The funds managed by famed trader Paul Tudor Jones aren’t betting on an economic recovery. While many investors seem to be taking a rebound as a given — despite thin evidence — they’re not buying it:
Bloomberg: Jones’s Tudor Investment Corp., Clarium Capital Management LLC and Horseman Capital Management Ltd. are taking a bearish stand as U.S. stock and bond prices rise, saying that record government spending may be forestalling another slowdown and market selloff. The firms oversee a combined $15 billion in so- called macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities.
“If we have a recovery at all, it isn’t sustainable,” Kevin Harrington, managing director at Clarium, said in an interview at the firm’s New York offices. “This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later.” Read the whole thing >
We like the imagery there. We also like the “sugar-high rally” and the “steroids rally,” but yeah, ski-jump recession paints a good picture.
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