Categories: Family Office, Financial NewsPublished On: May 4th, 2022Comments Off on Market Update16.3 min read
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The markets rallied before Wednesday, but then fell sharply after Federal Reserve Chairman Jerome Powell hinted at a 0.5% rate hike in May. The market now has a chance for a rebound due to the steep decline, and we maintain the view that a rebound is a selling point. Investors who missed the previous rebounds in mid-March and on Tuesday should seize this opportunity to adjust positions that are not suitable for long-term holding.
Netflix shares tumbled 35% on Wednesday after reporting a drop in subscribers, and fell nearly 70% from its all-time high of $700, erasing the gains of the past three years. Bill Ackman, a well-known hedge fund manager, acknowledged a loss of $400 million by selling three million shares of Netflix that he bought in January this year.
Bill Ackman still considers Netflix is a good company but admits he doesn’t have enough confidence to predict the company’s future. Any growth stock whose share price is extremely dependent on future performance will face the same problem as Netflix.
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