The Federal Reserve's attempt to quickly unwind the excesses it helped build up for a decade will not end well for the U.S. economy.
The central case is a hard landing by the end of the year. If we don't have a recession in '23, I will be shocked. I think it will happen by the end of '23. I will not be surprised if it's smaller than the average garden variety.
The legendary investor, who has never had a down year in the markets, is worried that it could be worse. He doesn't rule out a really bad thing.
The asset bubble was created by quantitative easing and zero interest rates.
The factors that cause a bull market are stopping and reversing. We are in a bad situation.
Since the 1980s, the Fed has been in the middle of its most aggressive rate of tightening. The central bank raised rates by three-quarters of a percentage point for the third time in a row last week, triggering a big sell-off in risk assets. The S&P 500 fell to a new bear market low on Tuesday after six days of losses.
The investor said that the Fed made a policy error when it came up with a "ridiculous theory of transitory."
When you make a mistake, you have to admit it and move on to the next one. The consequences of that are going to be with us for a long time.
The consumer price index increased in August year over year and came in above expectations.
After helping make a $10 billion bet against the British pound in 1992, he became famous. He was president of Duquesne Capital Management for 12 years.
You don't have to worry about black swans here. The risk reward of owning assets doesn't make sense to me
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