Scott Minerd isn’t bullish on U.S. stocks. And he can’t emphasize that point enough.
The Dow Jones Industrial Average DJIA, -0.85% , the S&P 500 index SPX, -0.89% and the Nasdaq Composite Index COMP, -1.34% are all trading lower early Wednesday, with the equity benchmarks wallowing in a resumption of their hand-wringing over the health of Turkey’s economy as the Turkish lira USDTRY, -4.7746% relinquishes some hard-fought gains against the U.S. dollar DXY, +0.03%
Minerd, chief investment officer for Guggenheim Partners, meanwhile, wondered aloud Tuesday, via Twitter, why investors aren’t dumping stocks more heartily in an August that he expects to offer limited upside—at best:
‘If there were ever a moment to harvest gains and reduce risk, it is August 2018. And if it turns out not to be the moment, I don’t think you are giving up much upside.’If there were ever a moment to harvest gains and reduce risk, it is August 2018. And if it turns out not to be the moment, I don’t think you are giving up much upside.
— Scott Minerd (@ScottMinerd) August 14, 2018
