This week, I speak with Bob Michele, Chief Investment Officer and Head of Global Fixed Income, Currency, and Commodities at J.P.Morgan Asset Management. He started at Bankers Trust after studying classics and natural sciences at Penn, then worked at Brown Brothers Harriman, First Boston, BlackRock and Schroders in London before joining JPMorgan in 2008.
We discuss his view that bond investing is more science than art, and why he leans on yield as a cushion and does his own bottom-up research on every credit. We also cover why he sees managing other people’s money as a privilege and a fiduciary duty, and his outlook on AI financing, local emerging market debt, municipal bonds, and the Fed.
A list of his current reading/favorite books is here; A transcript of our conversation is available here Tuesday.
You can stream and download our full conversation, including any podcast extras, on Apple Podcasts, Spotify, YouTube, and Bloomberg. All of our earlier podcasts on your favorite pod hosts can be found here.
Next week, we speak with Robin Wigglesworth; he is editor of FT Alphaville, the Financial Times’ finance blog, which he runs from Oslo with a team of writers in London and New York. He also co-hosts The Story of Money, the FT’s financial history podcast, with Gillian Tett, and writes the Substack Buy The Dip. His new book, “A Fabulous Debt: The Epic Story of How Bonds Built the Modern World” was just published to outstanding reviews.
Current Reading/Favorite Books
- 1929, by Andrew Ross Sorkin
- Empire of Pain, about the Sackler family
- Benjamin Franklin, by Walter Isaacson
- A Fabulous Debt, a history of bonds (on his reading list)
