Feb 18, 2009

CBP no anda muy entusiasmado que digamos por Obama:

Some very unpleasant things have happened in the markets since Obama won the election. Equities are down about 20% and gold prices are up over 30%. That has to be the most devastating rejection of a new president's policies by any market in recent memory. Investors are voting with their feet, running away from equity risk and into the comforting arms of gold. Come to think of it, since Obama's chances of winning the election started to rise meaningfully by the end of September, when the S&P 500 was trading around 1200, we could say the Obama presidency has cut equity values by fully one-third.

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