DoubleLine Capital’s Jeffrey Sherman and Samuel Lau welcome Charles Schwab Senior Vice President and Chief Investment Strategist Liz Ann Sonders to “The Sherman Show,” recorded on Dec. 10, 2020. Messrs. Sherman and Lau speak to Ms. Sonders about market momentum and investor sentiment, and the impact of new, often younger retail investors on each; growth-value rotation; and how her optimism has been buoyed by human ingenuity in the face of COVID-19, among other topics. Mr. Sherman says there is no difference between retail and institutional investors when in the latter case it is still individuals making decisions influenced by sentiment. Ms. Sonders agrees, noting that retail investors are often classified as contrarian or so-called dumb money indicators, but dumb money has been optimistically positioned since March and for the most part has been right. Mr. Lau brings up the traditional 60-40 portfolio allocation between stocks and bonds, respectively, and wonders if a move to an 80-20 or even higher split might be warranted for retail investors in today’s environment and how often they should be reviewing their allocations. Ms. Sonders is doubtful that there is an “average retail investor” to be coached since there are so many factors that should be guiding portfolio composition including an investor’s age and emotional risk tolerance. In regard to rebalancing portfolios, she sees many investors rebalancing based on the calendar and would prefer it to be driven more by portfolio, volatility or rotation. This would force investors to do what they are supposed to do, which is not so much “Buy low, sell high,” but “Add low, trim high.”

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