Head of global fundamental fixed income strategy, BlackRock
5 dated public stances tracked since 2024-08-28, most recently 2024-08-28. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Marilyn Watson's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Marilyn Watson is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns
line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|
| 2024-08-28 | USTS | bullish | -2.4% | -2.0% | +2.4% |
| 2024-08-28 | Investment Grade Credit | bullish | -0.9% | -0.7% | +3.1% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|
| Investment Grade Credit | 1 | | 1 bullish | 2024-08-28 |
| SECURITIZED CREDIT | 1 | | 1 bullish | 2024-08-28 |
| UK GILTS | 1 | | 1 bullish | 2024-08-28 |
| UK GILTS DURATION | 1 | | 1 bullish | 2024-08-28 |
| USTS | 1 | | 1 bullish | 2024-08-28 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2024-08-28
USTS
bullish
Bloomberg Surveillance · video
ECB on track to cut rates again in September and roughly once a quarter thereafter, supporting Spanish sovereign bond prices as the Eurozone easing cycle continues.
“we still like some Spanish duration”
90d -2.4% · 180d -2.0% · 1y +2.4%
Awaiting Nvidia | Bloomberg Surveillance | August 28, 2024
Said again: 2024-08-28 (Bloomberg Surveillance)
2024-08-28
UK GILTS DURATION
owns
Bloomberg Surveillance · video
Bank of England is easing and expected to cut rates around once a quarter, with the UK economy in a different, weaker position than the US, supporting gilt prices.
“we're also long UK duration a bit”
Awaiting Nvidia | Bloomberg Surveillance | August 28, 2024
2024-08-28
Investment Grade Credit
bullish
Bloomberg Surveillance · video
Eurozone IG credit offers very attractive all-in yields and valuations, which become even more compelling when hedged back to USD due to favorable cross-currency basis.
“particularly when you then hedge that back into the dollar we think that's pretty attractive in many cases”
90d -0.9% · 180d -0.7% · 1y +3.1%
Awaiting Nvidia | Bloomberg Surveillance | August 28, 2024
Said again: 2024-08-28 (Bloomberg Surveillance)
2024-08-28
UK GILTS
bullish
Bloomberg Surveillance · video
Bank of England has begun cutting and will likely cut again in November on a gradual quarterly cadence, supporting UK duration as yields remain attractive relative to economic fundamentals
Awaiting Nvidia | Bloomberg Surveillance | August 28, 2024
2024-08-28
SECURITIZED CREDIT
bullish
Bloomberg Surveillance · video
Liquid, cash-generative securitized assets offer decent yield and carry with strong risk-adjusted flexibility in a still-robust but softening economic environment
Awaiting Nvidia | Bloomberg Surveillance | August 28, 2024
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