The outgoing head of one of the largest active US fund managers warned that investors must “step away from risk” to avoid being burnt in an increasingly speculative market.
Investors should not be overexposed to what has worked in the past year or three years, said Bill Stromberg, the chief executive of T Rowe Price, who will retire at the end of this year. “Even if they are a year too early. Because when the market unwinds, it will be areas of risk that unwind the most.”
Markets have been strong in 2021, recovering quickly from the shock of the pandemic as influxes of government stimulus, loose monetary policy and strong consumer demand drive stock indices to all time highs. Investors have taken on more risk.
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