The co-chief investment officer said that a"flat money supply" following the Fed's balance sheet contraction, with an"It's not that we're going to have a pullback anything like March, but we're really poised to have a nice correction somewhere in the 5-10% range that takes a lot of the euphoria out of the market," Gayeski said. GOLDMAN SACHS: Women portfolio managers are outperforming their male counterparts so far in 2020.
He explained that the Fed's balance sheet expansion led to massive money supply growth that flowed into financial assets and the housing market, but that balance sheet has now contracted."What people forget is the balance sheet has stopped expanding here in the last 12 weeks, it's actually contracted in the last six to eight," he said.
Amid this expectation of a correction, Gayeski is recommending investors who need to go long have a combination of large-cap tech stocks, bank stocks, and gold. "There's no reason to puke large cap tech but like we said be very cautious now. And at this stage of the game with money supply still at high levels and probably going higher, it doesn't hurt to own some gold," Gayeski added.
He also said that bank stocks could retake leadership if there's a rapid economic recovery, but he's not expecting a very quick recovery.
AnthonyJoyner44 zaps euphoria? is that how you say... CRASH?
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