Podcasts about Guggenheim Partners

Joe McCurdy and Rusty Parks join Macro Markets to review the drivers of value in the $1.7 trillion private debt market and how today's market uncertainty can lead to investment opportunitiesRelated Content:Second Quarter 2025 Fixed-Income Sector Views Relative value across the fixed-income market. Read Second Quarter 2025 Fixed-Income Sector Views Notes on Tariff TurbulenceUpdate on our macro and market outlook following announcement of new tariff and trade policies.Read Notes on Tariff TurbulenceMacro Markets Podcast Episode 67: Outlook and Strategy After the Tariff Gray Swan Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy.Listen to Macro MarketsInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part of this material may be...

What if the market chaos we're experiencing today isn't as unprecedented as it seems? In this episode, we unpack what today's economic volatility has in common with the 2008 financial crisis and how smart investors can adapt. Host Jeannette Friedrich is joined by Jeff Traister, Managing Director of Systematic Portfolio Investing at Guggenheim Partners. With decades of experience spanning crisis-era mortgage trading to building systematic strategies for a $120B portfolio, Jeff offers rare insight into how to navigate uncertainty, manage risk, and stay grounded in disciplined strategy.  Key takeaways from the episode: - The most resilient investment strategies are systematic but also adaptive, continuously evolving based on incoming data rather than rigid models - Human behavior is often the biggest challenge to disciplined investing, especially during high volatility - Liquidity risk is often invisible until it's too late, and many investors fail to account for it properly - Lessons from the 2008 crisis remain critical today, particularly around risk modeling and the importance of conducting in-house analysis - Extreme market behavior today, such as dislocation in Treasury markets, may require Federal Reserve intervention similar to 2008 - Long-term investment strategies should be designed to weather political uncertainty, tariffs, and recession risk - Private real estate stands out in today's environment for its stability, insulation from daily volatility, and asset-specific fundamentals - Emotional discipline and diversified thinking are essential, and investors should never rely solely on credentials or single sources of information Contact Jeff https://www.linkedin.com/in/jeff-traister-los-angeles/  Timestamps 00:00 Introduction and Guest Introduction 01:59 Navigating Investment Strategies in Uncertain Times 04:59 Lessons from the 2008 Financial Crisis 19:55 The Fed's Potential Actions and Market Impact 21:35 Comparing 2008 Crisis to Current Market Conditions 24:06 Personal Insights and Investment Strategies Are you REady2Scale Your Multifamily Investments? Learn more about growing your wealth, strengthening your portfolio, and scaling to the next level at www.bluelake-capital.com. Credits Producer: Blue Lake Capital Strategist: Syed Mahmood Editor: Emma Walker Opening music: Pomplamoose *

Steve Brown, CIO for Fixed Income, and Patricia Zobel, Head of Macroeconomic Research and Market Strategy, join Macro Markets to review the tariff-related paradigm shift in trade policy, and update our macro outlook, risk assessment, and portfolio strategy as the market volatility unfolds.Related Content:Notes on Tariff TurbulenceUpdate on our macro and market outlook following announcement of new tariff and trade policies.Read Portfolio Strategy Commentary Don't Let Policy Volatility Overshadow Market OpportunityLong-term signals are positive for fixed income. Read the CIO Outlook Macro Markets Podcast Episode 66: Asset-Backed Finance: The Evolution of a Portfolio Mainstay Karthik Narayanan, Head of Structured Credit, discusses the role asset-backed finance plays in a diversified fixed-income portfolio.Listen to Macro Markets Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered...

Karthik Narayanan joins Macro Markets to discuss the evolution of asset-backed finance, the role it plays in a diversified fixed-income portfolio, and current market dynamics and opportunities.Related Content:Don't Let Policy Volatility Overshadow Market OpportunityLong-term signals are positive for fixed income. Read CIO Outlook 1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 65: Macro and Micro Views on Credit Opportunities in a Shifting Economy Top-down and bottom-up perspectives on opportunity in the high yield and bank loan market. Listen to Macro Markets Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2025 Guggenheim Partners, LLC. No part...

A patient with Duchenne muscular dystrophy taking Sarepta's gene therapy Elevidys has died of acute liver failure, possibly related to a recent viral infection. Sarepta, which said it will update Elevidys' label to reflect the new safety signal, saw its shares drop 22% on the news but analysts still seem positive on the drug, as treatment options for Duchenne remain limited.Meanwhile, both AstraZeneca and Taiho Pharmaceuticals announced acquisitions worth up to $1 billion or more in two sizzling therapeutic spaces, cell therapy and antibody-drug conjugates, respectively.Despite canceling a vaccine advisory committee late last month, the FDA on Thursday selected flu strains to be targeted in the upcoming 2025-2026 flu season. And at another federal agency, the Centers for Disease Control and Prevention, employees will have to wait a bit longer to see who will take the helm under Donald Trump, as the president's nominee, Dave Weldon, was pulled hours before he was set to appear before a Senate committee on Thursday. Like HHS Secretary Robert F. Kennedy Jr., Weldon has expressed anti-vaccine views in the past, particularly his continued suggestion of the link between vaccines and autism. Guggenheim Partners called the move to revoke Weldon's nomination “a positive sign for reigning in vaccine criticism.”In the weight loss arena, BioSpace takes deep dives into the tendency for biopharma to develop fast-followers, or me-too drugs—following a pattern seen with PD-1 checkpoint inhibitors after the approvals of Merck's Keytruda and Bristol Myers Squibb's Opdivo. One key difference between these two markets, however, is that when it comes to GLP-1s for weight loss, patients are not staying on these medicines. Drug developers are trying several approaches to improve treatment persistence, including titration, combinations and even secondary drugs that address side effects. They're also making other moves to differentiate themselves, including focusing on overall health outcomes—in areas like cardiovascular, sleep apnea and kidney disease.Following on BioSpace's coverage of the major patent cliffs that many Big Pharma companies are facing in coming years, we also take a look back at some of the companies that have already weathered such loss of exclusivity. It's rarely a straightforward story of sales crashing off patent, as companies take various tacks to extend their blockbuster sales.Finally, the cardiovascular space is expecting some movement this week. First, Alnylam is anticipating a decision on its RNAi silencer Amvuttra in ATTR-CM. An approval—which is widely expected—would make three companies on the market in this rapidly expanding space after Pfizer's tafamidis was approved in May of 2019, and BridgeBio's Attruby got the greenlight in November last year. And second, Milestone Pharmaceutical has a PDUFA coming up for etripamil in paroxysmal supraventricular tachycardia.

Strong fundamentals and positive market technicals should support credit performance in an environment characterized by high nominal yields, tight spreads, and elevated policy uncertainty. Maria Giraldo and Rebecca Elkins join Macro Markets to provide top down and bottom up perspectives on opportunity in the high yield and bank loan market. Related Insights:1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 64: The SMA Advantage—Institutional Strategies for Individual Investors Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to explore separately managed accounts (SMAs), a structure that offers many potential benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.Listen to Macro Markets1Q 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author's opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is

Adam Bloch, Portfolio Manager on our Total Return team, joins Macro Markets to discuss separately managed accounts (SMAs), a structure that offers many benefits to individual investors. Bloch also shares his views on growth, inflation, and relative value in the market.Related Insights:1Q 2025 High Yield and Bank Loan OutlookReframing tight spreads in leveraged credit. Read High Yield and Bank Loan OutlookMacro Markets Podcast Episode 63: Post-Inauguration/Post-FOMC Analysis—Into the Known UnknownMatt Bush and Evan Serdensky discuss evolving economic and investing conditions, as well as recent A.I.-related volatility. Listen to Macro Markets Podcast1Q 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.SMA strategies discussed herein are available exclusively through third party financial professionals and are not offered directly to the public through Guggenheim Investments. SMA target characteristics and allocations are for illustrative purposes only. Individual account holdings and characteristics will vary depending on the size of an account, cash flows and account restrictions. Individual accounts within the same strategy may have portfolio characteristics and performance that differ from one another. This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Investment Risks. The strategies described herein may not be suitable for all investors. All investments have inherent risks. There is no guarantee the manager will be able to implement investment strategies successfully or achieve investment objectives. • The market value of fixed income securities will change in response to interest rate changes and market conditions among other things. In general, bond prices rise when interest rates fall and vice versa. • High yield securities present more liquidity and credit risk than investment grade bonds and may be

The new administration has hit the ground running, the Fed held rates steady at its last policy meeting, and markets have been volatile. Matt Bush, our U.S. economist, and Evan Serdensky, Portfolio Manager on our Total Return team, join Macro Markets to discuss evolving economic and investing conditions, as well as recent A-.I.-related volatility.Related Insights:10 Macro Themes for 202510 trends that will shape credit markets in 2025. Read 10 Macro ThemesMacro Markets Podcast Episode 62: 10 Macro Themes for 2025 (and a Quick Fed Update)Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group joins Macro Markets to discuss our 10 Macro Themes likely to shape monetary policy and investment performance this year. Listen to Macro Markets EpisodeFirst Quarter 2025 Fixed-Income Sector Views Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. Learn where we're finding value.Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 63850

Patricia Zobel, Head of our Macroeconomic Research and Market Strategy Group, joins Macro Markets to discuss the top 10 Macro Themes we believe will shape monetary policy and investment performance this year. She also discusses December economic data releases, the incoming Trump administration, and the future path of Fed policy.10 Macro Themes for 202510 trends that will shape credit markets in 2025. Read 10 Macro Themes1Q25 Fixed-Income Sector ViewsPlanning begins now for Life and Annuity companies.Read Fixed-Income Sector ViewsThe Power of Private Credit in Fixed-Income PortfoliosDina DiLorenzo, President of Guggenheim Investments, joins CNBC to discuss opportunities across private credit and innovative new products to meet clients' evolving needs.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.SP 63613

Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins Macro Markets after the Fed's December rate hike to discuss her 2025 economic outlook, and how she navigates heightened uncertainty amid potentially sweeping changes in government policies that could significantly affect economic growth, inflation, and the outlook for certain sectors. Related Content: 4Q24 Fixed-Income Sector ViewsA good time for active fixed-income management. Read Fixed-Income Sector Views 4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. Read High Yield and Bank Loan OutlookCompanies with Access to Capital are Doing Well…and That is Where We Are Investing Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond. Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability...

Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.

Steve Brown, Chief Investment Officer for Fixed Income, joins Macro Markets to discuss portfolio strategy and our outlook following the U.S. election and the Fed's most recent rate cut.Related Content: 4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. 3Q24 Quarterly Macro ThemesResearch spotlight on what's next.Companies with Access to Capital are Doing Well…and That is Where We Are Investing Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding,

Where can investors find attractive yield while mitigating risk in the current environment? Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss what makes the sector an important component of our actively managed fixed-income portfolios and where we are finding value now.4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed. Read High Yield and Bank Loan Outlook3Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro ThemesCompanies with Access to Capital are Doing Well…and That is Where We Are InvestingAnne Walsh, CIO of Guggenheim Partners Investment Management, joins Fox Business to discuss her outlook for bonds in an election year and beyond Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such...

Patricia Zobel serves as Head of Macroeconomic Research and Market Strategy for Guggenheim Partners Investment Management, and previously served as an executive at the Federal Reserve Bank of New York (New York Fed). Patricia shares perspective on a range of topics, spanning an outlook for the US economy, to the direction of monetary policy. We also spend time on allocation preferences across fixed income, real estate, and ex-US. Host: Daniel Cassidy

Tad Nygren, Head of Governments and Agencies, joins the podcast to offer insights on the market's reaction to the Fed's recent rate cut, economic data releases, and what may come next. Related Content:4Q24 High Yield and Bank Loan OutlookEffects of rate cuts on high yield bonds may be mixed.High Yield and Bank Loan Outlook3Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro ThemesHigher Quality Fixed Income is ‘the Place to Be'Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability. Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 62773

U.S. Economist Matt Bush and Investment Strategist Maria Giraldo discuss the macro and market implications of the Fed's decision to cut interest rates. They also provide commentary on the latest issue of Quarterly Macro Themes.Related Content:3Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro Themes3Q24 High Yield and Bank Loan OutlookRelatively low distress ratios suggest manageable default rates down the road. High Yield and Bank Loan OutlookHigher Quality Fixed Income is ‘the Place to Be'Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability. Watch VideoInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 62634

Patricia Zobel, Head of Macroeconomic Research and Market Strategy, updates our outlook following the strong market response to the July FOMC decision and jobs report. She also draws from her experience with the Fed's System Open Market Account, one of its most critical operating functions, to share insights on the Fed's balance sheet management.Related Content:3Q24 High Yield and Bank Loan OutlookRelatively low distress ratios suggest manageable default rates down the road. High Yield and Bank Loan OutlookHigher Quality Fixed Income is ‘the Place to Be'Anne Walsh, CIO of Guggenheim Partners Investment Management, joins Bloomberg TV to discuss her outlook for credit markets during a period of political instability. Watch Video2Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro ThemesInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 62173

Steve Rimmer shares his journey in the aviation industry, which started with his upbringing and passion for airplanes. He discusses how chance and being in the right place at the right time played a role in his career. Steve talks about his experience working with British Aerospace, Security Pacific Bank, Curtis & Company, and Guggenheim Partners. He emphasizes the importance of having a strong team and expertise in understanding the asset in aviation investing. Steve also discusses the challenges of commoditization in the industry and the need to go beyond spreadsheets to make informed investment decisions. In this conversation, Steve Rimmer discusses the challenges and opportunities in the aircraft leasing industry. He emphasizes the importance of understanding the big picture and the value of personal relationships in the industry. Rimmer also highlights the need for a forward-looking mindset and the ability to adapt to changing dynamics. He discusses the impact of delays in aircraft deliveries and the potential overtrade opportunities for airlines. Rimmer also explores the future of the industry, including the role of engine OEMs, the potential for new aircraft programs, and the importance of managing risk.

Allen Li, Head of our Municipal Bond Sector Team, reviews trends, opportunities, and idiosyncratic risk in municipal bonds. And U.S. Economist Matt Bush discusses the implications of the soft June CPI release.Related Content:2Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro Themes2Q24 Fixed-Income Sector ViewsBalancing attractive yields and tight spreads.Read Fixed-Income Sector ViewsThe Economic Cycle Isn't Dead, Merely Delayed…And That's Good for BondsNavigating an economic cycle where old patterns don't seem to apply. Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 61892

Sporting historically attractive yields and relatively healthy credit fundamentals, high yield bonds offer a compelling entry point. Dan Montegari, Head of Research for our Corporate Credit team, and John Walsh, Head of High Yield Trading, discuss credit spreads, default rates, market technicals, and other factors driving their team's constructive views on risk and opportunity in leveraged credit. Related Content:2Q24 High Yield and Bank Loan OutlookA time for nimble credit selection.Read High-Yield and Bank Loan Outlook2Q24 Corporate Credit Quarterly InsightsMarket and portfolio update from our Corporate Credit team.Read Corporate Credit Quarterly Insights2Q24 Fixed-Income Sector ViewsBalancing attractive yields and tight spreads.Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 61658

It's been 10 months since the Fed's last rate hike, and Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss what's next for the economy and markets. Related Insights:The Economic Cycle Isn't Dead, Merely Delayed…And That's Good for BondsNavigating an economic cycle where old patterns don't seem to apply.Read CIO Commentary“This Is a Good Time for Credit”Anne Walsh, CIO of Guggenheim Partners Investment Management, talks to Bloomberg TV at the Milken Institute Global Conference about why the Fed's policy pause is good for fixed-income investors.Watch VideoLearning from Turning Points in Monetary PolicyThe case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 61466

Jamie Crapanzano, a member of our insurance portfolio management team, joins the podcast to discuss the distinctive aspects of fixed-income management for insurance companies and provide an update on bond market relative value. Related Insights:1Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro Themes2024 Election Uncertainty Could Drive Fixed-Income OutperformanceRising economic policy and geopolitical uncertainty may favor higher quality fixed income in this election year.Read Portfolio Strategy CommentaryLearning from Turning Points in Monetary PolicyThe Case for Moving Into Higher Quality Fixed Income (and out of Money Markets and Equities) While the Fed Is Paused… and Ahead of Coming Rate Cuts.Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 61234

Matt Bush, Guggenheim Investments' U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our newly published Quarterly Macro Themes for 1Q 2024 and provide an update to our baseline views on the economy. Related Insights:1Q24 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro Themes2024 Election Uncertainty Could Drive Fixed-Income OutperformanceRising economic policy and geopolitical uncertainty may favor higher quality fixed income in this election year.Read Portfolio Strategy CommentaryLearning from Turning Points in Monetary PolicyThe Case for Moving Into Higher Quality Fixed Income (and out of Money Markets and Equities) While the Fed Is Paused… and Ahead of Coming Rate Cuts.Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 60910

Private debt is one of the fastest growing sectors in the capital markets, and perhaps one of the most misunderstood. Joe McCurdy, Head of Origination on our Private Debt team, joins Macro Markets to explain how the sector has grown to be a robust capital option to banks, broadly syndicated loans, and bonds. Tune in (or read the transcript!) for his take on the investment opportunity and risks right now and his outlook for the sector. Related Content:1Q24 Fixed-Income Sector ViewsInvesting as the Fed prepares to cut rates.Read Fixed-Income Sector Views“An Attractive Time to Be a Fixed-Income Investor”Steve Brown, CIO for Fixed Income, Guggenheim Partners Investment Management, joins Bloomberg TV to discuss the latest data and his outlook for bonds.Watch Video1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 60748

Justin Takata, Head of our Investment-Grade Sector Team, and Maria Giraldo, Investment Strategist, provide technical and fundamental analysis of the sector, as well as where they are seeing risk and opportunity. We also answer listener mail.Related Content:1Q24 Fixed-Income Sector ViewsInvesting as the Fed prepares to cut rates.Read Fixed-Income Sector ViewsLearning from Turning Points in Monetary PolicyThe case for moving into higher quality fixed income (and out of money markets and equities) while the Fed is paused… and ahead of coming rate cuts. Read Portfolio Strategy Article1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 60632

Karthik Narayanan, Head of Structured Credit for Guggenheim Investments, and Danny Gibbs, a portfolio manager on our Total Return team, join Macro Markets to give an overview of the structured credit market.Related Insights:Learning from Turning Points in Monetary PolicyThe case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.Read Portfolio Strategy Commentary1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan Outlook11 Macro Themes for 202411 Trends that will shape credit markets in 2024.Read 11 Macro ThemesInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC,...

Evan Serdensky, Portfolio Manager on our Total Return team, and Matt Bush, our U.S. Economist, join Macro Markets to discuss the latest FOMC meeting and the January jobs report, update our monetary policy outlook, and review relative value in the fixed-income market.Related Insights:Learning from Turning Points in Monetary PolicyThe case for moving into higher-quality fixed income (and out of money markets and equities) while the Fed is paused and a head of coming rate cuts.Read Portfolio Strategy Commentary1Q24 High-Yield and Bank Loan OutlookImplications for credit investors.Read High-Yield and Bank Loan Outlook11 Macro Themes for 202411 Trends that will shape credit markets in 2024.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.SP 60258

Matt Bush, Guggenheim Investments' U.S. Economist, and Maria Giraldo, Investment Strategist, join the Macro Markets podcast to discuss our top 11 Macro Themes likely to shape monetary policy and investment performance this year. Related Insights:11 Macro Themes for 202411 trends that will shape credit markets in 2024. Read 11 Macro ThemesPolicy Conditions Are Tighter Than They AppearAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.Positioning for the Fed PivotSteve Brown shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward.Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 60019

We recently hosted a group of global institutional clients from 23 different countries for an educational event in our San Mateo headquarters. This feature episode is a panel discussion that Tony moderated with Brooks Ritchey, chairman of K2 Advisors, and Peter Blue, head of Alternative Solutions at Franklin Templeton Investment Solutions. We hope you enjoy this special edition of our podcast series. *********       Brooks Ritchey joined K2 Advisors (a hedged strategies division of Franklin Templeton) in 2005 and is currently a Portfolio Manager and Chairman. He is also a voting member of the K2 Investment Committee. Prior responsibilities at K2 include Co-Chief Investment Officer, Co-Head of Investment Research & Management, and Head of Portfolio Construction. Mr. Ritchey works with clients and investment management teams to analyze market and macroeconomic conditions, help determine asset allocation tilts, and manage absolute return and multi-asset hedged portfolios. Mr. Ritchey began his investment career in 1982 as a proprietary trader for the NYSE Specialist Firm of Conklin, Cahill & Co. Since 1987, Mr. Ritchey has successfully managed multi-asset mutual fund and hedge fund portfolios for institutional and registered portfolios while located in New York and Paris. Prior employers include Steinhardt Partners, Citibank, Finch Asset Management, Paribas, AIG, and ING/Barings. Mr. Ritchey graduated from Franklin & Marshall College in 1982 with a B.A. in Business Administration and is Series 3 NFA registered. Peter Blue is the Head of Alternatives Solutions for Franklin Templeton Investment Solutions. He is responsible for the development and implementation of multi-asset alternatives capabilities for the Solutions team.  Most recently, he was a client portfolio manager, also for Franklin Templeton Investment Solutions. Mr. Blue focuses on designing, managing, and maintaining multi-asset investment solutions for institutional clients in the Americas. Prior to joining Franklin Templeton, Mr. Blue was an investment analyst at QS Investors, a quantitative multi-asset and equity manager, where he was responsible for leveraging the breadth of QS' capabilities in the creation of new and custom investment solutions. QS Investors combined with Franklin Templeton Multi-Asset Solutions in October 2020 to create Franklin Templeton Investment Solutions. Before QS Investors in 2019, Mr. Blue was an alternatives product specialist at Legg Mason. Previously, he held product development, business development, and investment analyst roles with Guggenheim Partners, AlphaMetrix and Cambridge Associates, respectively. Mr. Blue holds a Bachelor of Science degree in business administration from Washington & Lee University, where he graduated magna cum laude. He also holds the Chartered Financial Analyst (CFA), Chartered Alternative Investment Analyst (CAIA) and Financial Risk Manager (FRM) designations. Mr. Blue is a member of the CFA Society New York and the Global Association of Risk Professionals (GARP).

Anne Walsh, CIO for Guggenheim Partners Investment Management, joins Macro Markets to discuss opportunities and risks in what promises to be an eventful 2024. A weakening economy, pivoting monetary policy, volatile geopolitics, and a presidential election form the backdrop that is tailor-made for active fixed-income management.Related Content:Policy Positions Are Tighter Than They AppearAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC to discuss Federal Reserve policy and its effect on credit markets heading into 2024.Watch Video4Q23 Fixed-Income Sector ViewsConsistent strategy through volatility. Read Fixed-Income Sector ViewsPositioning for the Fed PivotSteve Brown, Chief Investment Officer, Total Return and Macro Strategies, shares insights on Fed policy and our house view on the possible pace and size of rate cuts going forward. Watch VideoInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.Investors in asset-backed securities ("ABS"), including mortgage-backed securities ("MBS"), and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents...

Maria Giraldo, Investment Strategist, discusses the performance of the corporate credit sector this year and the rationale for our cautiously optimistic outlook for 2024. Related Insights:4Q23 Fixed-Income Sector ViewsConsistent strategy through volatility. Read Fixed-Income Sector Views4Q23 High-Yield and Bank Loan OutlookCredit challenges to come as the economy slows. Read High-Yield and Bank Loan Outlook3Q23 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro ThemesInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59577

Adam Bloch, Portfolio Manager on our Total Return team, and Matt Bush, Guggenheim Investments' U.S. Economist, update our economic and market outlook following the November meeting of the Federal Open Market Committee and the latest employment report. Related Insights:4Q23 High-Yield and Bank Loan OutlookCredit challenges to come as the economy slows. Read High-Yield and Bank Loan Outlook3Q23 Quarterly Macro ThemesResearch spotlight on what's next.Read Quarterly Macro ThemesAttractive Bond Yields While Being Patient and DefensiveAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market. Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59355

Steve Brown, Chief Investment Officer for Total Return and Macro Strategies, discusses the portfolio strategy implications of the evolving geopolitical, economic, and policy landscape. He shares how active management allocation decisions within a long-term investment outlook are designed to avoid risk and identify opportunity in this period of heightened volatility and uncertainty.Related Insights:3Q23 Quarterly Macro ThemesResearch spotlight on what's next. Read Quarterly Macro Themes3Q23 Fixed-Income Sector Views Technical tailwinds support the market. Read Fixed-Income Sector ViewsAttractive Bond Yields While Being Patient and DefensiveAnne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, joins CNBC on Fed Day to discuss the market. Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 59013

Jim Suprenant is the Senior Managing Partner at Guggenheim Partners. A career investment banker, Jim joins the show to discuss the ins and outs of buying and selling businesses. Mentioned in this Episode:Guggenheim Partners: https://www.guggenheimpartners.com/Go Big or Go Home (book): https://www.amazon.com/Go-Big-Home-Customer-Experience/dp/1544536364Time Codes(1:48) - Welcoming Jim.(2:12) - What is an investment banker?(6:41) - If I want to sell my business where would I go to find buyers?(10:34) - How do I think about pricing my company?(13:01) - What is an example of constraints an investor would put in to make it harder to turn a profit?(14:21) - How much does the people side of a business weigh into what the price will be for that business?(18:19) - How should sellers think about cutting as much from the business as they can and how do buyers vet to make sure the business they're buying hasn't just been gutted?(22:01) - How many companies understand this before you work with them and how many default to a scarcity mindset?(33:02) - How do you manage the human side of a transaction?(35:10) - How do you evaluate a leadership team?(38:21) - How can HR become stronger in these transactions?(39:55) - How often do you see HR having a prominent seat at the table?(42:40) - What are the best practices for making sure from that date forward you have the best odds for success?(48:45) - What are the things that kill deals right at the end?(51:22) -  Do you see management teams when they're closer to the finish line manage their business ‘not to lose'?(52:59) - What are you sick of talking about?(53:40) - What are you hoping to hear more talk about?(56:18) - What is the purpose of business? 

U.S. Economist Matt Bush, Investment Strategist Maria Giraldo, Investment Strategist Chris Squillante, and Economist Jerry Cai join Macro Markets to discuss the second issue of Quarterly Macro Themes, which takes a deep dive into issues helping shape our baseline economic views.Related Insights:3Q23 Quarterly Macro ThemesResearch spotlight on what's next. Read Quarterly Macro Themes3Q23 Fixed-Income Sector Views Technical tailwinds support the market. Read Fixed-Income Sector ViewsUse this “Goldilocks Market” to Prepare for Its Eventual EndThe Fed is not done. Read Portfolio Strategy Commentary Investing involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58778

Jenny Marler, Head of Guggenheim Real Estate, provides insight into the $21 trillion commercial real estate market, a critical asset class for the economy. Performance has varied for each of the principal sectors, but the office sector, beset by tepid post-pandemic back-to-work trends, high mortgage rates, and capital rationing, is struggling. She discusses monitoring and managing risk and where she is seeing value in the sector. Related Insights:3Q23 Fixed-Income Sector ViewsTechnical tailwinds support the market.Read Fixed-Income Sector ViewsUse This ‘Goldilocks Market' to Prepare for Its Eventual EndThe Fed is not done.Read Portfolio Strategy Commentary3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58466

Matt Bush, Guggenheim Investments U.S. Economist, and Evan Serdensky, Portfolio Manager on our Total Return team, share their updated outlook following some recent surprises in the economic data. They discuss the likelihood of a soft landing, the possible path of monetary policy, market dynamics, and investment strategy and positioning.Related Insights:Use This ‘Goldilocks Market' to Prepare for Its Eventual EndThe Fed is not done.Read Commentary3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan Outlook"It's a Good Time to Be Thoughtful About Risk"Anne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve's ongoing inflation battle. Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58258

Karthik Narayanan, Head of Securitized Credit for Guggenheim Investments, and Tom Nash, a director on our Commercial Mortgage-Backed Securities (CMBS) sector team, join Macro Markets to discuss drivers of performance, current conditions in real estate, and where they are finding value in CMBS and in other types of structured credit. Related Insights:3Q23 High-Yield and Bank Loan OutlookAppealing yields and cautious markets.Read High-Yield and Bank Loan Outlook2Q23 Quarterly Macro ThemesA new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.Read Quarterly Macro ThemesIt's a Good Time to Be Thoughtful About RiskAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss the market implications of the Federal Reserve's ongoing inflation battle. Watch VideoInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 58028

Matthew Doull is based in New York City. He began his career as a financial journalist at The Daily Telegraph in London where he covered TMT. From 1998-2000, Matthew served as Chairman of http://Trip.com , a pioneering online travel business which he sold to Galileo. Subsequently he was a Senior Analyst at SAC Capital where he was responsible for global TMT investing for the $12B hedge fund, and was a Portfolio Manager at Pequot Capital Management. In 2009, Matthew and his partners created Prometheus Global Media to acquire The Hollywood Reporter, Adweek, Backstage, The Clio Awards and Billboard from Nielsen. He served as an owner/operator at Prometheus before selling the assets to Guggenheim Partners in 2013. Most recently prior to joining Wedbush he was co-Head of Technology Investment Banking at BDA Partners based in Hong Kong, and advised on cross-border M&A and capital raising for corporate, private equity, family office and VC clients. On this episode, Matthew speaks with Kristy Hurt about the internet's unassailable and continuing influence on the media industry, including his own professional career, which he began as a financial journalist in the early 1990s.

Matt Bush, US Economist; Maria Giraldo, Investment Strategist; and Paul Dozier, Economist, join Macro Markets to discuss the first issue of our newest Thought Leadership publication, Quarterly Macro Themes. We also answer listener mail. Related Insights:2Q23 Quarterly Macro ThemesA new quarterly publication from our Macroeconomic and Investment Research Group, spotlights critical and timely areas of research and updates our baseline views on the economy.Read Quarterly Macro ThemesFixed Income Is Now a Buyer's MarketSteve Brown, CIO for Macro and Total Return Strategies, discusses the Improved value proposition in credit.Read Portfolio Insight2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertainty.Read Fixed-Income Sector ViewsInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57188

Moody's Marc Pinto talks to Guggenheim Partners Investment Management's Anne Walsh about big risks – and opportunities – for insurers, asset managers and institutional investors.Speakers: Marc Pinto, Managing Director, Moody's Investors Service; Anne Walsh, Chief Investment Officer, Guggenheim Partners Investment ManagementHost: Danielle Reed, VP – Senior Research Writer, Moody's Investors ServiceRelated Research:Life Insurance – US: Commercial real estate downturn could weaken portfolio asset qualityUS life insurers have strong capital levels heading into uncertain economic environmentProperty & Casualty Insurance – Global: Cyber insurance market stabilizes as profitability improves

Anne Walsh, Chief Investment Officer for Guggenheim Partners Investment Management, analyzes the economic and credit cycles, evaluates market opportunities, opines on drivers of returns going forward, and shares portfolio strategies. Rising idiosyncratic risk, she says, calls for active fixed-income management. She also offers advice to young women looking to make a career in asset management.Related Content:Fixed Income Is Now a Buyer's MarketImproved value proposition in credit.Read Portfolio Strategy Commentary2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertaintyRead Fixed-Income Sector Views2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal. Investments in fixed-income instruments are subject to the possibility that interest rates could rise, causing their values to decline. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57586

Allen Li, Managing Director and Head of Guggenheim Investments' Municipal Bond Sector Team, explains the structure and characteristics of the $4 trillion municipal market, the importance of technical dynamics, and where he is finding value. U.S. Economist Matt Bush updates the economic outlook.Related Content:2Q23 Fixed-Income Sector ViewsOpportunity in fixed income rises with uncertaintyRead Fixed-Income Sector Views2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57470

Tom Hauser, Co-Head of Corporate Credit for Guggenheim Investments and senior portfolio manager for the firm's high yield and leveraged loan portfolios, discusses his team's analytical process, the importance of credit selection, and his current views on opportunity in leveraged credit. Take a deep dive with Tom into the fundamental and technical drivers of performance, his default outlook, and getting paid for taking credit risk. Economist Paul Dozier updates on the latest economic data.Related Content:2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookA Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed's next move and beyond. Read Macroeconomic CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57291

Adam Bloch, Portfolio Manager for Guggenheim Investments, checks in with Macro Markets to discuss opportunities, tactics, and strategy in today's uncertain economic and market environment. With the relatively high level of income available in the market today, it pays to be patient, and diversified, with an eye towards becoming a liquidity provider in the future.Related Content:2Q23 High-Yield and Bank Loan OutlookAn opportunity for active management.Read High-Yield and Bank Loan OutlookA Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed's next move and beyond. Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 57078

Justin Takata, Head of Investment Grade Corporate Credit for Guggenheim Investments, discusses the interplay between primary issuance and trading volumes, developments in credit fundamentals, and where he is seeing risk and opportunity. U.S. Economist Matt Bush updates the Fed outlook following recent economic data. Also, we answer listener mail.Related Content:A Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed's next move and beyond. Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy CommentaryInvesting involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56855

In this episode you will learn:What led Alex Felix from being a national ski champion to a career in finance and venture capital?How is private equity different from venture capital according to Alex?How did Coin Fund start? How do crypto VC firms design their support system?How do crypto companies tackle the challenge of composability?What does effective token distribution mean for crypto companies?How do you develop a non-consensus viewpoint in venture? Does a non-consensus viewpoint need to become a consensus viewpoint for success?Why is Alex so convinced about crypto?How might crypto-based solutions enable better alignment of incentives between platform participants and the platform itself?About:Alex Felix is Chief Investment Officer and Managing Partner at CoinFund. CoinFund founded in 2015 and headquartered in New York City and Miami is a cryptonative investment firm and registered investment advisor. Prior to CoinFund, Alex was in Private Equity and worked at America Capital, Bank of America, RBS and Guggenheim Partners.

Matt Bush, Guggenheim Investments' U.S. Economist, and Evan Serdensky, a Portfolio Manager on our Total Return team, share their perspectives and outlook following two eventful weeks in markets and the economy. They discuss the future path of monetary policy, the effects of a possible credit crunch, and investment strategy and positioning.Related Insights:A Not-So-Funny Thing Happened on the Way to the Terminal RateThe Fed's next move and beyond.Read Macroeconomic CommentarySilicon Valley Bank Replays the Ugly Consequences of DisintermediationAssessing ongoing risks related to the SVB collapse.Read Portfolio Strategy CommentaryInvestors Should Not Expect Much Relief from Volatility The transition to a world of quantitative tightening will lead to reduced liquidity, capital rationing and persistent swings in asset prices. Read Portfolio Strategy Commentary Investing involves risk, including the possible loss of principal.This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author or speaker, but not necessarily those of Guggenheim Partners, LLC or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the following affiliated investment management businesses: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.SP 56637

Future Food-Tech Alternative Proteins Series Part IV in partnership with Future Food-Tech Alternative Proteins Summit, NYC June 21 - 22, 2022    Episode Description: “What we eat is as important as anything else we're doing.” -Dr. Matthew Spence The food industry is not just about what we eat. It's also about how we produce it— And that's a big deal! The world needs a more sustainable approach to feed its growing population, and technology can help us get there. Technology is helping us find new solutions to some of the world's most pressing problems, including those related to food security. The alternative protein space is one example of how innovation can help us meet this challenge. This is where innovation meets sustainability meets deliciousness meets healthiness meets affordability—and it's changing how we think about food as much as anything else we're doing right now. In this episode, Justine talks with Dr. Matthew Spence, Managing Director of Guggenheim Securities, a global investment and advisory firm that focuses on investment management, investment banking, and insurance services. With the leadership of Dr. Spence, their Food Technology team aims to support innovation that promotes sustainability.  In this episode, Justine and Dr. Spence engage in a broad discussion about the food industry's role in climate change and how it affects global security, how entrepreneurs can help solve the world's biggest issues, what investors are looking for in a company, why the alternative protein space is a worthy investment, and how technology shapes major industries.    Meet Matthew:  Dr. Matthew Spence is a Managing Director at Guggenheim Securities, a global investment and advisory firm known for its innovative solutions. The firm's primary focus is investment management, investment banking, and insurance services. He leads the company's Venture Capital Coverage team as well as the Food Technology team.   Dr. Spence is the co-founder of the Truman National Security Project, an organization that aims to provide timely, innovative, and principled solutions to complex national security challenges. He also worked at the White House on the National Security Council as the President's Special Assistant and has received the Secretary of Defense Award for Outstanding Public Service. He holds doctorate degrees in law from Yale Law School and International Relations from the University of Oxford.    LinkedIn   Connect with Guggenheim Partners:  Website Twitter Instagram LinkedIn YouTube   Connect with NextGenChef: Website  Facebook  Twitter  Instagram  YouTube   Episode Highlights: 00:52 Climate Change, Global Security, and Food 05:15 How Entrepreneurs Help Solve the World's Biggest Problems 11:14 Great Investment Opportunities 14:17 What Investors Are Looking For 18:50 Why the Alternative Protein Space is Gaining Traction 

Bloomberg Opinion columnist Barry Ritholtz speaks with David Conrod, who is co-founder and chief executive officer of FocusPoint Private Capital Group. Prior to co-founding FocusPoint — which raises capital for private equity, credit, real estate, real assets and direct transactions in developed and emerging markets — Conrod was a senior managing director at Guggenheim Partners, where he established its private fund group, obtaining more than $7 billion of fund allocations for general partnerships external to the firm. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com