In his recent interview with CNBC, Leon Cooperman explained why investor mindsets will start to change to a get-me-out philosophy. Here’s an excerpt from the interview:
Cooperman: And the would-be FAANGs which have been destroyed. I don’t own any of these things but I look at symbols. CLOV down 93%, ROOT down 92%, I do know Robinhood down 86% from the highs. These are enormous declines. This whole meme ‘game’. I mean we saw just extraordinary speculation, and I’m quite confident that this stuff does not go away very quickly, it leaves some scars.
I think we’ve had aggregate draw-down in wealth equal to what happened in 2008. If somebody lost their money it’s going to affect their thinking. This buy-on-weakness stuff has gotta give way to get-me-out type of philosophy.
And I think Cathie Wood is a very bright lady, very competent, but my guess is she’ll have outflows at the bottom, not inflows as she’s experiencing now.
You can watch the entire discussion here:
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