miércoles, 27 de enero de 2016

How Billionaires Are Investing In 2016: "The Only Winning Move Is Not To Play The Game" | Zero Hedge

How Billionaires Are Investing In 2016: "The Only Winning Move Is Not To Play The Game" | Zero Hedge

Ever since 2009, when we first showed how broken the capital markets are first at the micro level, thanks to the pervasive spread of parasitic, frontrunning algos, and then at the macro, as a result of constant, artificial central bank intervention and levitation, we have advised readers that the best option is to simply avoid rigged, manipulated markets altogether. Now, 7 years later, the world's richest people agree.

Remember when we warned virtually every single day for the past 7 years that constant central bank and HFTs manipulation will lead to a market so broken nobody will have any faith in price discovery or asset valuation until everything collapses and is rebuilt from scratch? Well, we are delighted to announce that this is now conventional wisdom, and as a result every so-called "prominent investor" is now resistant to putting on fresh positions and expected asset prices to head downward, according to the WSJ.

In short, they say, the only winning move is not to play the game.

It's not just that: according to WSJ reporting from the just concluded symposium of billionaires, prominent investors and other hypocrites in Davos, the consensus is that "the world’s central banks can’t save us anymore."

The next WSJ sentence is absolutely epic: "Their mood here was irritated, bordering on affronted, with what they say has been central-bank intervention that has gone on too long."

Oh yeah, they had no problem with central bank intervention for 1, 2, 3, 4, 5, or even 6 consecutive years... but seven? Now that's just absurd!

The WSJ goes on to vindicate all so-called tinfoil fringe websites by admitting that "from this anecdotal sampling, at least, that has created growing distortions in nearly all asset prices—from stocks to bonds to real estate."

But... fundamentals?