Market Perspectives

  • January 2012

    04

    The Triumph of Optimism

    by Scott Minerd
    There is an old proverb that describes three methods of gaining wisdom: “First, by reflection, which is noblest; second, by imitation, which is easiest; and third, by experience, which is bitterest.” At year-end, many of us turn to the nobility of reflection in hopes of gleaning wisdom for the new year. Recently, my own ruminations helped me solidify my outlook on the future.
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  • November 2011

    04

    Return of the Phillips Curve

    by Scott Minerd
    When Ben Bernanke, chairman of the Federal Reserve, emerges from his meetings with the Federal Open Market Committee (FOMC), he addresses the media in that most Delphic of dialects—“Fedspeak.” Like any good central banker, he is careful to preach the piety of price stability...
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  • September 2011

    06

    Keep Calm, Carry On

    by Scott Minerd
    "Keep Calm and Carry On." Five words, six syllables, printed 2.5 million times as Britain prepared for World War II—precisely 72 years ago this week. The now iconic red and white posters were designed by the British Ministry of Information. Their purpose: to harden citizen's resolve during unprecedented crisis in Europe. They were sage words in September, 1939.
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  • August 2011

    18

    Europe's Cognitive Dissonance

    by Scott Minerd
    PDF Version In the early 1950s, an American social psychologist named Leon Festinger conducted an experiment that may provide valuable insight into Europe's current troubles. He encountered a local religious cult that believed UFOs were coming to rescue them from a cataclysmic flood that would destroy the earth. Festinger infiltrated the group in order to research a theory he called...
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  • May 2011

    20

    The Case for More Monetary Elixir

    by Scott Minerd
    In 1958, Harvard economist John Kenneth Galbraith was looking for a term to describe certain ideas that were commonly held, intellectually accessible, and yet fundamentally flawed. To define such widely spread misconceptions Galbraith wrote: “I shall refer to these ideas henceforth as the conventional wisdom.” As an asset manager, I’ve come to view conventional wisdom as the surest
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  • March 2011

    01

    The Economic Domino Effect

    by Scott Minerd
    The democratic movement erupting across the Middle East and North Africa (MENA) reminds me of the historic political changes that occurred the early 1990s when the Berlin Wall fell, the Cold War ended, and a series of revolutionary events led to the dissolution of the Soviet Empire. When the populist revolution broke out in Egypt, I happened to....
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AUTHOR BIO

Scott Minerd

CEO and Chief Investment Officer, Guggenheim Partners Asset Management

As Chief Investment Officer, Mr. Minerd guides the investment strategies of sector portfolio managers and leads a specialized research group focused on relative value shifts and global macroeconomic developments. Prior to joining Guggenheim in 1998, Mr. Minerd was a managing director with Credit Suisse First Boston in charge of trading and risk management for the Fixed Income Credit Trading Group. In that position, he was responsible for the corporate bond, preferred stock, money markets, U.S. government agency and sovereign debt, derivatives securities, structured debt and interest rate swaps trading business units.

Previously, Mr. Minerd was Morgan Stanley’s London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. Minerd has also held capital markets positions with Merrill Lynch and Continental Bank. Mr. Minerd holds a B.S. degree in Economics from the Wharton School, University of Pennsylvania, Philadelphia, and has completed graduate work at the University of Chicago Graduate School of Business and the Wharton School, University of Pennsylvania.

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