Welcome to Accrued Interest, PIMCO’s podcast for Financial Advisors. Join Greg Hall, Head of U.S. Global Wealth Management, as he dives into timely themes with special guests that will help shape your client conversations and investment ideas.
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Practice Makes Perfect: Building a Well-Behaved Portfolio
Monday, September 14, 2026 • Duration 51:15
Even the most experienced investors can fall prey to one of the 150+ behavioral biases researchers have documented. But Dr. Anastasia Buyalskaya, a behavioral finance advisor to PIMCO, and Devin Ekeberg, PIMCO senior consultant in advisor education, believe the goal isn’t to rationalize them away; it’s to build frameworks that keep biased thinking from driving decision making.
Together with Greg Hall, they discuss:
The behavioral finance biases that hide in plain sight and how they can quietly shape investment decisions
How advisors can act as financial therapists, keeping clients level-headed when emotions run high
What AI really means for advice, both personal and financial, and why those AI compliments aren’t always so nice
Show notes:
[4:01] Intro to Behavioral Finance
[13:10] Common Decision-Making Biases
[20:20] Tools for Avoiding Behavioral Traps
[24:45] Using Behavioral Finance in Advisor Conversations
[34:01] How Sources of Information Influence Behavior
[46:36] Is AI Good or Bad for Decision Making?
[51:27] How are Advisors using AI?
If you enjoyed the episode, check out more PIMCO resources about behavioral finance:
The Behavioral Science Edge
Recognizing your Behavioral Biases
Nudging Yourself to Better Investment Decisions
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
What’s Pushing Long-Term Bond Yields Higher?
Wednesday, August 26, 2026 • Duration 29:20
A confluence of rising sovereign debt, surging AI-related corporate bond issuance, and inflation concerns has lifted 30-year yields in the U.S. and elsewhere to two-decade highs. On the heels of their very popular July episode – Old-Fashioned Bond Math for a New-Fashioned Fed – Marc Seidner and Pramol Dhawan join host Greg Hall to discuss.
Show notes:
(3:37) Rising rates are a global term-premium story
(4:46) Treasury's response
(7:15) What actually drove the move higher in rates
(11:56) AI issuance and "indigestion"
(14:49) The 30-year is not the 10-year
(19:07) Mixed data and Jackson Hole
If you enjoyed episode, read the piece behind today's conversation:
What’s Pushing Long-Term Bond Yields Higher?
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
A World of Opportunity
Tuesday, August 18, 2026 • Duration 38:55
Global cycles have fallen out of sync, and the gaps between markets are widening. PIMCO CIO of Global Fixed Income Andrew Balls says that's the exact type of environment where global active management matters most.
Why different parts of the yield curve look attractive in different markets, and how active management can isolate duration by country and by tenor
Why fixed income can serve as both a diversifier to offset volatility and a source of alpha
What AI dominance in the U.S. and China, German defense spending, and other country-specific shifts mean for global bonds
Show notes:
[9:59] The thesis of Rupture and Resilience
[15:43] Politics driving economics in Japan, the U.K., and Europe
[30:47] The AI supercycle in Europe vs. the U.S.
[36:13] The investment implications of rearming Europe
[40:51] Europe and the global energy complex
[43:42] Making the case for global fixed income
If you enjoyed the episode, check out more of our resources on global fixed income:
Podcast: Old-Fashioned Bond Math for a New-Fashioned Fed (Apple or Spotify)
Read: Rupture and Resilience
Watch: Why Global Bonds Matter Now
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
Old-Fashioned Bond Math for a New-Fashioned Fed
Thursday, July 30, 2026 • Duration 30:47
Under a Warsh-led Fed, with less explicit guidance and less implicit backstop, Marc Seidner and Pramol Dhawan tell host Greg Hall that bond math starts to matter again. Listen as they explore:
· The “Warsh Dividend” and what it could mean for investors?
· Why diversification still matters in a market increasingly dominated by a handful of mega-cap stocks.
· Exorcising the ghost of 2022 – How duration and higher yields are working in bond investors' favor again.
Show notes
[1:26] The Thesis of "Old-Fashioned Bond Math for New-Fashioned Fed"
[8:16] Investing over the past decade vs investing now
[16:20] What to expect from a Warsh-led Fed
[21:40] If nothing changed at the Fed
[25:56] Synergies with fixed income
If you enjoyed episode, read the piece behind today's conversation:
· Old-Fashioned Bond Math for a New-Fashioned Fed
And check out other related sources about the opportunity in fixed income:
· Read: Global Bond Diversification: Higher Yields and New Opportunities for Alpha
· Listen: Lotfi Karoui on Private Credit and the AI CapEx Supercycle (Apple or Spotify)
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to https://www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
Lotfi Karoui on Private Credit and the AI CapEx Supercycle
Thursday, July 16, 2026 • Duration 49:43
From the pages of The Credit Market Lens to the Accrued Interest microphone, Lotfi Karoui joins host Greg Hall to explore why the focus on direct lending may be overshadowing the structural themes important to the future of credit markets. Together, they discuss the cyclical pressures weighing on business development companies and why liquidity alone may not resolve today’s challenges. Looking ahead, they explain why the AI CapEx super cycle, global energy reshoring, and renewed defense spending may test the market’s ability to absorb issuance. For advisors, these dynamics highlight the potential value of diversification in bonds and emerging markets.
Show notes:
(2:24) The State of Direct Lending
(9:24) Will Transparency or Liquidity Help
(20:49) The Default Cycle in Credit has Begun
(25:05) Return of the Financial Engineers
(28:53) Financing the AI Super Cycle
(40:33) What’s Compelling in Credit Markets
(44:21) Revisiting the 60/40 Portfolio
If you want to go deeper, check out a few of Lotfi’s articles mentioned in the episode:
• The Credit Market Lens: Sharpe Is Back in Emerging Markets
• Daily Pricing Is Not Daily Liquidity
Sign up for The Credit Market Lens, a weekly newsletter Lotfi publishes on LinkedIn and PIMCO.com
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
A Crude Interest: Greg Sharenow on Structural Changes in the Commodity Complex
Monday, July 6, 2026 • Duration 39:56
We didn't rename the podcast… we're just drilling into commodities this
episode, and for good reason. Few asset classes sit at the center of so many disruptive forces right now. The global energy complex is contending with both the near-term shock of the Iran conflict and the long-term push for energy security. The AI infrastructure buildout is devouring power and raw materials, and reshoring and renewed defense spending are adding to demand pressures. Greg Sharenow, who leads PIMCO's commodity portfolio management group, joins Greg Hall to explain how these dynamics will test the balance between rising demand and disrupted supply – and why commodities deserve a close look from advisors.
Show notes:
(0:52) The beginning of the end of this phase
(7:04) Measuring what’s happened to global energy supply
(9:28) Left tail vs base case vs right tail
(11:03) The new face of the global energy complex
(18:42) Commodities and three CapEx cycles
(27:37) Will energy prices impact the economic outlook?
(31:31) A look back at gold and look forward
(34:41) Commodities’ role in portfolio construction
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
Dan Ivascyn: Secular Shifts, Tail Risks, and Portfolio Resilience
Wednesday, June 17, 2026 • Duration 01:06:08
Fresh off publishing PIMCO’s Secular Outlook, “Rupture and Resilience,” Group CIO Dan Ivascyn joins Greg Hall to discuss the structural forces likely to shape markets over the next five years.
From the pervasive role of AI in both equity and debt markets, to a macroeconomy increasingly driven by geopolitics, financial advisors face a new reality: long-term returns rely on preparing for the unexpected. True resilience requires a globally diversified approach both to generate returns and absorb macro shocks. Dan and Greg analyze these dynamics against today's core uncertainties: the Iran conflict, U.S. fiscal sustainability, and the capex “supercycle” powered by AI, defense, and global re-shoring and supply chain realignment.
Show notes:
(4:30) How politics are shaping economics
(11:50) Planning beyond the base case
(17:00) Why today’s bond math is favorable
(21:00) The Iran conflict & global diversification
(33:00) The state of U.S. creditworthiness
(38:00) Optimism and uncertainty around the CapEx super cycle
(49:00) The start of the credit default cycle
(54:00) The tipping point in financial engineering
If you enjoyed the episode, check out our other resources below:
• Read: Secular Outlook: Rupture and Resilience
• Video: Precision Over Prediction in Today’s Bond Market
• Podcast: Money and Politics: Richard Clarida and Libby Cantrill on the New Fed Chair, Iran Conflict, and the 'Stag vs the Flation (Apple and Spotify)
• Podcast: PIMCO Perspectives: When Geopolitics Becomes an Economic Input (Apple and Spotify)
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
Commercial Real Estate Reset: Finding Value Across Debt and Equity
Monday, June 8, 2026 • Duration 51:11
Commercial real estate is one of the few asset classes that went through a relatively recent recession and still offers attractive valuations, whether through lending or owning.
Seray Incoglu, Global Head of Asset Management for PIMCO Real Estate Credit, and Matt Tuten, who leads the commercial mortgage-backed securities team, join Greg Hall to assess where the market stands: resilience in multifamily and industrial, continued dislocation in office, and the unresolved question of how AI reshapes demand.
The conversation examines how the current cost basis, durable cash flows, and creditor rights differentiate CRE debt from corporate lending—particularly private direct lending—and where to find relative value between public and private real estate.
(2:23) The state of commercial real estate
(11:49) From strip malls to industrial spaces: where opportunities are emerging
(16:18) How AI may impact the modern workplace
(22:42) When the office turns into an apartment
(31:08) The current role of debt and equity
(36:49) Relative value between public and private markets
(45:50) Looking back to move forward
If you enjoyed the episode, please check out our related resources below:
Podcast: The Four Pillars of Alpha in Asset-Based Finance
• Listen on Apple
• Listen on Spotify
Podcast: Bent, not Broken: Uncovering Value in Commercial Real Estate
• Listen on Apple
• Listen on Spotify
Video: Inside Today’s Mortgage Credit Opportunity
Video: Financing the Everyday: A Closer Look at Mortgages
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
Money and Politics: Richard Clarida and Libby Cantrill on the New Fed Chair, Iran Conflict, and the ‘Stag vs the Flation’
Friday, May 22, 2026 • Duration 45:51
In a world shaped by big headlines, Richard Clarida and Libby Cantrill give advisors a grounded view of what really matters in Washington, the economy, and the markets. Together with host Greg Hall, they explore the next chapter for the Federal Reserve under Kevin Warsh, the fluidity of the conflict in the Middle East, and the political ripple effects of AI, inflation, and tariffs.
About the Speakers
Dr. Richard Clarida is a former Vice Chairman of the Federal Reserve and current Global Economic Advisor at PIMCO
Libby Cantrill is a Managing Director and Head of Public Policy for PIMCO
Greg Hall is the host of Accrued Interest, a Managing Director, and the Head of U.S. Global Wealth Management for PIMCO
(1:09) What to expect from a Warsh-led Fed
(11:09) The fluid nature of the conflict in the Middle East
(15:46) The political ripple effect of inflation
(22:45) How do the midterms shape the rest of 2026?
(25:11) Fiscal credibility and the bond market
(29:37) Is stagflation really in play?
(35:16) Where do things stand with tariffs?
(38:02) The state of AI optimism
If you enjoyed the episode, check out our related resources below:
A New Fed Chair, a New Tone – But Familiar Anchors by Richard Clarida
Podcast: When Geopolitics Becomes an Economic Input (Apple or Spotify)
Subscribe to Libby Cantrill's newsletter, Washington Watch.
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
PIMCO Perspectives: When Geopolitics Becomes an Economic Input
Thursday, May 14, 2026 • Duration 37:10
When geopolitics shift from isolated economic events to consistent economic inputs, advisors need a new playbook – one built on durability and flexibility.
CIO of Non Traditional Strategies Marc Seidner and Head of Emerging Markets Pramol Dhawan join Greg Hall to share:· How geopolitical uncertainty is pushing markets to price wide-ranging outcomes· Why we may get the “stag” without the “flation” · How bonds are outyielding some high-flying AI stocks
All this adds up to an environment where active management is well suited for the moment.
Show notes: (4:42) The thesis of “When Geopolitics Becomes an Economic Input”(11:05) How geopolitical risks may impact the market(13:54) Why today is different than 2022(19:07) Goldilocks or recession? What’s next for the economy (22:46) Bonds outyielding high-flying AI stocks
(26:52) Why active management, why now(29:55) Protecting your portfolio for this moment
If you enjoyed the episode, check out some related resources below:When Geopolitics Becomes an Economic InputThree Cyclical Forces Shaping Markets
The discussion and content provided within this podcast is intended for informational purposes only and may not be appropriate for all investors. Reliance upon information provided in a podcast is at the sole responsibility of the listener. The information included herein is not based on any particularized financial situation, or need, and is not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific PIMCO or other security, strategy, product or service. Past performance is not a guarantee of future results. All investments contain risk and may lose value. Investors should speak to their financial advisors regarding the investment mix that may be right for them based on their financial situation and investment objective. Podcasts may involve discussions with non-PIMCO personnel and such content contain the current opinions of the speaker but not necessarily those of PIMCO. Other podcasts may consist of audio recording of an existing PIMCO article and such material contains the current opinions of the manager. The opinions expressed in all podcasts are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. For additional important information go to www.pimco.com/gbl/en/general/legal-pages/podcast-disclosures
