Baku. 9 February. REPORT.AZ/ “The next bear market in stocks will be more catastrophic than any other market downturn that I'm lived through”.
Report informs citing the Bloomberg, co-founder of the Quantum Fund Jim Rogers said.
The veteran investor says that’s because even more debt has accumulated in the global economy since the financial crisis, especially in the US While Rogers isn’t saying that stocks are poised to enter bear territory now - or making any claim to know when they will - he says he’s not surprised that US equities resumed their sell-off Thursday and he expects the rout to continue.
“When we have a bear market again, and we are going to have a bear market again, it will be the worst in our lifetime,” Rogers, the chairman of Rogers Holdings Inc., said. “Debt is everywhere, and it’s much, much higher now.”
Notably, Dow Jones, the main US stock exchange index, climbed to record 26,617 points on January 26. At present the index is 2 757 points or 10.35% lower than this level.