Tannenbaum, chief economist, Northern Trust. (Apr 17 2017)

“We’re moved from the optimism of the campaign message into the reality of governing.”

– Ramon Verastegui, head of flow strategy and solutions, Societe Generale. (Apr 10 2017)

“I think the reflation trade is alive and well.”

– Nathan Thooft, co-head, global asset allocation, Manulife Asset Management
(Apr 3 2017)

“At some point this year, we’re going to experience more volatility.”

– Seth Masters, chief investment officer, Alliance Bernstein Private Wealth Management.
(Mar 27 2017)

“I’m worried there’s too many people who have joined the party.”

– Tom Digenan, head of U.S. equities, UBS Global Asset Management. (Mar 20 2017)

“The market now needs to seriously think about the possibility of four hikes this year.”

– Luke Bartholomew, fund manager, Aberdeen Asset Management. (Mar 13 2017)

“Companies didn’t all of a sudden become much more profitable.”

– Ron Weiner, managing director, RDM Financial Group. (Mar 6 2017)

“Investors are relaxing their investing standards and are willing to accept riskier companies.”

– Robert Cohen, director, global developed credit, DoubleLine Capital. (Feb 27 2017)

“It is premature to say the Trump trade is over.”

– Priya Misra, head, global rates research, TD Securities. (Feb 20 2017)

“Animal spirits seem to have taken over investor appetite and the markets.”

– Craig Russ, director of bank loan research, Eaton Vance. (Feb 13 2017)

“It seems like there is insatiable demand for yield.”

– Kevin Lorenz, high-yield portfolio manager, TIAA Global Asset Management. (Feb 6 2017)

“It blows me away.”

– Jim Paulsen, chief market strategist, Wells Fargo Asset Management, on the Dow hitting 20,000. (Jan 30 2017)

“We are in for a volatile ride for the bond market.”

– Kevin Giddis, head of fixed-income capital markets, Raymond James. (Jan 23 2017)

“The S&P is for institutional investors and the Dow is for everyone else.”

– Nicholas Colas, chief market strategist, Convergex. (Jan 16 2017)

“We’re been waiting for this for a long time. The asset class will start to act like people expect it to.”

– Frank Ossino, senior managing director, Newfleet Asset Management, on rising interest rates. (Jan 9 2017)

“I haven’t seen a set of factors that’s been more bullish for M&A activity in some time.”

–Peter Weinberg, co-founder, Perella Weinberg Partners. (Jan 2 2017)

“We’re not asking for wholesale throwing out Dodd-Frank.”

– Jamie Dimon, CEO, J.P. Morgan Chase & Co. (Dec 12 2016)

“You certainly feel a lot better than you did at the beginning of the year.”

– Jason Goldberg, senior analyst, Barclays, on direction of oil prices. (Dec 5 2016)

“People are now thinking the glass is half full.”

–Jimmy Chang, chief investment strategist, Rockefeller & Co. (Nov 28 2016)

“Anything which can move to the US in the coming years will move – the US is ultimately going to be a huge beneficiary.”

– Gary Cohn, president, Goldman Sachs.
(Nov 21 2016)

“The policies of a Trump administration are not yet clear, to put it mildly.”

– Richard Dunbar, deputy head of global strategy, Aberdeen Asset Management.
(Nov 14 2016)

“There’s general market anxiety driven by the election.”

–Megan Greene, chief economist, Manulife Asset Management. (Nov 7 2016)

“The reality is not as encouraging as the 2.9% headline.”

– Ellen Zentner, chief US economist, Morgan Stanley, on 3Q GDP number. (Oct 31 2016)

“Inflation is in the eye of the bondholder.”

– Jeffrey Rosenberg, chief investment strategist, fixed income, BlackRock. (Oct 24 2016)

“Deals have gotten more aggressive in pretty much every respect.”

–Alex Jackson, portfolio manager, Insight Investments Ltd. (Oct 17 2016)

“Now is not the time to be reaching for yield.”

– Mark Kiesel, chief investment officer, global credit, PIMCO. (Oct 10 2016)

“The ABS market is on fire. Whatever upsets this market is unknowable.”

– James Shepard, co-head of investment grade capital markets, Mizuho. (Oct 3 2016)

“We are essentially on a fairly dangerous battlefield with very little ammunition.”

–Lawrence Summers, Charles W. Eliot Professor, Harvard University. (Sept 26 2016)

“The bull market ends on a recession, it doesn’t end on a rate hike.”

– Michael Antonelli, equity sales trader, Robert W. Baird. (Sept 19 2016)

“What a strange world we live in. For a long time people thought it was surreal yields were negative and now think it’s surreal they’re positive.”

– Seamus Mac Gorain, global rates portfolio manager, JP Morgan Asset Management.
(Sept 12 2016)

“We do eventually need to get out of the low-rate environment, but I wouldn’t be surprised if we have these low rates a year or two from now.”

–Jason Pride, director of investment strategy, Glenmede. (Sept 5 2016)

“Scale is more important than ever.”

– Jerry Wiant, co-head of US financial institutions, RBC Capital Markets. (Aug 15 2016)

“The global economy isn’t booming, but the oil market isn’t telling us anything we didn’t already know.”

– David Kelly, chief global strategist, J.P. Morgan Asset Management. (Aug 8 2016)

“Valuations aren’t cheap, the economy is not growing rapidly and profits are at best stable, so the next driving factor is unknown right now."

–Kevin Caron, market strategist, Stifel Nicolaus & Co. (Aug 1 2016)

“The market is getting a little nervous that the Fed is not a doornail forever.”

– Steven Englander, global head of G10 strategy, Citibank. (July 25 2016)

“I would argue that because government bonds are so richly valued, it is a risk asset.”

– Binky Chadha, head of asset allocation, Deutsche Bank. (July 18 2016)

“Clearly the bond market is not correctly priced for the economic fundamentals.”

–Charles Comiskey, head of Treasury trading, Bank of Nova Scotia. (July 11 2016)

“This is the real stress test.”

– Simon Johnson, professor of global economics and management, MIT Sloan School of Management. (July 4 2016)

“I think credit could be one of the sweet spots in the current environment.”

– Anastasia Amoroso, global market strategist, J.P. Morgan Asset management. (June 27 2016)

“Should the United Kingdom remain a member of the European Union or leave the European Union?”

– Wording on today’s UK referendum on the EU. (June 20 2016)

“It’s like a vacuum sucking bonds into a black hole.”

– Richard Gilhooly, head of interest rate strategy, CIBC World Markets, on lower interest rates. (June 13 2016)

“Not even a magician can take this number and make it sound good.”

– Quincy Krosby, chief market strategist, Prudential Financial, on last week’s jobs report. (June 6 2016)

“No one has exact clarity on the Fed. We seem to have rolled from one set of crises to another.”

– Mark Harris, head of multi-asset funds, City Financial. (May 30 2016)

“The Fed does not speak with one consistent voice – too many cooks, not enough sous chefs.”

– Nick Colas, chief market strategist, Convergex. (May 23 2016)

“The good times are rolling again, at least for this month.”

– Josh Harris, co-founder, Apollo Global Management, on the high-yield market.
(May 16 2016)

“Negative interest rates are the definition of deflation.”

– Jeffrey Gundlach, CEO, DoubleLine Capital.
(May 9 2016)

“The one thing we all hate in life is uncertainty.”

– Draymond Green, forward, Golden State Warriors. (May 2 2016)

“It is risk-off big time.”

– Andrew Brenner, head of international fixed income, National Alliance Capital Markets.
(Apr 25 2016)

“We’re just in a market where there’s going to be heightened volatility.”

– Tony DeSpirito, portfolio manager, BlackRock Equity Dividend Fund. (Apr 18 2016)

“What we have here is a big case of uncertainty about what’s next for monetary policy.”

– Brian Jacobsen, chief portfolio strategist, Wells Fargo Funds Management. (Apr 11 2016)

“I think it’s a very confused market right now.”

– Craig Sterling, head of equity research, Pioneer Investments. (Apr 4 2016)

“If you slept through the first quarter, you’d think nothing happened, but it was a nightmare of a quarter.”

– David Lyon, global investment strategist, JP Morgan Private Bank. (Mar 28 2016)

“Investors have really come to terms with the fact that recession risks are receding in the U.S.”

– Mike Baele, senior portfolio manager, U.S. Bank Wealth Management. (Mar 21 2016)

“Investors will be buying Europe versus the US only against the backdrop of stable or improving US risk appetite.”

– Mislay Matejka, global equity strategist, JP Morgan. (Mar 14 2016)

“This space is controlled by the worst mis-pricers of risk in the world, which is banks.”

– Howard Sharp, head of mid-market lending, Park Square Capital, on direct lending in Europe. (Mar 7 2016)

“We are moving from a low-yield environment to a no-yield environment.”

– Alex Dryden, global market strategist, JP Morgan Asset Management. (Feb 29 2016)

“Negative rates have become part of the furniture.”

– Andrew Milligan, head of global strategy, Standard Life. (Feb 22 2016)

“Negative yield in Germany and Japan are like a black hole dragging U.S. yields lower.”

– Jonathan Lewis, chief investment officer, Fiera Capital Inc. (Feb 15 2016)

“The cost of capital for all risk assets has increased, and that will not reverse anytime soon.”

– Joseph Baratta, global head of private equity, Blackstone Group LP. (Feb 8 2016)

“Nothing fixes low prices like low prices.”

– Josh Harris, co-founder, Apollo Global Management LLC, on the oil market. (Feb 1 2016)

“It’s hard to drive pricing in a market when the Dow dives five percent over three days.”

– Rob Allard, founding partner and chief executive officer, Firebreak Capital. (Jan 25 2016)

“The fact that this has been quite a long expansion doesn’t lead me to believe that…its days are numbered.”

– Janet Yellen, chairwoman, Federal Reserve. (Jan 18 2016)

“I am not an economic forecaster – this is what the market is saying.”

– Martin Fridson, CIO, Lehmann, Livian, Fridson Advisors, on high yield’s call for a 44 percent chance of a recession within one year.
(Jan 11 2016)

“It’s the world of low numbers.”

– Andrew Milligan, chief investment strategist, Standard Life. (Jan 4 2016)

“The Fed wants to ‘tip-toe’ up the rate path.”

– Lynn Reaser, economist, Point Loma Nazarene University (San Diego). (Dec 14 2015)

“Popular trades in 2015 are getting hit…Liquidity is getting thin into year-end. Volatility is here to stay.”

– David Keeble, global head of interest strategy, Crédit Agricole. (Dec 7 2015)

“We believe the slower volume of late can be directly linked to saturation of the market.”

– Oliver Wriedt, co-president, CIFC, on CLO formation. (Nov 30 2015)

“Credit quality in broadly syndicated loans is very maintainable.”

– Scott Page, vice president, Eaton Vance.
(Nov 23 2015)

“Most investors are becoming more confident about private equity’s ability to beat the public markets.”

– Erik Hirsch, chief investment officer, Hamilton Lane. (Nov 16 2015)

“Friday’s payrolls data all but came in shiny wrapping paper with the words ‘December hike’ written on them.”

– Michael Every, head of financial market research, Rabobank. (Nov 9 2015)

“I feel like we’re been in a waiting room, waiting for treatment for a year.”

– Brian McMahon, chief executive officer, Thornburg Investment Management, on the Fed hike. (Nov 2 2015)

“The drift of data suggests that the first time the Fed will raise rates will be in the spring.”

– Steve Blitz, chief economist, ITG Investment Research. (Oct 26 2015)

“The question here is how long the suspense is going to be this time.”

– Stanley Sun, interest rate strategist, Nomura Securities, on Congressional budget negotiations. (Oct 19 2015)

“We have a global economic growth problem.”

– Gary D. Cohn, president, Goldman Sachs.
(Oct 12 2015)

“I don’t think the Fed is going to raise rates in this environment. A rate hike is a 2016 story.”

– Daniel Mulholland, senior US Treasury trader, Credit Agricole SA. (Oct 5 2015)

“Volatility is never a friend of M&A.”

– Gregg Lemkau, co-head of global M&A, Goldman Sachs. (Sept 28 2015)

“The waiting for Godot goes on.”

– Luke Bartholomew, investment manager, Aberdeen Asset Management.
(Sept 21 2015)

“Recent events have largely sealed the deal against a rate hike.”

– Jan Hatzius, chief economist, Goldman Sachs.
(Sept 14 2015)

“The two-year note tells me the Fed is going to hike soon.”

– Douglas Peebles, head of fixed income, AllianceBernstein. (Sept 14 2015)

“It’s sort of a rate ruckus.”

– Jim Dunigan, chief investment officer, PNC Wealth Management. (Sept 7 2015)

“It will take a significant deterioration in the economic picture for me to be disinclined to move ahead.”

– Dennis Lockhart, president, Federal Reserve Bank of Atlanta. (Aug 17 2015)

“He’s as in love with his company as I am with Berkshire, and that’s saying a lot.”

– Warren Buffett on Precision Castparts’ CEO, Mark Donegan. (Aug 10 2015)

“I think there is a high bar to not acting.”

– Dennis Lockhart, president, Federal Reserve Bank of Atlanta. (Aug 3 2015)

“In my opinion, it is too soon for a rate hike…Why not wait until December? What’s the harm?”

– Jim Caron, global fixed-income portfolio manager, Morgan Stanley Investment Management. (July 27 2015)

“A decision on our part to raise rates will say no, the economy doesn’t stink.”

– Janet Yellen, chairwoman, Federal Reserve. (July 20 2015)

“Let me be clear: we’re not taking Alexander Hamilton off our currency.”

– Jacob J. Lew, US Treasury Secretary.
(July 13 2015)

“Party time at the expense of others in Greece has come to an end.”

– Dalia Grybauskaiteng, President, Lithuania.
(July 6 2015)

“You shouldn’t commit suicide because you’re afraid of dying.”

– Jean-Claude Juncker, president, European Commission. (June 29 2015)

“I’m taking cues from anything Greece.”

– Justin Wiggs, managing director, equity trading, Stifel Nicolaus. (June 15 2015)

“It’s going to be hard for the Fed to justify not raising interest rates in September.”

– Karyn Cavanaugh, senior market strategist, Voya Investment Management.
(June 8 2015)

“When you’re this weak, little things can knock you off course, whether it’s the Arab Spring…or ‘Snowmageddon.’ ”

– Dan Greenhaus, chief global strategist, BTIG. (June 1 2015)

“Where does [Friday’s] data leave the Fed? Certainly another step closer to liftoff.”

– Stephan Stanley, chief economist, Amherst Pierpont Securities. (May 25 2015)

“What we’re looking at is low-growth, low inflation, low rate environment.”

– Megan Greene, chief economist, John Hancock Asset Management. (May 18 2015)

“It is spring cleaning. Everything that made money this winter is being pushed away.”

– Thomas Flury, head of currency management, UBS Wealth Management. (May 11 2015)

“Over our three decades of investing together, we have learned that loose credit standards and record issuance inevitably lead to financial market dislocation.”

– Bruce Karsh, co-chairman and chief investment officer, Oaktree capital. (May 4 2015)

“The increasingly desperate search for yield is the single greatest source of risk in the financial system.”

– Laurence Fink, CEO, BlackRock. (Apr 27 2015)

“The alternative lending world is operating at full speed at the same time traditional lenders are licking their wounds.”

– James Hunt, chairman, THL Credit Inc.
(Apr 20 2015)

“I’d rather be a mile wide and an inch deep, than an inch wide and a mile deep.”

– Greg Norman, at ACG InterGrowth, on positioning his Shark brand. (Apr 13 2015)

“It is like every time when the Fed tries to raise interest rates, there is a disappointing release that tells them to be patient.”

– Mark MacQueen, co-founder, Sage Advisory Services Ltd. (Apr 6 2015)

“Private equity firms are highly sophisticated and should be able to decide leverage levels in their own.”

– Todd Bowen, partner, Mayer Brown LLP.
(Mar 30 2015)

“The clearing price is between where investors value the loans and where banks are willing to take the loss.”

– Frank Ossino, senior portfolio manager, Newfleet Asset Management, on distressed energy names. (Mar 23 2015)

“Bond yields are at the lowest they have been since the Black Death.”

– Jeremy Whitely, head of UK and European equities, Aberdeen Asset Management.
(Mar 16 2015)

“Retail investors capitulated over the summer on rising interest rates. A rate rise will likely have to stare them right in the face because people have waited so long for it to happen.”

– Leland Hart, head of bank loans, BlackRock. (Mar 9 2015)

“Once people love loan funds, they love them for a long time until they don’t love them, and then they don’t love them for a long time.”

– Jeff Tjornehoj, head of Americas research, Lipper. (Mar 2 2015)

“The market had really gathered steam around a June tightening date. The minutes seem to have walked that back a bit.”

– Jack Latterty, chief market strategist, Natixis Global Asset Management. (Feb 23 2015)

“The markets are getting better at shrugging it off.”

– Brian Fenske, head of sales trading, ITG, referring to the Greek debt crisis. (Feb 16 2015)

“In business, the best thing you can do is honestly attract and retain positive people with high integrity.”

– John Gregg, CEO, SunTrust Robinson Humphrey. (Feb 9 2015)

“It’s a nice core holding.”

– Kent White, director of investment-grade research, Thrivent Asset Management, on Apple bonds. The company sold $6.5 billion this week. (Feb 2 2015)

“You are seeing different securities with different fundamentals behaving differently.”

– Stephen Wood, chief market strategist, Russell Investments. (Jan 26 2015)

“Pessimism is the state of mind of investors at the moment. The mode is to preserve capital.”

– David Keeble, global head interest rate strategy, Credit Agricole. (Jan 19 2015)

“The multiyear American war to overcome the terrible legacy of the global financial crisis now involves a consequential battle against weakness in the rest of the world.”

– Mohamed El-Erian, chief economic advisor, Allianz SE. (Jan 12 2015)

“Oil is the thing that’s pretty much driving all the financial markets now.”

– Jeffrey Sherman, portfolio manager, DoubleLine Capital LP. (Jan 5 2015)

“Oil prices have crushed the energy sector and it’s leaking elsewhere.”

– Andrew Herenstein, co-founder, Monarch Alternative Capital LP. (Dec 15 2014)

“I think you’re going to see a lot of different approaches as the market grapples with the leveraged-lending guidance.”

– Jeffrey Ross, partner, Debevoise & Plimpton LLP. (Dec 8 2014)

“Nothing good happens at six times leverage.”

– Senior credit officer of a middle market finance company. (Dec 1 2014)

“I don’t think pricing is going to tighten that much more. I think we’re at a floor or bottom now.”

– Fred Buffone, head of capital markets, Fifth Street Finance Corp. (Nov 25 2014)

“If the US middle market was a separate country, it would be the world’s fifth largest economy by GDP after Japan.”

– Kevin Burke, Senior Managing Director, GE Capital Markets.
(Nov 17 2014)

“The divergence of the U.S. economic outlook and the rest of the world is pretty stark.”

– Jerry Braakman, chief investment officer, First American Trust. (Nov 10 2014)

“I would caution investors to make sure they have a seat when the music stops.”

– Michael Farr, president, Farr, Miller & Washington. (Nov 3 2014)

“People have woken up to the fact that maybe global growth isn’t going to collapse.”

– Mark Luschini, chief investment strategist, Janney Montgomery Scott. (Oct 27 2014)

“Clients know we’re focused on the long-term. We don’t get too many who are looking for a window to jump out of.”

– Doug Wolford, president & COO, Convergent Wealth Advisors. (Oct 20 2014)

“This kind of volatility is what the market was missing for quite some time.”

– Brian Hessel, COO, Global Credit Advisors LLC. (Oct 13 2014)

“I think we’ve finally reached that promised land of a self-sustaining, self-reinforcing economic recovery.”

– Stuart Hoffman, chief economist, PNC Financial Services Group. (Oct 6 2014)

“Corporations are doing exactly what you and I would do as individuals, which is refinancing.”

– Meg McClellan, global head, fixed income strategy, J.P. Morgan Asset Management.
(Sept 29 2014)

“We are in the. Middle of a rate cycle, not a credit cycle.”

– Leland Hart, managing director, head of bank loans, BlackRock. (Sept 22 2014)

”The chance that we won’t have a good return in that investment is practically zero.”

– Charles Munger, vice chairman, Berkshire Hathaway, on Burger King’s merger with Tim Hortons. (Sept 15 2014)

“We are in different economic cycle with opposite direction in interest rate policy between the US and the eurozone.”

– Rob Waldner, chief market strategist, Invesco Fixed Income. (Sept 8 2014)

“It’s been a weird year so far. I’m not willing to stand in the way of something that can blow up.”

– Mike Sorrentino, chief strategist, Global Financial Private Capital. (Sept 1 2014)

“There really is no good reason why high yield sold off in the first place. Nothing changed in the outlook for defaults.”

– David Mazza, head of ETF research, State Street Global Advisors. (Aug 18 2014)

“Just about all of us were convinced that yields were rising. But the bond market didn’t go along with that story.”

– Kathy A. Jones, fixed-income strategist, Charles Schwab. (Aug 11 2014)

“This kind of volatility is what the market was missing for quite some time.”

– Brian Hessel, COO, Global Credit Advisors LLC. (Aug 4 2014)

“The stuff that’s for sale might not be the stuff to buy.”

– John Coyle, partner, Permira. (July 28 2014)

“You’ve got a ton of geopolitical risks out there. Any one of these is a tinderbox that could explode.”

– Phil Orlando, chief equity strategist, Federated Investors. (July 21 2014)

“We struggle to think we can repeat in the second half of the year what we saw in the first. This is where things get difficult and portfolio managers will earn their keep.”

– Edward Marrinan, credit strategist, RBS Americas. (July 14 2014)

“Some reach-for-yield behavior is evident.”

– Janet Yellen, chair of Board of Governors, Federal Reserve. (July 7 2014)

“In middle market lending, we are insulated from, but not immune to, trends in broader credit markets.”

– David Golub, CEO, Golub Capital BDC.
(June 30 2014)

“There’s been way too much supply on the issuance side because the markets allow way too many [managers] to come in and issue CLOs.”

– Joel Holsinger, senior partner, Fortress Investment Group. (June 24 2014)

“Things started to get silly in 2013, and now they’re getting even sillier.”

– David Sherman, president, Cohanzick Management LLC. (June 16 2014)

“As bank regulators continue to expand and clarify their priorities, borrowers are beginning to seek capital from alternative, nonregulated sources.”

– Rod Miller, partner, Milbank, Tweed, Hadley & McCloy LLP. (June 9 2014)

“What happened if outflows continue? Who are you going to sell the loans to?”

– Dan Fuss, vice-chairman, Loomis Sayles & Co. (June 2 2014)

“You don’t worry about the ones that are fully secured. And you don’t worry about the ones out of the money. It’s the guys around the line you watch.”

– Stephen Pezanosky, attorney, Haynes & Boone, on the EFH bankruptcy. (May 26 2014)

“Nonbank lenders have effectively become the banks of today. I’ve never really thought that we were in the shadows.”

– Michael Arougheti, co-founder and president, Ares Management, LP. (May 12 2014)

“We’re in an environment where the discerning eye of real credit investors has given in to the less discerning generic yield grab.”

– Stuart Lippman, portfolio manager, TIG Advisors LLC. (Apr 28 2014)