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Speakers
Rick A. Brink, CFA
Richard A. Brink is a Senior Vice President and Market Strategist in the Client Group. Previously, he served as a managing director in the Alternatives and Multi-Asset Group. Prior to that role, Brink was a senior portfolio manager in Fixed Income, and before that an investment director for fixed-income investments within the Global Retail Investments Group. Before joining AB in 2004, he was senior product manager at the Dreyfus Corporation, covering both retail and institutional fixed-income offerings. Brink was previously a senior trainer, dealing primarily with the design and delivery of product training to financial advisors and mutual fund sales representatives. He holds a BS in applied mathematics and economics from Stony Brook University, and is a CFA charterholder.
Eric Winograd
Eric Winograd is a Senior Vice President and Director of Developed Market Economic Research. He joined the firm in 2017. From 2010 to 2016, Winograd was the senior economist at MKP Capital Management, a US-based diversified alternatives manager. From 2008 to 2010, he was the senior macro strategist at HSBC North America. Earlier in his career, Winograd worked at the Federal Reserve Bank of New York and the World Bank. He holds a BA (cum laude) in Asian studies from Dartmouth College and an MA in international studies from the Paul H. Nitze School of Advanced International Studies.
Walt Czaicki, CFA
Walt Czaicki serves as a Senior Vice President and Senior Investment Strategist for Equities at AB. He rejoined the firm in 2015 and has been in the investment-management industry since 1986. Czaicki’s roles have ranged from a fundamental equity research analyst and portfolio manager to chief investment officer. Prior to rejoining AB, he worked on the buy side for a Regions Financial predecessor organization, as well as at Commerce Trust Company and Bank of America. Czaicki holds a BSBA in finance and an MBA, both from Saint Louis University. He is a CFA charterholder.
Scott DiMaggio, CFA
Scott DiMaggio, Senior Vice President, is Co-Head of Fixed Income, Director of Global Fixed Income,Canada Fixed Income and US Multi-Sector Fixed Income strategies, as well as their associated investment strategy, activities and portfolio-management teams. Prior to joining AB’s Fixed Income portfolio-management team, he performed quantitative investment analysis, including asset-liability, asset-allocation, return attribution and risk analysis for the firm.
Matt Norton
Matthew Norton is Chief Investment Officer for Municipal Bonds, responsible for overseeing municipal bond investing at AB. He is also a member of the Municipal Impact Investment Policy Group. Previously, Norton was a portfolio manager on the Municipal Bond team. He joined AB in 2005, focusing primarily on research in tax-exempt and taxable fixed-income markets. Prior to joining the firm, Norton worked as a statistical research analyst at St. Lawrence University, evaluating the accuracy of biometric devices. He holds a BS in economics and mathematics from St. Lawrence University and an MBA in economics and quantitative finance from the Leonard N. Stern School of Business at New York University.
After a period of historic returns, we were cautious heading into 2025. This year, many of the known unknowns we had previously identified as “gaps” have indeed unsettled markets. Uncertainty isn’t new, but greater headline risks seem likely to stick around for a while. On the flip side, uncertainty creates opportunity.
A year ago, our Capital Markets Outlook, At the Intersection of Hope and Fear, reflected the opposing forces influencing markets. Today, we’re again at a crossroads—but the landscape is different. Index valuations are stretched, concentration remains high despite the recent mega-cap sell off and policy uncertainty is the only certainty.
While these intersections may seem similar, we don’t expect 2025 to play out like last year. However, the US economic foundation is still strong, which should help markets weather potential storms.
Reserve your spot for AB’s Capital Markets Outlook webcast on April 9th, where AB’s strategists and investment experts will explore:
- The State of the “Trinity”: All eyes are still fixed on inflation, growth and labor—and their net impact on interest rates. But unlike past quarters, the Fed is focusing more on the potential impact of fiscal policy.
- Magnificent Seven versus the Others: Equity returns have broadened this year, but questions remain about its longevity. As volatility returns, selectivity becomes crucial, particularly given concentration and valuations.
- Bonds and the Road to Normalization: The focus has shifted from the Fed to the White House, as fiscal policy complicates macro trends. While markets were skeptical about rate cuts earlier this year, they’ve been pricing in more reductions as uncertainty grows. However, the pace and endpoint are anything but firm.
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