Tiger Management’s legendary hedge fund manager Julian Robertson chatted with Erin Burnett this afternoon. Some key points:
- One big difference between the US today and Japan in 1990 is that the Japanese had tons of savings, whereas 80%-85% of Americans are broke. Over the next decade, Americans will rediscover thrift and savings, which will lead to significantly reduced consumer spending.
- Still looking for a “doozy” of a recession and 10-15 years of weakish growth.
- Has bought Apple (AAPL), Microsoft (MSFT), Baidu (BIDU), MasterCard, Visa, Goldman Sachs (GS) last few days.
- favourite trade: A “curve steepener” derivative that allows him to bet on steepening yield curve. Fed will stay super-accomodative on short side and inflation will begin to bite on long side.
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