This year's bear market has left many investors deep in the red, but Dan Niles says his Satori Fund has bucked the trend. Niles said the U.S.-focused long-short equity fund is up this year, outperforming the S & P 500 , which has declined around 20% in the same period. He did not disclose the fund's exact performance. Key to the fund's outperformance is their short positions, according to Niles. "We made money today. We are up in August. We're up for the year.
"We believe the economy will enter a more traditional recession in 2023 with slower growth and higher unemployment driven by higher rates, while inflation remains higher than the 2% Fed target," he said. Niles isn't the only market participant who's favoring a defensive stance. A slew of investment banks on Wall Street are urging investors to remain calm amid the market turmoil and invest in companies with defensive characteristics — including Morgan Stanley 's chief U.S.
Beating the market? What only down 19%?
Wanker, Wanker, Wanker
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