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World markets  |  December 05, 2012 08:16:06

Savvy investors lurk on occasion with cash in hand

Smart money hoarding cash. She gave perhaps the investment firm GMO, which manages 104 billion USD in the bond market? It can not be understood as a call for equity bulls? Ben Inker, head of asset allocation at GMO, says more cash held only at the end of 2007 - before the financial crisis.

A prerequisite for the current valuation of shares is the current level of sustainability of profit margins. Inker predicts that U.S. corporate profits slump waiting - even if it came more pronounced recovery in the U.S. economy.

As a major problem in the U.S. economy Inker considered along with other professional investors worsening income inequality. Profits have been growing as a percentage of GDP, as well as income inequality. It is mainly the fact that the ownership of capital is not evenly distributed in society.

Economy to kick higher consumption

Inker argues that the economy and yet the profits to support government spending. Boosting growth but requires higher consumption. The only way to achieve this is through higher revenues, which must be based on profits.

Inker While withdrew from the bond market, but it does not mean that it would become a fan of shares. Waiting for an opportunity.40% of the benchmark asset allocation loose his hedge fund represent cash reserves. More cash held just before the financial crisis. Tenth of the portfolio in emerging markets and the investment instruments backed by assets. The rest is held in equities.

In one of the biggest, and unfortunately intractable risk diversification Inker considered uncontrolled disintegration of the euro area. Another nightmare is uncertainty about a hard landing of China.

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