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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.
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.
Fahd Malik
Fahd Malik is a Senior Vice President, Co-Head of Multi-Sector Fixed Income and Multi-Asset Portfolio Manager at AB. He leads the firm’s Multi-Sector Fixed Income platform and is responsible for the oversight and direction of AB’s income-oriented strategies. Malik specializes in constructing diversified, multi-sector portfolios designed to deliver efficient income and attractive risk-adjusted returns across market cycles. His investment approach integrates systematic processes, risk management and cross-asset insights to navigate evolving macroeconomic environments. Previously, Malik served as portfolio manager for AB’s Absolute Return Strategy, where he developed expertise in systematic, market-neutral, risk-mitigating and derivative-based strategies. Malik joined the firm in 2006. He holds a BS in electrical and computer engineering from The Cooper Union for the Advancement of Science and Art and an MS in mathematics in finance from the Courant Institute of Mathematical Sciences at New York University.
Daryl Clements
Daryl Clements is a Senior Vice President and a Municipal Bond Portfolio Manager on AB’s Municipal Fixed Income team, where he is responsible for overseeing the firm’s various separately managed accounts (SMA) and mutual fund assets. He joined AB in 2002 as a municipal credit research analyst, responsible for evaluating municipal issuers nationwide, with a particular focus on the transportation, public power and tobacco-backed bonds sectors. In 2006, Clements was promoted to the portfolio-management team and became a member of the Tax-Exempt Fixed Income Investment Policy Group. Since that time, municipal assets under management have increased from US$22 billion to nearly US$80 billion. Within that growth, Clements spent considerable time expanding and broadening the team’s SMA business. Prior to joining the firm, he was an associate director and municipal credit analyst for Financial Guaranty Insurance Company for six years and a municipal research associate for five years before that with Moody’s Investors Service. Clements holds a BS in management and finance from Brooklyn College and an MBA in finance from Pace University. In 2008, he co-authored the “How to Analyze Airport Revenue Bonds” chapter in The Handbook of Municipal Bonds.
The Fed’s rate hike has shaken up a backdrop that’s otherwise mostly stable, bringing a new source of uncertainty to the quarters ahead. The fundamental outlook doesn’t seem that different to us, but tighter policy adds pressure to an economy and markets that had become accustomed to the status quo.
The question now is less about where today’s economy stands and more about what tighter monetary policy could set in motion tomorrow. Higher rates may test segments of the economy that are near equilibrium and shift the balance of risks across equity and fixed-income markets. We’re still constructive—but the status quo just became a little less comfortable.
Reserve your spot for AB’s Capital Markets Outlook webcast as our strategists and investment experts explore:
- The Fed Takes Action: The fundamental backdrop hasn’t changed much, but monetary policy has. We’ll examine why the Fed raised rates, whether more hikes are on tap and what tighter policy means for an economy that had settled into a relatively stable equilibrium.
- Equities: A Higher Bar to Clear: Strong earnings have bolstered stock markets, but valuations are elevated and financial conditions are tighter. That leaves less room for disappointment. We’ll discuss whether earnings can continue delivering, opportunities beyond the market’s biggest names and why greater volatility won’t necessarily extinguish the rally.
- Rates, Bonds and the Road Ahead: A Fed hike raises policy rates today, but what does it mean for market rates tomorrow? We’ll explore how tighter policy changes the yield-curve outlook, where we see bond opportunities and why the next move in longer-term rates may not be the one investors expect.
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