Important messages to be gleaned from the first\u002Dhand accounts of veterans of the last banking crisis. Read more.
“The equity market has largely treated the recent events as a surgical strike on a specific cohort of stocks,” Goldman Sachs Group Inc.’s head of hedge fund coverage Tony Pasquariello said in a trading note March 16. “I find that a bit remarkable.”
That’s all consistent with a belief stress in finance will be contained. Unnervingly, it’s not totally inconsistent with the outlook that prevailed before 2008’s storm, which ended up knocking American stocks down by more than half. A difference between 2008 and now is inflation, which threatens to complicate the U.S. Federal Reserve’s response should things mushroom. While bond traders wasted little time pricing out future interest rate hikes in the aftermath of Silicon Valley Bank’s collapse, consumer costs continue to rise at more than twice the pace central banks have targeted.Article content
“Granted it’s not the same and the backdrop is different, but the one lesson that stays with you is that there will be pockets of calm — but you are leery of weaknesses in the system,” said Krosby, who was an investment strategist at an insurance company in 2008. “When there is a problem in the system, the tentacles tend to be far and wide.”Kris Sidial is a professional short, running tail-risk strategies for hedge fund Ambrus Group, so it’s no surprise he’s pessimistic.
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