If you put together a list of the world’s most brilliant, most famous investment experts… they were all at John Mauldin’s Strategic Investment Conference last month.
My head is still spinning with all the information and investment ideas I heard at the conference, but the consensus among the majority of speakers was that things are going to get ugly.
Lacy Hunt, David Rosenberg, Neil Howe, Jim Grant, Mark Yusko, Gary Shilling, and even John Mauldin (watch video interviews with these speakers on Mauldin Economics’ Youtube channel) painted a very pessimistic picture for the stock market—but the most alarming comment came from Richard Fisher.
The rich are hoarding cash
Fisher was president of the Federal Reserve Bank of Dallas and a voting member of the Federal Open Market Committee (FOMC) from 2005 to 2015. You couldn’t find anyone more wired into the Fed and the state of the economy than Fisher.He is worried about the $19 trillion US government debt (up $11 trillion since 2008) because the Fed has fired all its monetary bullets and can’t expand the balance sheet any further.
But Fisher’s most telling comment came during the Q&A session when he was asked how his personal portfolio was positioned. Fisher’s response: “In the fetal position.”
Moreover, he also said (paraphrasing as closely as I can), “All my very rich friends are holding a lot of cash.”
Full article: Former Fed President: All My Very Rich Friends Are Holding A Lot Of Cash (Forbes)