Social unrest worldwide is alarming some global investors, who say protests from...
NEW YORK - Social unrest worldwide is alarming some global investors, who say protests from Hong Kong and Lebanon to Chile are forcing them to be more cautious even though the impact on financial markets has been spotty so far.
“It is a risk that is with us and at these quite stretched financial market valuations it causes us pause and leads us to be more cautious in markets than we would be otherwise,” said Dan Ivascyn, group chief investment officer at PIMCO, one of the world’s largest asset managers. Wealth created since the Great Recession has disproportionately gone to those who rely on their money to make more money, while those who must work for it have stagnated. In market-speak, return on capital has been much higher than return on labor, widening the gap between those who have and those who don’t.”Trump got elected, Brexit happened, because the bottom half got gutted, the middle class got gutted,” said Novogratz.
Absent a violent crackdown from China in Hong Kong, the current situation is not “enough to influence the major economies, the major-goods trades going on,” said Anne Mathias, a senior strategist for global macro, rates and foreign currency at Vanguard.
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