Need to Know: Shocks could damage all major economies this year, warns Swiss hedge-fund manager

In the fall of 2018, Felix Zulauf, head of Swiss hedge fund Zulauf Asset Managment, said investors were facing the start of a “structural bear market.” In other words, not much upside and a downside that’s limited by central banks.

“When the market sells off 20%, 25% or so, they will come in to support it, and the market rallies again,” he said at the time. “Then it fades again and it goes deeper than the last time. This is a very serious, very difficult market to have.”

Shortly after that call, the stock market unraveled, only to start 2019 with a fresh assault on record highs.

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