Famed short seller Jim Chanos, Jeremy Grantham’s lieutenant Ben Inker and the Future Fund’s Raphael Arndt are generally bearish about the world. But they’re also buying right now.
, and said more persistent inflation, higher interest rates and more interventionist governments would force investors to reshape their portfolios for more volatility, as the Future Fund is doing.
And to be clear, Arndt’s view is that there is probably more downside risk to markets right now, given that markets are pricing in higher rates but not pricing in the potential for a recession, and possibly a deep one. At GMO, Inker is also starting to buy equities again after a year in which he happily admits that he watched some of the world’s more speculative assets get their comeuppance as the FOMO bubble of 2020 and 2021 popped.
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