Masters in Business

The Question of What Drives Markets

It's an issue that Felix Zulauf has considered for years.

The question of what drives market cycles is an intriguing subject for Felix Zulauf, founder of Swiss hedge fund Zulauf Asset Management AG and former head of the institutional portfolio department at UBS Group AG. This time, China is what's driving things, he said on this week's Master in Business; in the last cycle, it was housing and credit growth.

Zulauf is perhaps best known as one of those who foresaw the 1987 stock-market crash. He also warned about the 2000 dot-com meltdown as well as the 2008 financial crisis, though he rejects the label of "permabear," saying that he recommended buying stocks in March 2009, which was the bottom of the last bear market.

You can stream/download the full conversation, including the podcast extras, on BloombergiTunesOvercast and Soundcloud. Our earlier podcasts can all be found on iTunesSoundcloudOvercast and Bloomberg.

Next week, we speak with Jeremy Schwartz, research director at WisdomTree Investments Inc. 

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

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    Barry Ritholtz at britholtz3@bloomberg.net

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    James Greiff at jgreiff@bloomberg.net

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