The Market's Revenge

Patrick J. Moriarty, the veteran chief investment officer of Bank Julius Baer's U.S. money-management group, is a perennially cheerful guy. But he has had little to smile about lately. With the Federal Reserve raising interest rates, Treasury bonds crashing, stocks slumping worldwide, and the dollar in the dumps against the Japanese yen, Moriarty's global portfolio of stocks and bonds sank 9% in the first three months of 1994, with much of that coming in March. "We're having these wild gyrations," he says. "It was the worst quarter I've ever had."

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