Mentre Recce'd ieri, domenica 11 febbraio, scriveva e pubblicava il Post su Ray Dalio che precede questo, il Financial Times intervistava il principale collaboratore dello stesso Dalio: il suo Capo degli Investimenti Bob Prince.

Oggi abbiamo letto questa intervista: dove Prince smentisce il suo boss. Qui sotto il testo originale, selezionato per voi.

The world’s biggest hedge fund has warned that global markets are entering a new era of volatility as the world adjusts to higher interest rates after a decade of ultra-loose monetary policy. Bob Prince, co-chief investment officer at Bridgewater, said last week’s market turbulence, which helped trigger record outflows from global stock funds, was set to continue.
"There had been a lot of complacency built up in markets over a long time, so we don't think this shakeout will be over in a matter of days,” Mr Prince, who runs Bridgewater’s $160bn of investments alongside the fund’s founder Ray Dalio, said in an interview. “We'll probably have a much bigger shakeout coming."
“Last year equity markets had a free run. But this year we are going from central banks contemplating tightening policy to actually doing it,” Mr Prince said. “We will have more volatility as we are entering a new macroeconomic environment.”

Ma non basta: le "cattive notizie" non viaggiano mai da sole. Ci si mette pure Goldman Sachs, quella di Cohn, quella di Mnuchin, quella che "l'ottimismo è il sale della vita".

Brian Levine, co-head of global equities trading at Goldman Sachs, on Friday sent out an email to the investment bank’s bigger clients that also warned that the market probably still has not hit its bottom. “Historically shocks of this magnitude find their troughs in panicky selling,” he said in the email, seen by the FT. “I’ve been amazed at how little ‘capitulation selling’ we’ve seen on the desk . . . The ‘buy on the dip’ mentality needs to be thoroughly punished before we find the bottom.”

E quindi? Quali conclusioni?

While Mr Prince doubted inflation would become a real problem, he expected central banks to start draining the global economy of some of the trillions of dollars they have pumped into the financial system in recent years — further challenging the post-crisis bull market.
That meshes with the view of Mr Levine at Goldman Sachs, who said that “longer term, I do believe this is a genuine regime change, one where you sell-the-rallies rather than buy-the-dips”. However, Mr Prince expects global growth will stay on track despite tighter monetary policy and more turbulent markets. “The real economy will outperform financial economy this year, the opposite of what we've seen in recent years,” he said.

Sentirsi stupidi (parte 2)