from AFR June 2020 (ASX was c15% lower than currently and NASDAQ c50% lower)
“Magellan Financial Group’s co-founder, Chris Mackay has quietly turned extremely bearish on equities, switching almost half the holdings in his $1.6 billion global equities fund to cash.”
“Mr Mackay defended the 46 per cent cash weighting by using his latest market update to reference academic research that suggested the market was too optimistic over the likelihood of a COVID-19 vaccine.”
"Business owners, political leaders and the general public appear to be more optimistic, around the world, as are recipients of fiscal payments travelling hundreds of miles to queue for hours for gaming venues reopening," Mackay wrote in his market update.
MFG Price at posting:
$17.55 Sentiment: None Disclosure: Not Held
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