| Oaktree co-Chairman Howard Marks: “If people don’t like the dollar, don’t like investing in the US, don’t want to hold an unlimited number of Treasuries; if we just make people mad,” Marks said, “the fiscal situation will be very complicated.”
The nearly 50-year veteran of financial markets and a leader in distressed debt investing said it’s “excessively hard” to make predictions right now. The world economy was “shook up like a snow globe by the events of the last days,” Marks said in an interview on Bloomberg TV. Discovery Capital Management founder Rob Citrone: “This environment is one of those times when my investment roadmap feels less like a drive down I-95 and more like navigating NYC rush hour with Waze constantly rerouting every 30 seconds,” he told clients in a note. UBS Global Wealth Management: CIO Mark Haefele cut its view on US stocks to neutral from attractive and slashed its year-end target for the S&P 500 Index to 5,800 from 6,400. Yardeni Research: A “great buying opportunity is being created here,” said Ed Yardeni. He stuck to his target of 6,000 for the S&P 500. Goldman Sachs: The bank cut its S&P 500 target for a second time this month. Strategist David Kostin expects the index to end the year around 5,700, making his forecast among the lowest on Wall Street. “We simply were not taking this threat seriously because it seemed somewhat illogical to attempt to inflict this amount of economic harm on your own economy,” said Goldman Sachs partner and trading specialist Richard Privorotsky. Pictet Asset Management: “The market is bleeding and more pain is clearly coming as this escalating trade war risks pushing the US economy into a recession,” said Luca Paolini, chief strategist at the firm. “It’s not a surprise China would retaliate. But this will inevitably cause a recession because the damage is done — unless Trump backs off.” | 
