Brokerage pioneer Thomas Peterffy spoke with Forbes about his economic outlook, and when he expects the market to bottom out.
“I believe inflationary pressures will continue for years, not months,” Peterffy toldover video chat, calling from his home in Palm Beach, Florida. “This is not a short-term issue.”
“As the Fed raises interest rates, it is raising the amount the country must pay to service” its debt, says Peterffy. “This is a vicious cycle that will eventually result in exploding debt.” “I do not believe the Fed will follow through on its ‘do what it takes’ promise [to bring down inflation], because they are afraid of destroying the economy and the exploding debt issue,” he says. Instead, according to Peterffy, the Fed will cap benchmark rates around 4% and as a result, inflation will hover around 6% for the next several years — There will be stagflation for a while,” he predicts.
“Eventually rising prices will catch up with stocks,” insists Peterffy, and as a result, “stocks will enter a long bull market period propelled by inflation.” The brokerage pioneer adds: “This is a great time to do research and accumulate stocks of companies.” Peterffy is less focused on investing in specific sectors or industries; instead, investors should target companies that are “investing in their [own] competitiveness during this environment and gaining market share,” he says.
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