Bearish billionaires can have their own agendas

• Published date: 31 October 2023
• Publication title: Irish Times (Dublin, Ireland)

The headline was somewhat exaggerated. Dimon, for instance, is cautious, but his words have been measured, not apocalyptic. This aside, loudmouth CNBC broadcaster Jim Cramer actually had a point when he told viewers not to take investment advice from “bearish billionaires”, saying they have different priorities and a different agenda to ordinary investors

Take Ackman. He shorted US treasury bonds just three months ago, citing “structural changes” likely to drive higher long-term inflation. However, he closed that same bet last week, saying there was “too much risk in the world to remain short bonds” right now.

Ackman is...