As Market Swoons Wharton’s Jeremy Siegel Tells Top Advisors In Las Vegas To Double Down On Equities

... [+]On a day when the Dow Jones Industrial Average and other U.S. major stock indexes dropped more than 3% largely on fears over the spread of the coronavirus beyond China, Wharton professor Jeremy Siegel told a standing-room-only gathering of wealth managers at thein Las Vegas that he could see the expansion continuing for three to four more years.

“When the Dow is down 1000 points like today, Treasury bonds have become the world's best risk asset, they were not always, but because they have become that, their yield has plummeted,” Siegel said. “The major reason why long term interest rates are hitting new lows today, and may even go lower, is because of the hedge asset of choice, what we all now know as the negative beta asset, which have an insatiable demand in the world economy.

“Normally, you think that if you increase your equity proportion, you're going to have more wealth at the end if you succeed, but you're going to increase the drawdown risk, that you're going to run out of money,” Siegel said while presenting his findings. “Well, what we've done is simulations of drawdown risk and guess what we find... you actually ran out of money less frequently with a 75/25 split than you did with a 60/40...This never used to be the case.

Source: News Formal (newsformal.com)

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