Artigo publicado na Forbes em 12 de junho de 2017:
The jury is out among professional portfolio managers, some agree with Mr. Gross and some disagree:
I spoke to Luiz Augusto Pacheco, Portfolio Manager, at Inva Capital Wealth Management, who told me via email, “After almost 10 years of near-zero interest rates and excess liquidity, investors increase the risk in their portfolios to achieve their targeted return. Since we’ve had a long bull market (with few hiccups) this risky exposure was only felt to upside. Record dividend and buybacks also increased this feeling of ‘nothing can go wrong.’ Now, with the Fed hiking interest rates and planning to reduce its asset buying program, companies reducing their buybacks and some political turmoil making money this increased risk in portfolios will show up while markets adjust to a new environment.”
