No Misgivings
Black, a value investor, said he had no misgivings about selling in 2013, because it allowed the company to reduce risk and make money. Shortly after Black’s call in 2013, concern about an end of the cheap money led to a bout of selling that became known as taper tantrum, highlighting just how dependent markets had become on the support of central banks.
In “hindsight my guess is we could have gotten more by waiting,” Black said, adding that the fund at the time returned three times investors’ money. “If we waited longer we could have done 3.5” times.
This article was provided by Bloomberg News.