Need to Know: Hedge-fund notable says economists too upbeat for second half
In the fall of 2018, Felix Zulauf, head of Swiss hedge fund Zulauf Asset Managment, said investors were facing the start of a “structural bear market.” In other words, not much upside and a downside that’s limited by central banks.
Zulauf has certainly made some pretty epic calls over the course of his long investment career, including when he was a top exec at UBS and moved clients completely out of equities in 1987. But he’s not your garden-variety permabear, claiming success on every downturn. He also predicted a 40% rally in early 2009, which turned out to mark the bottom of the last bear market.In an interview posted on the Financial Sense blog, Zulauf says he believes a trade deal between the U.S.
“The current optimism that things are bottoming out by those who have been wrong for quite some time is premature,” Zulauf said in the interview. “I think the consensus will be disappointed again in the second half, and that will have implications for the corporate sector’s earnings situation.” The buzz Apple AAPL, -0.48% reports on Tuesday, so there should be plenty of buildup over the next couple of sessions. Perhaps most importantly, investors will be tuning in for word on what the company plans to do with its massive pile of cash. But it appears likely Apple will stick with its prior strategy of returning cash to shareholders. The company had $130 billion in net cash at the end of 2018.
The chart Tesla TSLA, -5.04% just gave up it is No. 2 position on the list of biggest U.S. auto makers based on market capitalization. Ford F, +10.74% has just edged past the electric-car maker as its market cap nears closer to that of No. 1 General Motors GM, +1.46% Ford enjoyed its biggest one-day rally in a decade on Friday while Tesla, trading at its lowest level since January 2017, seems to be grappling with a steady stream of issues.
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