Mar 24 - Bruce Picard, CIO at MassMutual says most of the market's rally has come from P/E expansion, not earnings growth, and feels that, while shorter duration bonds worked last year, rates may rise soon
Yeah on wealth strategy isn't that our award winning fund manager but part of mass indices again congratulations. -- -- -- -- -- -- That's what family what sets it apart in terms of away different approaches the market and so are. Approach we. Pardon me last time services. Really what our heritage as am I understand. Then in that area willing to focus on its existence. Search for the top managers for our sodomized moment strategies. Bought -- managers and I have to distinctive styles in any case mix them together. There -- strategies that have been kind of existence. Or retirement investing because we. Really what drives. Retirement just investment. Outcomes in general is really -- and behavior. This really supported by consistent approach. It really helps investors. Avoid some of the economy that's. That we've seen over the years. That actually met him X app that -- -- -- -- -- -- -- Time in the fixed income part of us target date Linux. Your approach change this years since we are very happy and that they're here -- And bonds -- -- he -- kind of balance both stocks and bonds. That is definitely the big question right now in the investment world last year we came in here pretty convinced that -- going -- me. And that that -- that's helped us rates have gone up you know decent amount since then a lot of this era rising rates and it's. Her paintings aren't you so I think you know at this point we're trying to. Some conservative or too aggressive we think investors really just stick with -- pretty diversified balanced. All the time and it is quite possible rates move up right now. We're kind of at Wimbledon which -- -- You know in the process right now is don't go too far in the right. So concerned about that talked about about race Mexico writes I think you know a lot of folks where hundreds of allotments -- Versions of short obviously not a lot of place in the system. Event is this. Put off gas line -- me. And -- during that -- period -- quite possibly experience so you know. Mountain range. But by the same token. We're not necessarily overly you know it's an inspiration doesn't just know that you know it's not really much more. -- down and we just minutes. -- when he was here bull market in bonds and just. The size advantage really. That much return is this the rest of its allotment it excludes these. Money fixing them so you go to parties. I think equities side of your portfolio are you at all that equities have gotten -- night. I don't know that we. Concerned that they're overvalued but a lot of last year and the year before. You can really make a case that equities team. Last it was almost fifty. Expansion here soon. Really a lot of that is the prices going up and you know he's brought was okay plus the action listen and getting more and more expensive so right now there. There's there's sort of benefit fair value space. So that doesn't mean that the rest a little more than they had last year. Fight you know. Earnings growth and we'll rates don't go up too much -- discount factor and his. It might equities but we're sort of neutral right now and it's on equities it's all right guys aren't gonna -- thank god that we. I'm Rhonda -- this is right.