Michael Wursthorn
speaker
1,567 appearances
29 recordings
1 series
first heard Jul 2017
last heard Nov 2021
Michael Wursthorn’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Today's Volatile Market: You Can Run, But You Can't Hide · 1 Nov 2018
podcast
maybe cash is a bit better than even some of those traditional safe haven assets.
That's mostly because the pullback in October, the way it accelerated really caught people by surprise.
I mean, you had earlier in the month people concerned about fast-rising bond yields, and that was really putting the equity markets into a shock.
But people weren't that scared.
It wasn't until we really got into the real meat of earnings—
And companies were reporting, of course, phenomenal profit growth, much of that because of the tax bill that was passed last year.
But they were also reporting slowing sales.
And to a lot of investors, that signals that maybe the economy isn't as strong as we thought.
That isn't going to change overnight.
We still had more companies report slowing sales, including Facebook on Tuesday.
And investors are just getting ready that as we finish out 2018 and get into 2019, that
Earnings growth is going to be down.
Sales growth is certainly showing signs of declining.
And without that real earnings support for the stock market, investors are wondering what's going to be the next thing to really give it that boost higher.
People are really uncertain right now, which is really interesting because this long-running bull market, while there's been a lot of periods that tested the confidence of investors, for the most part, it doesn't seem like investors have been this bearish in quite a while.
They just can't really find anything
to be very optimistic about at the moment.
Some asset managers like Wells Fargo and UBS have been suggesting to buy more treasuries such as the benchmark 10-year U.S.
Treasury.
They're all noting, though, that over the short term, you might see those prices fall further.
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