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The conventional wisdom is that August is a bad month to make big changes in investment strategies thanks to vacationing traders and the resulting low volume and uneven liquidity. And while that’s usually sound advice, this year might be one in which investors might not want to wait until fall to reposition their portfolios, says Mohamed El-Erian, Pimco chief executive and co-chief investment officer at Pimco.
In his Financial Times column Wednesday, El-Erian warns that coming months are likely to be “tricky and volatile” for markets, with events in the U.S., Europe, Japan and the Middle East fueling uncertainty.
Bloomberg
Mohamed El-Erian
He lists the usual suspects:
–The Fed’s September policy decision on whether to cut back its asset purchases and by how much.
–A possible White House decision on who will succeed Ben Bernanke at the helm of the Fed.
–More political turmoil as Congress and the White House face off, including battles over measures needed to keep the government running and avoid a sovereign default.
–German elections are also due in September. Chancellor Angela Merkel is headed toward likely victory, but European policy makers face a hectic agenda after placing a number of national and regional initiatives on hold, El-Erian says, leaving a situation that is “quite uncertain.”
–On Japan, market participants fear Prime Minister Shinzo Abe’s reform efforts have stalled, a factor underlying the recent selloff in Japanese equities and volatility in the Japanese yen, he says.
–There’s also the recent emerging-market turmoil and continued problems in the Middle East, including Syria and the situation in Egypt.
ข่าวจาก Marketwatch มา update (Don’t wait till September to reposition your portfolio: Pimco’s El-Erian)
The conventional wisdom is that August is a bad month to make big changes in investment strategies thanks to vacationing traders and the resulting low volume and uneven liquidity. And while that’s usually sound advice, this year might be one in which investors might not want to wait until fall to reposition their portfolios, says Mohamed El-Erian, Pimco chief executive and co-chief investment officer at Pimco.
In his Financial Times column Wednesday, El-Erian warns that coming months are likely to be “tricky and volatile” for markets, with events in the U.S., Europe, Japan and the Middle East fueling uncertainty.
Bloomberg
Mohamed El-Erian
He lists the usual suspects:
–The Fed’s September policy decision on whether to cut back its asset purchases and by how much.
–A possible White House decision on who will succeed Ben Bernanke at the helm of the Fed.
–More political turmoil as Congress and the White House face off, including battles over measures needed to keep the government running and avoid a sovereign default.
–German elections are also due in September. Chancellor Angela Merkel is headed toward likely victory, but European policy makers face a hectic agenda after placing a number of national and regional initiatives on hold, El-Erian says, leaving a situation that is “quite uncertain.”
–On Japan, market participants fear Prime Minister Shinzo Abe’s reform efforts have stalled, a factor underlying the recent selloff in Japanese equities and volatility in the Japanese yen, he says.
–There’s also the recent emerging-market turmoil and continued problems in the Middle East, including Syria and the situation in Egypt.