Christopher Zook, founder and Chief Investment Officer of CAZ Investments, which oversees just under $6 billion in assets under management, joins Julia La Roche on episode 104 for a wide-ranging macroeconomic discussion.
In this episode, Zook shares that he still sees stagflation ahead. In this environment, Zook is looking for opportunities in dislocated assets, particularly in energy and real estate.
Zook has over 30 years of experience investing in traditional and alternative asset classes. He was recently honored with the Texas Alternative Investments Association’s (TAIA) Lifetime Achievement Award in recognition of his contribution and sustained support of the industry in Texas. He regularly contributes to major media outlets, including CNBC, Fox Business, and Bloomberg. Before starting CAZ Investments in 2001, Zook served in senior leadership positions with Oppenheimer, Prudential Securities, Lehman Brothers, and Paine Webber.
0:00 Welcome Christopher Zook to the show
1:07 Macro view today
2:50 The Fed likely to maintain credibility
4:08 Inflation and stagflation
5:40 Stagflation impact on stocks and bonds
8:30 Entering into a lost decade
11:44 Passive investing v. Active investing
16:20 Dichotomy in the market
19:00 Fiscal picture in the US
22:19 Betting against subprime
22:53 Concern about the consumers’ spending habits
25:27 Investment opportunities
28:52 Commercial real estate
34:27 Energy
#157 Dr. Gary Shilling On The Hidden Flaws In The Economy
#156 Tom McClellan On Why The Recession Is Still Coming And Why The Second Half Of 2024 Could Be Unpleasant For Stocks
#155 Meredith Whitney On The 'Bifurcated' Economy And Consumer, Why It Will 'Pay To Be Patient' For Young Homebuyers, And The Coming 'Silver Tsunami'
#154 Dr. Art Laffer: We Are In The Middle Of A Massive Redistribution Revolution And It's Destroying Growth
#153 Amy Nixon On Inflation Running Hot And Pivoting On The Deflationary Recession Call
#152 Brian Hirschmann: This Is Probably The Most Dangerous Time In US Financial History
#151 Whitney Tilson On The Mistake Of Predicting Doom And Gloom
#150 Alfonso Peccatiello On The Risk of a Global Recession Triggered by China's Deleveraging And The Spillover Effects Not Many Are Paying Attention To
#149 Jeff Snider: We're Still On The Same Path To Recession
#148 'Convexity Maven' Harley Bassman: The Market Is Ahead Of The Fed By A Lot
#147 Andreas Steno On Why The Resurgence In Inflation Could Mean Another Rate Hike From The Fed
#146 Darius Dale: We’re Pivoting To A Reflation Macro Regime — What It Means For Markets
#145 David Woo, Analyst Who Nailed The 2016 And 2020 Elections, Sees Huge Headwind For The Economy Ahead Of The 2024 Vote
#144 David Rosenberg: Recessionary Forces Are Building And The Economy Is Weaker Than The Narrative Suggests
#143: Danielle DiMartino Booth On The Jobs Market, The Economy, And Why The Recession Already Started
#142 Dr. Burton Malkiel On 'A Random Walk Down Wall Street,' The Best Way To Invest, And What You're Getting Wrong About 'Efficient Markets'
#141 Marc Faber On Interest Rates, Inflation, And 'QE Infinity'
#140 DoubleLine Capital's Jeff Sherman On Fed Policy, The Economy, And Why Rate Cuts Likely Won't Happen Until June Or Later
#139 'Dr. Doom' Nouriel Roubini On The 10 Megathreats That Could Destroy Our Economy
#138 Peter Mallouk, CEO of $245B Creative Planning: 'It’s Hard To Be Anything But Optimistic Over The Long Run'
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