Fund manager says the bear market is going to get 'nasty' — but says he's not 'freaking out'

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Fund manager Cole Smead says the bear market won't be a 'garden variety' one, but that current market conditions are 'first world problems.'

A brief summer rally had sparked optimism that the worst of the bear market was over, but a fourth losing week in five on Wall Street has highlighted just how volatile markets remain. Market watchers are now expecting rate hikes to be higher for longer on the back of a hotter-than-expected inflation report, while concerns have grown over the state of the economy amid a warning from FedEx about slowing global demand . Fund manager Cole Smead sees more pain ahead.

"Here's the one thing that we can't have in these markets. You can't have a credit crisis. Banks are over-capitalized. We have been hearing chatter of this idea that there could be a credit crisis in Europe and a banking crisis. That's implausible. That's so outside the numbers. That's ridiculous," he said. Household net worth in Europe and the United States has also never been higher, he noted, while debt service ratios are "on the floor.

 

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Pump it dump it

Not freaking out yet* The main crash of the economy will come January/February.

Doctors say you are going to die soon, but don’t freak out - That’s how these headlines are. Pure propaganda to condition the western audience to the imminent collapse and how it’s not a big deal, when it is a big deal and most people would get wiped out!

Scare campaigns .

Cause he’s fucking loaded.

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