The International Monetary Fund’s economists just released their semi-annual World Economic Outlook, downgrading global growth and world trade projections. This podcast (6:11) argues that advisors managing clients’ money should probably heavily discount economists’ forecasts and market prices alike, and balance portfolios between risk-on and risk-off tendencies on a permanent basis. The IMF outlook cites numerous troubling uncertainties that could shift the direction of markets, but neither the IMF nor Goldman Sachs nor any other organization’s smartest economists know how to time these shifts.
