- Steve Schwarzman, CEO of Blackstone Group, sees V-shaped economic recovery in next few months
- Believes economic pain to be temporary due to government’s stimulus efforts
- Additional financial experts weighed in during Bloomberg Invest Global virtual event
Financial wizards representing various large and influential firms offered their economic forecasts at a recent Bloomberg Invest Global virtual event.
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Appropriately, Steve Schwarzman, CEO and co-founder of Blackstone Group Inc., the world’s biggest alternative asset management firm, said, “You’ll see a big V in terms of the economy going up for the next few months because it’s been closed.” That being said, Schwarzman also said the economy will “…take quite a while before we sync up and get back to 2019 levels.”
Bill Ackman, storied hedge fund manager, believes the recovery from the pandemic crisis will begin by year-end. Altman anticipates “gradual improvement” in all economic sectors due to so many players pouring money into the health care crisis. Already, the S&P 500 Index has regained nearly 40% since its March low dive.
Jim Chanos, founder of Kynikos Associates, spoke of China’s connection with US-based casino operators and Chinese equity returns for the past decade. He said, “It’s just not been, in aggregate, a great place for Western investors to put their money.
Chanos also chimed in on the current low-interest-rate environment and the Federal Reserve’s decision to provide “easy money” to investors and companies alike. Chanos targets a fraud cycle theme that follows the business/financial cycle with a lag. People, in Chanos’s thinking, want to believe that things are actually “too good to be true” and keep investing and buying asset classes like real estate until markets “…turn down…and…(investors) begin to question…” their decisions.
Chanos ended his remarks by saying, “…I think that wave of realization is still ahead of us.”
Thanks to BloombergNews.
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