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Goldman Sachs Wrong on Economic Recovery, Macro Hedge Funds Say

Posted By admin On September 1, 2009 @ 9:52 am In Money Watch | Comments Disabled

Cristina Alesci
Bloomberg [1]
Tuesday, Sept 1, 2009

Paul Tudor Jones, the billionaire hedge-fund manager who outperformed peers last year, is wagering that Goldman Sachs Group Inc. and Morgan Stanley got it wrong in declaring the start of an economic recovery.

Jones’s Tudor Investment Corp., Clarium Capital Management LLC and Horseman Capital Management Ltd. are taking a bearish stand as U.S. stock and bond prices rise, saying that record government spending may be forestalling another slowdown and market selloff. The firms oversee a combined $15 billion in so- called macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities.

“If we have a recovery at all, it isn’t sustainable,” Kevin Harrington, managing director at Clarium, said in an interview at the firm’s New York offices. “This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later.”

Equity and credit markets have rallied on hopes that government intervention is pulling the U.S. out of the deepest economic slump since the Great Depression. The Standard & Poor’s 500 Index jumped 51 percent from its 12-year low in March through yesterday.

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[1] Bloomberg : http://www.bloomberg.com/apps/news?pid=20601087&sid=auGWGWlnohNo

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] Goldman Sachs And The Big Hedge Funds Are Pushing Leverage To Ridiculous Extremes: http://www.prisonplanet.com/goldman-sachs-and-the-big-hedge-funds-are-pushing-leverage-to-ridiculous-extremes.html

[4] Will Increasing Taxes Bring Economic Recovery?: http://www.prisonplanet.com/will-increasing-taxes-bring-economic-recovery.html

[5] Even Goldman Sachs Secretly Believes That An Economic Collapse Is Coming: http://www.prisonplanet.com/even-goldman-sachs-secretly-believes-that-an-economic-collapse-is-coming.html

[6] The Obama Administration Tries To Propagandize Its Way To An Economic Recovery: http://www.prisonplanet.com/the-obama-administration-tries-to-propagandize-its-way-to-an-economic-recovery.html

[7] Obama Nominates Goldman Sachs Executive for State Department’s Undersecretary for Economic, Energy and Agricultural Affairs: http://www.prisonplanet.com/obama-nominates-goldman-sachs-executive-for-state-department%e2%80%99s-undersecretary-for-economic-energy-and-agricultural-affairs.html

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