Sunday, 19 April 2015
Last updated 8 hours ago
Jun 20 2012 | 11:38am ET
A top Man Group hedge fund manager is painting one of the bleakest pictures of the global financial outlook around.
According to Jamil Baz, chief investment strategist at GLG Partners, the remaining length of the current economic crisis can't be measured in months or years, but must be measured in decades.
"This crisis has not even started," he told the GAIM 2012 conference in Monaco yesterday. "It will take an extremely long time to reach its peak velocity, and by a long time I mean at least 15 to 20 years."
"The economic impact of this crisis will be devastating," he added, darkening the already gloomy picture. "Risky assets will look very ugly as a result."
Baz said his pessimism comes from the fact that debt levels in some major countries have actually grown over the past five years, notably in Group of Seven countries as a whole, as well as in such stricken European economies as Greece, Ireland, Portugal and Spain.
His analysis has him at odds with many hedge fund managers: Baz said that "equities are still expensive" compared to bonds.
"Corporate debt is by far cheaper than equities," he said.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…