EDITOR'S NOTE
Ray Dalio says, "Cash is trash." Paul Tudor Jones says, "The train has got a long, long way to go."
Both billionaire hedge fund managers spoke to CNBC at the World Economic Forum in Davos, Switzerland on Tuesday. Dalio noted a hoard of cash on the sidelines. "Everybody is missing out," he said, "so everybody wants to get in." Jones said the market looks like early 1999, long before the stock market peaked in 2000.
Nevertheless, the higher the market goes, the more nervous investors become, writes CNBC's Jesse Pound. One measure that shows the market may be overbought is the Cboe Put/Call Ratio for equities — which is at its lowest level in years. "Swim at your own risk," said JC O'Hara of MKM Partners in a note to clients Tuesday.
 Stocks declined on Tuesday following news that Boeing doesn't expect regulators to sign off on its troubled 737 Max until June or July. Then came news of the first coronavirus case in the U.S., sending stocks of airline, hotel, casino and cruise ship companies lower.
Before this news broke, Jones cautioned in giving his otherwise bullish outlook that the coronavirus could derail the bull market, similar to the SARS virus in 2003.
"If you look at what happened in 2003," he said, "stock markets sold off double digits. ... If I was an investor, I'd be really nervous."
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Selasa, 21 Januari 2020
Stocks retreat from highs on virus worry | Are investors too complacent? | Boeing Max delay knocks stock
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