When Will the Semiconductor Shortage End?

While volatility may continue to rile global markets, we believe that currently, when it comes to hedged convertible bonds, they are well-positioned for value extraction. Sean Reynolds and Sarah George of the convertibles-based strategies team explain to host Ronald Temple why the unique asymmetry of the asset class can be a real advantage—and how volatility has the potential to be a source of return.

Consumer prices dominate headlines, but tight labor markets and upward pressure on wages might be better indicators of where the European Central Bank and Federal Reserve are currently heading. Host Ronald Temple discusses with Matthieu Grouès, CIO of Lazard Frères Gestion (LFG), the fascinating global macroeconomic picture: the potential for higher-than-expected interest rates and mild recessions in the United States and Europe, the uncertain outlook for spending in Europe next year, the complicated growth picture in China—and in the face of everything, the markets’ stubborn “optimism.”

A harbinger of progress or a spark of false hope: Does October’s CPI report mean that US inflation is finally easing? While it may be too early to draw firm conclusions, signs are encouraging. Host Ronald Temple and David Alcaly, a Senior Vice President and Research Analyst, unpack the CPI as well as private sector indices and find that abating supply chain issues, slowing jobs growth, moderating used-car prices, and even decelerating rents suggest the good news may be more than a flash in the pan.

Some believe the United Nations Climate Change Conference, better known as COP, is purely ceremonial: Negotiations are agreed upon well in advance, and no meaningful change comes out of them. But this is not necessarily true. Tim Smith, a member of our ESG and Sustainable Investment team whose research focuses on the investment implications of climate change, explains to host Ron Temple why the impact of COP varies from year to year—and why this year’s meeting, COP27, may be particularly impactful given the ongoing energy crisis in Europe, the passing of the Inflation Reduction Act (IRA) in the United States, and rising geopolitical tensions.

Investors’ shift into value from growth stocks earlier this year was one of the most extraordinary rotations ever. In this episode, Director/Investment Strategist Jason Williams and host Ron Temple deconstruct equity market performance over the last 12 months to try to get a better sense of where we are in the stock selloff and where the markets may be headed.

Robert Wall, Head of Sustainable Private Infrastructure, speaks with host Ronald Temple about sustainable investing in the intriguing world of private infrastructure. They discuss the evolution and growth of the asset class, uncovering the opportunities, and creating a diversified portfolio of these long-term assets.

Over the past year, inflation has been a topic of great concern to investors in Europe and the United States. But emerging markets central banks led the world in raising interest rates to combat rising prices ̶ so what’s happening now? In this episode, veteran emerging markets currency and debt investor Ganesh Ramachandran talks with host Ron Temple about the impact inflation is having on emerging markets economies, how central banks are reacting, and which economies are best positioned for the current environment.

Warryn Robertson, a Portfolio Manager/Analyst on the Global Listed Infrastructure, Global Equity Franchise, and Australian Equity teams, talks to host Ronald Temple about infrastructure’s role as a potential inflation hedge, global differences in infrastructure companies, and key considerations for anyone investing in the space.

Credit expert Vincent Mistretta tells host Ron Temple that as the Fed raises rates amid high and rising inflation, markets are likely to become much more discerning about which companies are most vulnerable to margin compression, rising leverage ratios, and a slowing economy. Using history as a guide, the two discuss market liquidity, the potential for both ratings downgrades and spread-widening, and where the opportunities and pitfalls may be in this environment.

Oren Shiran, Managing Director and Portfolio Manager/Analyst on the Lazard US Systematic Team, talks to host Ronald Temple about his view of the US small cap market, including why small caps are trading at such a discount to large caps and why so many quality small caps have a particularly large discount right now.