“If you have a long-term perspective, buy an S&P 500 index and own some gold.”
The U.S. reached another grim pandemic milestone Friday, with news that post-recession employment gains have largely been wiped out, though some relief on the U.S.-China trade front has investors looking past that historic data.
The manager says too many are thinking the world is going to bounce out of the coronavirus-driven depression that’s already hitting us. He explains that even if a coronavirus vaccine comes in 18 months, the economy will spend another year crawling out of the downturn, then it will take another year for businesses to get confident enough to start spending and hiring. By then, we’ll be facing higher inflation and possibly a repeat of 1970s stagflation, he says.
Hitting the airwaves just ahead of that data, President Donald Trump commented that he was having “a very hard time with China” and hasn’t decided how to handle the trade relationship. Tickets for Shanghai Disneyland DIS, +2.17%, which will reopen in China next week, are selling fast — good news for the House of Mouse after a 90% collapse in earnings.
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