Stocks will see very low returns for a long time as markets deal with the aftermath of the pandemic, Norway's sovereign wealth chief says
Stocks will see very low returns for a long time, because markets are still reeling from the aftermath of the pandemic, according to Norway's sovereign wealth fund chief Nicolai Tangen.
That's largely because stocks soared to overvalued heights in previous years, inflated with ample liquidity flooding into the market from global central banks. Most of that"crap" has been cleared out, Tangen said, but it doesn't mean that volatility is over. "We have not seen the secondary effects of the $30 trillion in wealth destruction we saw last year," Tangen said in an interview with the
on Wednesday, referring to the brutal rout in global stocks last year. The MSCI All-Country World Index of stocks lost about 20% of its value in 2022 alone – and markets have yet to see the consequences of that.
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