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Dan Fuss: It's Too Early to Relax

A veteran bond manager compares the current economic and market crisis to previous ones and reflects on the attractiveness of various asset classes at this juncture.

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Our guest this week is Dan Fuss. Dan is vice chairman of Loomis Sayles board of directors and is the longtime manager of the firm’s flagship Loomis Sayles Bond Fund LSBDX as well as a number of other strategies. Dan is one of the most experienced bond managers in the industry today; he recently entered his seventh decade in the investment business. He’s also one of the most accomplished bond managers around, racking up an excellent long-term record over his career. In recognition of this, Morningstar named Dan the Outstanding Portfolio Manager at last year’s Morningstar Awards for Investing Excellence. Dan has twice served as president of the CFA Institute’s Boston chapter. He earned a bachelor’s and MBA from Marquette University and served in the United States Navy from 1955 to 1958.

Background and Research

Dan Fuss bio
Morningstar analysis of Loomis Sayles Bond, March 2, 2020
Morningstar’s analysis of Loomis Sayles Strategic Income, March 12, 2020.
Morningstar’s analysis of Loomis Sayles Global Allocation, Oct. 16, 2019.
Morningstar report for Loomis Sayles Investment Grade Fixed Income
Morningstar report for Loomis Sayles Fixed Income
"Winners of the 2019 Awards for Investing Excellence," by Laura Pavlenko Lutton, Morningstar.com, May 9, 2019.
 

Current Market/Investment Outlook

Loomis Sayles Investment Outlook, April 2020.
1973-74 Stock Market Crash, Wikipedia.
Dollar Climbs on Safe-Haven Beds, Shrugs Off Horrible U.S. Jobs Number,” by Gertrude Chavez-Dreyfuss, Reuters.com, April 2, 2020. 
The Fed Starts a New Program to Provide Dollars to Central Banks and Calm the $5 Trillion Currency Market,” by Ben Winck, Markets Insider, Mar. 31, 2020.
U.S. High Grade Corporate Bond Issuance Sets Weekly Record,” by Kate Duguid and Joshua Franklin, Reuters.com, April 2, 2020.
Long-Term Capital Hedge Fund Crisis,” by Kimberly Amadeo, The Balance.com, Jan. 8, 2020.
Here’s a List of Companies That Have Suspended Their Dividends and Stopped Buying Back Stock,” by Lawrence C. Strauss and Andrew Bary, Barron’s, March 23, 2020.
Hyperinflation in the Weimar Republic, Wikipedia.