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Ray Dalio says cash is king right now, and don't own bonds

The billionaire investor says cash for now is one of the best places for investors to park their money.

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Why Ray Dalio says cash is 'temporarily' good: 'I don't want to own debt'

The billionaire investor says cash for now is one of the best places for investors to park their money.

Singapore , Ray-dalio , Veronica-willis , Saira-malik , Federal-reserve , Nuveen , Milken-institute , Wells-fargo-investment-institute , Associate-ray-dalio , Asian-summit , Fargo-investment-institute , Billionaires-index

Wall Street Frets Over Bank 'Dominoes' in Wild Day: Markets Wrap

(Bloomberg) -- Risk assets got pummeled as fresh turmoil at Credit Suisse Group AG days after the collapse of some American regional banks spurred a frantic rush for cover, evoking memories of the 2008 global financial crisis and bolstering speculation that major central banks will have to hit the brakes on tightening to prevent a harsher economic landing. Traders on edge hit the sell button on equities as a plunge in the Swiss lender’s shares ignited a financial industry selloff, engulfing even big names like JPMorgan Chase & Co. and Wells Fargo & Co. First Republic Bank led a rout in US regional peers after being cut to junk by two major credit firms. About 85% of the S&P 500’s stocks fell while the slide in the European equities at one point topped 3%. Oil tumbled to a 15-month low. The surging volatility in financial markets drove Wall Street’s so-called fear gauge toward its highest level since October. As investors dashed to the safest corners, gold reversed losses and the dollar rallied against all of its developed-market peers except the Japanese yen. Bond yields plunged globally as mounting financial-stability concerns prompted traders to abandon bets on additional rate hikes and begin pricing in cuts by the Federal Reserve. They priced in a drop of more than 100 basis points in the US policy rate by year-end and downgraded the odds of additional tightening by the Bank of England and the European Central Bank. The cost of credit derivatives linked to Credit Suisse are blowing out to levels reminiscent of the global financial panic after the lender’s biggest shareholder said he doesn’t want to boost his stake beyond its current level. The moves are being exacerbated by banks rushing to buy protection against a possible default by the Zurich-based firm to reduce their counterparty risk on trades, according to people with knowledge of the matter. Read: Treasury Reviewing US Financial Sector Exposure to Credit Suisse The renewed bout of banking turbulence spurred some worrisome remarks from prominent Wall Street voices. As Credit Suisse nosedived, economist Nouriel Roubini — who’s known as “Dr. Doom” — said the troubled lender might be “too big to be saved.” BlackRock Inc.’s Larry Fink noted that the banking crisis could worsen, worrying aloud about cracks in the financial system that formed during more than a decade of easy money and low interest rates. Bridgewater Associates’ Ray Dalio expects problems to start mounting in the fallout from contractions in debt and credit markets, saying the recent failure of Silicon Valley Bank was just a “canary in the coal mine.” “Are the dominoes starting to fall?” said Fink, chairman of the world’s largest asset manager, in a letter on Wednesday. “It’s too early to know how widespread the damage is.” With the banking turmoil rippling through financial markets, Bob Michele, the chief investment officer of JPMorgan Asset Management, warned of an economic hard landing. He now expects the Fed to pause rate hikes next week, saying that a recession is “inevitable” and that the best investment strategy right now is to stick to high quality bonds. Michele reckoned the whole Treasury yield curve will come down to as low as 3% by August, but he stopped short of predicting the end of a hiking cycle. The 10-year rate is currently near 3.4%. Financial Crisis 2.0 Now that’s not to say everyone is buying the idea of a “financial crisis 2.0” at this stage. Lisa Shalett at Morgan Stanley’s wealth management division stopped short of buying into the latest mega-bear-case on equities — namely that the failure of three American banks would be a prelude to a crisis such as the one that laid global economies low in 2008. She says the collapse of a few regional lenders was mostly driven by poor risk management at a time when the Fed is aggressively tightening monetary policy to slow the economy. While more banks are likely to fall, Shalett considers the threat to the broad financial industry and economy as contained. “Remember, in the great financial crisis, there was a lot of this that was about cross-counterparty credit risk,” she told Bloomberg Television. “This is less about immediate contagion.” Read: Pimco Warns That Not All Cash Is King as SVB Debacle Revealed Key events this week: Eurozone rate decision, Thursday US housing starts, initial jobless claims, Thursday Janet Yellen appears before the Senate Finance Committee, Thursday US University of Michigan consumer sentiment, industrial production, Conference Board leading index, Friday Some of the main moves in markets: Stocks The S&P 500 fell 1.3% as of 1:57 p.m. New York time The Nasdaq 100 fell 0.3% The Dow Jones Industrial Average fell 1.5% The MSCI World index fell 1.6% Currencies The Bloomberg Dollar Spot Index rose 1% The euro fell 1.7% to $1.0555 The British pound fell 0.9% to $1.2053 The Japanese yen rose 0.9% to 133.02 per dollar Cryptocurrencies Bitcoin fell 1.1% to $24,369.81 Ether fell 4.1% to $1,635.26 Bonds The yield on 10-year Treasuries declined 23 basis points to 3.46% Germany’s 10-year yield declined 29 basis points to 2.13% Britain’s 10-year yield declined 17 basis points to 3.32% Commodities West Texas Intermediate crude fell 5.7% to $67.26 a barrel Gold futures rose 1% to $1,929.10 an ounce This story was produced with the assistance of Bloomberg Automation. --With assistance from Robert Brand. ©2023 Bloomberg L.P.

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Family who exited De Beers for $5 billion taps Asia's rich

The family office for Nicky Oppenheimer and his son Jonathan has set up an outpost in Singapore to boost its Asia exposure and partner with the region’s wealthy.

Jersey , Bridgewater , Nova-scotia , Canada , South-africa , De-beers , Free-state , United-states , Singapore , American , Nicky-oppenheimer , Jonathan-oppenheimer