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Jakobsen: No regrets about fixed income move
Steen Jakobsen says he has no regrets about moving 80% of his portfolio into fixed income and it was absolutely the right thing to do back in September. Saxo's Chief Investment Officer tells Owen Thomas he was right about the decline in the US ten year Treasury yield and because "tapering" is clearly some way off we have to be prepared for a flattening yield curve.
Jakobsen's convinced that we're going to get near zero growth in the US and Germany in 2014. He believes that the housing market in the States is once again going to turn "pretty nasty" and that the unemployment rate is going to rise.
However, he concedes that the fourth quarter of 2013 looks as though it's going to be exceptionally good and the other twenty per cent of his portfolio is fully invested in equities. He argues that the preservation of capital is paramount and even with global stock markets still reaching record highs, his investment strategy is the right one.
02:06 minutes
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