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“3 Things You Need to Know + 1 You Don’t!”
The 3+1 Investors Series is BlackRock’s weekly investor video franchise, created to start your week with insights from the voices shaping markets. Featuring the firm’s leading investors, each episode highlights three perspectives on what’s driving markets today.

BlackRock | 3+1 Series
FC Transcript 080526
Episode 115: Jeff Rosenberg

Let’s give it a shot.

Good morning. I’m Jeff Rosenberg, Senior Fixed Income Portfolio Manager for BlackRock Systematic. It’s the week of August 10th. Here are three things you need to know, and one you don’t.

First up…
We've got some important data coming out this week highlighted by Wednesday's July CPI release. We’re in a new era where there’s less forward guidance, and that means more reliance on our own assessments. Some of the things we’re seeing out of our alternative data. Web-scaped inflation data showing some uptick. That should align with the headline inflation. But, some of the interesting things we’re seeing out of wage inflation, with a little bit of uptick from lower wage earners, and a shift between goods and services. We’ve seen some important recent declines with the inflation outlook. Some of this alternative data may show a different perspective on whether that continues and that’s something that we’ll keep an eye out for.

Next Up…
AI is the macro story, and the micro story. In the micro space, we see it in terms of the differentiation between AI winners and AI losers, but it's not just a technology story. We're seeing this across utilities, industrials and that differentiation between winners and losers, creates a tremendous opportunity to add alpha into your portfolios. It’s long/short market-neutral investing. Being on both sides of the trade takes out the market beta exposure and unlocks that alpha opportunity.

Which brings us to…
July’s market performance highlights the need for alternative forms of diversification. This was a market where we saw negative returns from stocks and negative returns from bonds. Bonds are no longer providing that traditional diversification that you expect from fixed income. So taking on strategies that use liquid alternatives can deliver a form of diversifying alpha as an alternative to traditional bond diversification.

And the one thing you don’t need to know…
I just finished a recent triathlon. Here's my finisher medal. I’ve done triathlons for a number of years and what I notice about them is they’re a bunch of former marathoner’s, because you can do them a lot longer. That's why triathlons are better than marathons, because running those 26.2 miles that’s killer.

To get more three plus one and stay up on everything you need to know… And some things you don't, make sure to follow us on LinkedIn and YouTube. We'll see you next week.

3+1 Episode 15: Jeff Rosenberg

In this episode of 3+1, Jeff Rosenberg, Senior Fixed Income Portfolio Manager for BlackRock Systematic, shares what he’s watching across inflation, AI and portfolio diversification, including what alternative data may be signaling and why market-neutral strategies may offer another source of alpha.

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BlackRock | 3+1 Series
Episode 124 FC: Rich Mejzak
Transcript 101326

Johnny’s, right outside of Philly. Toasted seeded roll. Sharp provolone. Delish!

Good morning. I’m Rich Mejzak, Global Head of Investments for the Cash Management Team at BlackRock. It’s the week of October 19th. Here are three things you need to know, and one you don’t.

First Up.
The Fed and other global central banks for that matter have some time here to maneuver. While they are committed to fighting inflation globally, what has happened recently markets have priced a lot of that in for them and inflation, for the most part, has been tame enough, while investors likely need to continue to navigate volatility in long-end bonds. Money market funds can offer stability, liquidity, and attractive yields.

Number Two.
Fiscal deficits are gonna continue to grow and need to get funded. The likelihood is a lot of this funding is going to come in the form of treasury bills, a cheaper and more nimble way for the treasury to fund their debt. We've already seen a significant amount of issuance increase this year, and are likely to see more over the next few months. What does that mean? Lower prices, higher yields and more income for money market fund investors.

Which brings us to.
Importantly, funding market conditions remain sound. I say importantly, because oftentimes market volatility is first demonstrated in volatility in front-end funding markets. We have not seen that this past September, and thus far, we have not seen it shaping up for December. The Fed has the ability, through the RMP, to purchase treasury bills to help market functioning. Currently, they are not doing that. Further demonstrating the soundness of funding markets heading into year-end.

And finally.
Coming up on the 50th anniversary of the movie Rocky. Aside from it being a story of grit, perseverance, and a good love story…without question, the greatest movie theme song of all time.

To get more 3+1, be sure to follow us on LinkedIn and YouTube. We’ll see you next week.