The writer is head of total return strategies at Man AHL
When US stocks lost 10 per cent of their value in April, investors faced a familiar dilemma: buy the dip or dodge a falling knife.
Those who bet that losses would be reversed, say, by the promise of policy swerves, central bank intervention or an artificial intelligence revolution, triumphed. The pause by the Trump administration on “reciprocal” tariffs led to a one-month rebound that was both swift and sharp. Put differently, we saw one of the steepest V-shaped recoveries on record (when markets rise quickly after a sharp fall).
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