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Meet the Speakers
Rick 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.
Walter 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.
Matthew 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.
Matthew Sheridan, CFA
Matthew Sheridan is a Senior Vice President and Director of Fixed Income at AB, leading the firm’s US Multi-Sector Fixed Income strategies. He is also a member of the Global Fixed Income and Income Strategies portfolio-management teams. Additionally, Sheridan is a member of the Rates and Currency Research Review team and the Emerging Market Debt Research Review team. He joined AB in 1998 and previously worked in the firm’s Structured Asset Securities Group. Sheridan holds a BS in finance from Syracuse University. He 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.
Despite solid market returns in the third quarter, signs of an economic softening began to materialize. Tariffs pushed prices higher in trade-sensitive sectors, and the labor market experienced the Fed’s dreaded “further cooling.” As a result, the economy appears to be in a precarious position, with opposing macroeconomic forces complicating the Fed’s path forward.
While this balancing act isn’t unmanageable on its own, given ongoing uncertainty and stretched valuations, we believe markets have become complacent about these growing macro risks. Going forward, we encourage heightened selectivity and a degree of caution, but not panic, as the economic foundation remains sturdy.
Reserve your spot now for AB’s Capital Markets Outlook webcast on Wednesday, October 8, where AB’s strategists and investment experts will explore:
- The State of the “Trinity”: While the aggregate growth level remains relatively stable, albeit noisy, the dynamics of the balancing act between inflation and labor have been shifting. We will examine the Fed’s likely path forward and potential outcomes.
- Magnificent Seven vs. the Others: Over the last year, equity returns have narrowed, broadened and narrowed once again. Although the pendulum has swung back to highly concentrated, that doesn’t mean it will remain this way indefinitely. We will examine which areas of the equity market we prefer and why.
- Bonds and the Bumpy Road to Normalization: As one question has been answered, two more have appeared; now that the Fed has been given clearance to cut rates in September, markets are grappling with the correct pace of cuts and the proper terminal rate. We will examine both questions in greater detail as well as what this means for bonds.
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