Paul Tudor Jones is one of the great investors of all time and he’s renowned for macro calls. His latest market outlook highlights the coming waves of direct debt monetization that will reshape the economies and financial markets of the world.
“There will be many assets that will move as a result of this money creation. So what is an investor to do? Traditional hedges like gold have done well, and we expect investors to continue to seek refuge in this safe asset. One thing I have learned over time is the best thing to do is let market price action guide your decision-making and then try to understand the fundamentals as they become more evident and comprehensible,” he writes in a note with Lorenzo Giorgianni.
That’s an odd thing for one of the great macro traders of all time to say, but if you look back over his (rare) public comments, it’s a familiar theme. Here’s what he said back in 2009:
When trading macro, you never have a complete information set or information edge the way analysts can have when trading individual securities. It’s a hell of a lot easier to get an information edge on one stock than it is on the S&P 500. When it comes to trading macro, you cannot rely solely on fundamentals; you have to be a tape reader, which is something of a lost art form. The inability to read a tape and spot trends is also why so many in the relative-value space who rely solely on fundamentals have been annihilated in the past decade. Markets have consistently experienced ‘100-year events’ every five years. While I spend a significant amount of my time on analytics and collecting fundamental information, at the end of the day, I am a slave to the tape and proud of it.
In the current environment, he highlights the growth of money supply and the perils of debt monetization. He notes that Japan is the poster child for debt monetization and dismisses it by noting that:
- M2 money supply has never grown by more than 5% a year — it’s likely to grow by 20%-40% this year in the US, he says
- Inflation expectations were already unanchored in Japan when these policies were introduced
- The banking system was already hobbled
The US is likely to be very different than in the post-financial crisis because:
- A Tea Party is unlikely to re-emerge
- Preferences for liquidity in the banking system internally and via regulation aren’t coming
- The Fed’s elimination of the reserve requirement means the theoretical money multiplier is now infinite
Ultimately, he expects a return to inflation after a near-term drop in prices due the pandemic.
Historically, he notes that 9 different trades have worked in inflationary periods. Evaluating them over the past week, month, 3 months and year; he ranks them as follows:
He then writes about Bitcoin, while noting that he doubled his money in 2017 but it was likely a very small amount (at least by his standards):
I doubled my money and got out near the top when it was apparent to any market technician we were blowing off. It is amazing how well one can trade when there is no leverage, no performance pressure and no greed to intrude upon rational reflection! When it doesn’t count, we are all geniuses.
He compares Bitcoin to gold in the 1970s with this chart:
On gold, he says it could rally to $2400 and as high as $6700 and is a “very attractive hedge” against monetary inflation.
Reverting back to technicals, he said this back in 2009 and with so much of price action inexplicable at the moment, it’s worth remembering:
I see the younger generation hampered by the need to understand and rationalize why something should go up or down. Usually, by the time that becomes self-evident, the move is already over. When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned just to go with the chart. Why work when Mr. Market can do it for you? These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything and that the primary task is simply to find that explanation. As a result, technical analysis is at the bottom of the study list for many of the younger generation, particularly since the skill often requires them to close their eyes and trust the price action. The pain of gain is just too overwhelming for all of us to bear!
Security, Bond and Stock Trading Market Growth, Overview with Detailed Analysis 2020-2026| New York Stock Exchange, Nasdaq, Japan Exchange Group, Shanghai Stock Exchange, Hong Kong Stock Exchange and More – 3w Market News Reports
Global Security, Bond and Stock Trading Market Size, Status and Forecast 2020-2026
This report studies the Security, Bond and Stock Trading market with many aspects of the industry like the market size, market status, market trends and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. Find the complete Security, Bond and Stock Trading market analysis segmented by companies, region, type and applications in the report.
New vendors in the market are facing tough competition from established international vendors as they struggle with technological innovations, reliability and quality issues. The report will answer questions about the current market developments and the scope of competition, opportunity cost and more.
The major players covered in Security, Bond and Stock Trading Market: New York Stock Exchange, Nasdaq, Japan Exchange Group, Shanghai Stock Exchange, Hong Kong Stock Exchange, Euronext, London Stock Exchange, Shenzhen Stock Exchange, TMX Group, Bombay Stock Exchange, National Stock Exchange, Australian Securities Exchange, Deutsche Borse, SIX Swiss Exchange, Korea Exchange, Nasdaq Nordic Exchanges, Copenhagen Stock Exchange, Stockholm Stock Exchange, Helsinki Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange, |Vinius Stock Exchange, lceland Stock Exchange, Armenia Securities Exchange, Taiwan Stock Exchange, B3, JSE
The final report will add the analysis of the Impact of Covid-19 in this report Security, Bond and Stock Trading industry.
Get a Free Sample Copy @ https://www.reportsandmarkets.com/sample-request/global-security-bond-and-stock-trading-market-size-status-and-forecast-2020-2026
Security, Bond and Stock Trading Market in its database, which provides an expert and in-depth analysis of key business trends and future market development prospects, key drivers and restraints, profiles of major market players, segmentation and forecasting. A Security, Bond and Stock Trading Market provides an extensive view of size; trends and shape have been developed in this report to identify factors that will exhibit a significant impact in boosting the sales of Security, Bond and Stock Trading Market in the near future.
This report focuses on the global Security, Bond and Stock Trading status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Security, Bond and Stock Trading development in United States, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The Security, Bond and Stock Trading market is a comprehensive report which offers a meticulous overview of the market share, size, trends, demand, product analysis, application analysis, regional outlook, competitive strategies, forecasts, and strategies impacting the Security, Bond and Stock Trading Industry. The report includes a detailed analysis of the market competitive landscape, with the help of detailed business profiles, SWOT analysis, project feasibility analysis, and several other details about the key companies operating in the market.
The study objectives of this report are:
Inquire More about This Report @ https://www.reportsandmarkets.com/enquiry/global-security-bond-and-stock-trading-market-size-status-and-forecast-2020-2026
The Security, Bond and Stock Trading market research report completely covers the vital statistics of the capacity, production, value, cost/profit, supply/demand import/export, further divided by company and country, and by application/type for best possible updated data representation in the figures, tables, pie chart, and graphs. These data representations provide predictive data regarding the future estimations for convincing market growth. The detailed and comprehensive knowledge about our publishers makes us out of the box in case of market analysis.
Reasons for Buying this Report
Table of Contents
Chapter 1: Global Security, Bond and Stock Trading Market Overview
Chapter 2: Security, Bond and Stock Trading Market Data Analysis
Chapter 3: Security, Bond and Stock Trading Technical Data Analysis
Chapter 4: Security, Bond and Stock Trading Government Policy and News
Chapter 5: Global Security, Bond and Stock Trading Market Manufacturing Process and Cost Structure
Chapter 6: Security, Bond and Stock Trading Productions Supply Sales Demand Market Status and Forecast
Chapter 7: Security, Bond and Stock Trading Key Manufacturers
Chapter 8: Up and Down Stream Industry Analysis
Chapter 9: Marketing Strategy -Security, Bond and Stock Trading Analysis
Chapter 10: Security, Bond and Stock Trading Development Trend Analysis
Chapter 11: Global Security, Bond and Stock Trading Market New Project Investment Feasibility Analysis
Reports and Markets is not just another company in this domain but is a part of a veteran group called Algoro Research Consultants Pvt. Ltd. It offers premium progressive statistical surveying, market research reports, analysis & forecast data for a wide range of sectors both for the government and private agencies all across the world. The database of the company is updated on a daily basis. Our database contains a variety of industry verticals that include: Food Beverage, Automotive, Chemicals and Energy, IT & Telecom, Consumer, Healthcare, and many more. Each and every report goes through the appropriate research methodology, Checked from the professionals and analysts.
Manager – Partner Relations & International Marketing
Ph: +1-352-353-0818 (US)
Author: Posted By: [email protected]
Market News: Share Market Live Today, Latest Share Market News and Headlines
1 min read . 05:36 PM IST
- The last time RIL tapped the public for funds was in 1991 when it had issued convertible debentures
- One share will be offered for every 15 shares held at ₹1,257, a 14 % discount to the closing price for April 30
- The issue price for Series I (April 20 to 24, 2020) was ₹4,639 per gram of gold
- Sovereign Gold Bond 2020-21 is to be issued by Reserve Bank India on behalf of the Government of India
- Disney rose 2.3% as tickets for the earliest days of Shanghai Disneyland’s re-opening in China sold out rapidly.
- All the 11 S&P sectors were trading higher, with the defensive real estate, utilities and consumer staples indexes posting some of the biggest gains
- The country’s reserve position with the IMF also rose by $489 million to $4.059 billion during the reporting week, the data showed
- In the previous week, the reserves had declined by $113 million to $479.455 billion
- Late on Thursday, Sebi issued a statement stating that Franklin Templeton should focus on refunding investors’ money
- Global president Jennifer M Johnson’s said Sebi’s rules were one of the reasons that led to shutting down of its six debt schemes
- At current levels, the stock is 2.8% away from its 52-week high of ₹1,67.80 registered hit on December 20, 2019
- This is the third stake sale by RIL in Jio, with Facebook and PE Silver Lake having invested in two separate rounds
- Indian shares failed to hold opening gains but closed in the green zone on Friday, tracking a surge in Asian equities
- After touching an intraday high of 32,088.51 points, the benchmark Sensex settled 199 points or 0.6% higher at 31,642.70
Crude Oil Prices Today
Author: Editorial Dept
CNBCTV18: Stock, Share Market, Business, Finance News Live | Markets Today
Adani Ports 285.05 (+0.94%)
Asian Paints 1578.40 (-1%)
Axis Bank 382.05 (-3.85%)
Bajaj Auto 2419.05 (+0.52%)
Bajaj Finance 2024.15 (-1.77%)
Bajaj Finserv 4601.00 (-1.55%)
Bharti Airtel 530.05 (+0.38%)
Bharti Infratel 174.25 (+0.84%)
BPCL 324.75 (-1.46%)
Britannia 2994.65 (+2.72%)
Cipla 591.90 (+0.40%)
Coal India 129.00 (-1.38%)
Dr Reddys Labs 3984.00 (+3.81%)
Eicher Motors 13858.85 (-1.08%)
GAIL 91.35 (-0.16%)
Grasim 486.30 (+0.23%)
Hindalco 117.10 (-0.47%)
HUL 2089.45 (+4.89%)
ICICI Bank 337.70 (+0.28%)
IndusInd Bank 440.35 (-3.08%)
Infosys 674.20 (+1.39%)
IOC 74.35 (-1.85%)
ITC 158.25 (-1.71%)
JSW Steel 168.65 (-2.06%)
Kotak Mahindra 1217.45 (+1.47%)
Larsen 815.95 (-0.84%)
M&M 386.70 (-3.48%)
Maruti Suzuki 4654.15 (-2%)
Nestle 17802.95 (+3.85%)
NTPC 87.00 (-3.81%)
ONGC 76.00 (+0.53%)
Power Grid Corp 159.00 (-1.7%)
Reliance 1561.80 (+3.64%)
SBI 166.65 (-2.4%)
Shree Cements 18732.75 (+1.63%)
Sun Pharma 469.00 (+3.72%)
Tata Motors 81.05 (-1.76%)
Tata Steel 272.90 (-1.07%)
TCS 1893.40 (+0.09%)
Tech Mahindra 536.20 (+3.84%)
Titan Company 832.85 (-1.91%)
UltraTechCement 3305.80 (+1.63%)
UPL 364.60 (-1.03%)
Vedanta 77.40 (-1.46%)
Wipro 184.00 (-0.05%)
Zee Entertain 150.65 (+2.24%)