‘Golden Age’ for Investing Is Over, Evercore’s Ralph Schlosstein Says
- The period has passed as rates stay higher for longer, he says
- Ahead, the way to make money is equities; he also likes cash
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The aggressive monetary tightening launched by the Federal Reserve last year has brought an end to a “Golden age of investing’ that will force Wall Street traders to rethink how they allocate their portfolios, says Ralph Schlosstein, chairman emeritus at Evercore ISI.
“The last 40 years have kind of been the golden age of investing. I don’t think we are going to have that for the next 10 or 20 years,” Schlosstein said on Bloomberg TV Wednesday. “If you step back a little bit, we went through a 40-year period of time where rates were generally declining, longer rates, and they got extraordinarily low. I think that period of time has passed.”