Art Cashin Wikipedia, CNBC, illness, Net Worth, Bear Case, Book, Comments
Art Cashin Wikipedia, CNBC, illness, Net Worth, Bear Case, Book, Comments -: Arthur D. Cashin, Jr. is a managing director of UBS Financial Services Inc. He is the Director of Floor Operations for UBS Financial Services at the New York Stock Exchange.
In 1959, Mr. Cashin started working with Thomson McKinnon. At the age of 23, he joined the NYSE and joined P.R. Herzig & Co. as a partner. He joined PaineWebber in 1980 and oversaw their floor operations.
In addition to serving as a broker at UBS Financial Services, he also publishes a morning outlook and delivers live commentary to the company’s offices throughout the day.
Mr. Cashin has held positions at the NYSE as a governor, a member of the market performance committee, and a member of almost every committee.
He is one of the three Senior Executive Floor Governors at the moment. Mr. Cashin belongs to the Knights of Malta, Mensa, and the Bond Club of New York.
Art Cashin Net Worth
Art Cashin has a net worth of $10 million and works as a director for Financial Services. In New Jersey, Art Cashin was raised. At the New York Stock Exchange, Cashin oversees floor operations for UBS Financial Services.
News -:
Trading myth The sentiment-driven rally is not in Art Cashin’s opinion, and he cautions that a potential landmine could be lurking around the next corner.
Legendary trader Art Cashin is dubious about the stock market’s upswing and believes that investors’ excitement could be rapidly dashed by a blip.
The warning was issued as the market finished the second quarter on a high note, extending year-to-date gains. The Nasdaq is up 30% in the first half of 2023, while the S&P 500 is up 15.5%.
“I can’t overstate how strongly sentiment has taken over,” said Cashin, director of floor operations at UBS, to CNBC on Friday, referring to the fear of losing out. “I think this has been some dramatic, pyrotechnic run on this rally, short of going absolutely parabolic.”
When questioned about the possibility of a “unknown unknown” undoing the rally in the second part of the year, he agreed that possibility existed.
He indicated that the surge is unstable because it has placed so much emphasis on sentiment rather than fundamentals.
Cashin stated, “Sentiment is so strong that a minor inconvenience could end up being a landmine, but so far the trend is going. Am I doubtful? Yes.”
As a result of the euphoria around artificial intelligence, companies like Nvidia, the market leader in AI chips, have benefited from this year’s stock market increase. The market capitalization of stalwarts like Apple, which makes the iPhone, reached $3 trillion on Friday, has also increased.
In the meanwhile, an abundance of encouraging economic data has sparked optimism that the US economy might avoid a recession. The Federal Reserve may be forced to maintain its aggressive stance as a result, and officials have indicated that additional rate hikes are imminent in order to bring inflation back to its 2% target.
2% inflation won’t be achievable until at least 2025, according to Chairman Jerome Powell, despite the fact that a rate increase was postponed in June.
Cashin cautioned that increased rates are “not really in anybody’s plan,” though. “Everything could change if they raise themselves considerably. You might use negative payrolls or anything else.
But for the moment, the sun is shining, the Roman candles are bursting, and everyone is content, he acknowledged.
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