Odd Lots Pimco CEO Manny Roman on Japanese Bonds and the Sell America Trade
164 snips
Jan 22, 2026 
Emmanuel Roman, CEO of PIMCO and seasoned fixed-income investor, shares insights on the current market dynamics, including the 'Sell America' trade and its implications. He discusses Japan's economic landscape and rising yields, while arguing for the attractiveness of US fixed income over equities. Roman also delves into PIMCO's innovative use of AI for operational efficiency and compliance, and expresses skepticism about gold's long-term value. He emphasizes the need for more housing in the US and highlights growth opportunities in Asia and the Gulf.
AI Snips
Chapters
Transcript
Episode notes
Scale Risk, Seek Structural Positions
- Use volatility to generate alpha but scale risk to market conditions and opportunities.
- Build structural positions focused on value and downside protection instead of predicting daily moves.
On-The-Ground Bullishness In Japan
- Roman recounts visiting Japan and feeling widespread bullishness and corporate activism.
- He notes Japan's manufacturing and AI advantages are driving renewed investor interest.
Household Wealth Reframes Debt Sustainability
- High household savings in the US and Japan improve debt sustainability prospects despite large public debt.
- Roman suggests fiscal capacity (e.g., higher taxes) and private wealth matter more than headline debt/GDP alone.