35. Liquidity, Valuation, and the Return of the Yield Curve

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Investment Wars

Fountainhead Asset Management

35 episodes

2 weeks ago

We all love stories - telling them and hearing them. We tend to construct narratives incorporating data points and information that reinforce our point - only capturing a part, and perhaps the wrong part, of the full story within the dynamic and complex investing world. How do we know if the narrative is right? How do we know how the story will end?

Subscribe to Investment Wars on YouTube, Apple Podcasts and Spotify to ensure you never miss an episode.

For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.

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IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that effect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.

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35. Liquidity, Valuation, and the Return of the Yield Curve

Investment Wars

46 minutes

2 weeks ago

35. Liquidity, Valuation, and the Return of the Yield Curve

Debate: Liquidity, Valuation, and the Return of the Yield Curve

Featuring: David Sherman, Founder of CrossingBridge Advisors

David Sherman joins Investment Wars for a wide-ranging discussion on navigating today’s complex fixed income and equity markets—from the aftermath of a decade of zero interest rates to the reemergence of inflation, tighter liquidity, and shifting policy dynamics. In this conversation, we explore how investor behavior evolved in an era of “easy money,” what lessons were learned when rates abruptly reversed, and how to think about liquidity, valuation, and ballast in a world of persistent uncertainty.

In today’s episode, we explore:

How the decade of zero and negative rates conditioned investor behavior and risk-taking
Why today’s “complicated” market reflects both tightening liquidity and elevated valuations
The interplay between real rates, inflation, and policy expectations heading into 2026
Practical frameworks for defining “ballast” in modern portfolios and matching assets to time horizons
The importance of liquidity risk—and why many investors still aren’t pricing it correctly
Opportunities and risks in global high yield, including the growing appeal of Nordic credit markets
Why private credit and direct lending may be less liquid (and less transparent) than investors assume
How to rethink risk-free rates, personal cost of capital, and portfolio structure in a high-deficit world

Subscribe to Investment Wars on YouTube, Apple Podcasts, and Spotify to ensure you never miss an episode.

For guest opportunities or to share feedback, contact us at podcast@fountainheadam.com.

—

IMPORTANT DISCLOSURE: Fountainhead sponsors the podcast to further education and critical thinking about the factors that affect markets and investing, and the podcast does not provide investment advice. Investment advice is offered only to clients of Fountainhead who have entered into an advisory agreement and with whom Fountainhead has identified individual objectives, risk tolerance, and other investment needs.