"Substantive" bear market in stocks has begun - Dennis Gartman
|Gartman Letter Editor and Publisher Dennis Gartman, while speaking to Bloomberg TV said, "a substantive bear market in equities has begun".
Key quotes
- We have beginnings of inflation, labor costs are beginning to rise.
- Terrible decision to impose tariffs on the washing machines, Chinese may retaliate.
- The Fed will probably get it wrong.
- Fed will probably raise rates 4 times this year, will push short-end higher by 100 bps and 50-75 bps higher at the long-end. This makes long end bonds as an investment vehicle.
- Says reduce positions in stocks "dramatically", buy commodities as they are ridiculously inexpensive relative to equities.
- Feels wheat could do well.
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