While Wall Street continues to post record highs, a number of prominent investors have issued successive warnings. Bill Gross, manager of Janus Capital Management, has cautioned that the US stock market is facing its most significant threat since the 2008 financial crash. Hedge fund manager and founder of hedge fund Elliott Management, Paul Singer, has said that almost 10 years on from the financial crash, distorted monetary and regulatory policies have created risk for investors.
Attending a Bloomberg Invest summit in New York, Gross said: “Instead of buying low and selling high, investors are buying high and crossing their fingers.” Gross also criticized the US Federal Reserve’s policy of quantitative easing, which he says has led to inflated asset prices, failed to produce any substantial economic growth thus far, and punishes personal savers, banks and insurance companies.
While attending the same summit, Singer stated: “I am very concerned about where we are. What we have today is a global financial system that’s just about as leveraged — and in many cases more leveraged — than before 2008, and I don’t think the financial system is more sound.”
Singer also added that years of low interest rates have weakened the ability of central banks around the world to respond to the next economic downturn.
(Liberty Times, translated by Edward Jones)
1. hedge fund phr.
避險基金 (bi4 xian3 ji1 jin1)
2. asset price phr.
資產價格 (zi1 chan3 jia4 ge2)
3. interest rate phr.
利率 (li4 lu4)
4. economic downturn phr.
經濟衰退 (jing1 ji4 shuai1 tui4)
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