{"id":20518,"date":"2023-07-28T20:46:22","date_gmt":"2023-07-28T20:46:22","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2023\/07\/28\/gary-shilling-investor-exuberance-is-irrational\/"},"modified":"2023-07-28T20:46:22","modified_gmt":"2023-07-28T20:46:22","slug":"gary-shilling-investor-exuberance-is-irrational","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2023\/07\/28\/gary-shilling-investor-exuberance-is-irrational\/","title":{"rendered":"Gary Shilling: Investor Exuberance Is &#8216;Irrational&#8217;"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/761033996\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/06\/01_Shilling_Gary_Twitter_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2022\/06\/01_Shilling_Gary_Twitter_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p id=\"first-para\">Economist and investment advisor A. Gary Shilling reiterated his \u201crisk off\u201d strategy on Friday, calling current market exuberance irrational.<\/p>\n<p>Shilling, anticipating credit tightening and a recession, recommended a risk-off strategy in January 2022, and in May last year expanded its recommendations to a <a href=\"https:\/\/www.thinkadvisor.com\/2023\/03\/06\/gary-shilling-checks-in-on-his-9-investment-themes\/\" target=\"_blank\" rel=\"noopener\">nine-strategy list<\/a>, given his belief that U.S. stocks had entered a bear market.<\/p>\n<p>That list remains in place, he noted in his August Insight newsletter, released Friday.<\/p>\n<p>\u201cThis strategy still seems appropriate to us. Persistent gains in employment and high inflation only imply further credit tightening by the Fed, which will break the economy if a recession is not already underway,\u201d he said.<\/p>\n<p>\u201cNevertheless, security markets recently have been in a \u2018risk on\u2019 state, led by the 19% rise in the <a href=\"https:\/\/www.thinkadvisor.com\/2023\/07\/13\/sp-500-on-track-to-hit-record-high-before-year-end-goldman\/\" target=\"_blank\" rel=\"noopener\">S&amp;P 500 index<\/a> so far this&nbsp;year and investor conviction that a \u2018soft landing\u2019&nbsp;with no recession is likely.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economist and investment advisor A. Gary Shilling reiterated his \u201crisk off\u201d strategy on Friday, calling current market exuberance irrational. Shilling, anticipating credit tightening and a recession, recommended a risk-off strategy in January 2022, and&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":20519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2023\/07\/gary-shilling-investor-exuberance-is-irrational.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20518"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=20518"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/20518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/20519"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=20518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=20518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=20518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}