Plurimi Wealth's chief investment officer sees consumers holding back spending next year.
Shares of mass market retailers will fall as profit margins are squeezed, and consumers curtail spending next year, according to Plurimi Wealth's chief investment officer. Patrick Armstrong told CNBC's Pro Talks last week that he was betting against Japanese electronics retailer Rakuten , multinational clothing company H & M , and Canadian e-commerce platform Shopify by selling their shares short.
However, as interest rates have begun rising this year to combat soaring inflation, investors have begun favoring companies with stable earnings, strong balance sheets, and low debt. This has meant companies like Rakuten and H & M have already lost nearly half their values this year. Despite being a growth tech stock, the median analyst price target for Shopify is only 7.4% above the current share price, partly reflecting Armstrong's concerns, according to FactSet data.
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