Jim Rogers, who co-founded the Quantum Fund with George Soros, is bearish about the outlook for most assets. He thinks aggressive central bank money printing, which he expects to increase as a result of Brexit, means asset prices are at artificially high levels. Thanks to these efforts, and the "PR campaign by the central banks", the US stockmarket is going up even though earnings have been falling for nearly a year. Even so, gains seem to be confined to larger firms, with smaller companies doing much worse.
Meanwhile, global instability and negative interest rates in many countries have persuaded many people to pile into US Treasuries, since these still offer a small positive yield. This has perpetuated the idea that the US is still a safe haven and immune from the world's problems. However, Rogers thinks that those moving their money into dollars out of a sense of security are only fooling themselves.
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