CNBC, Released on 2/3/20
“For a long time I thought that the market sentiment was so strong that we could overcome a mounting list of economic uncertainty. But the coronavirus is different. It is big, it’s going to paralyze China, it’s going to cascade throughout the global economy, and it cannot be countered by central bank policies…we should try to resist our inclination to buy-the-dip.”
Mohamed El-Erian is the Chief Economic Adviser of Allianz, a multinational financial services company. He is the former CEO and co-Chief Investment Officer of PIMCO, a global investment firm and one of the world’s largest bond funds in the world. Dr. El-Erian also served as a member of the faculty of Harvard Business School. Before joining PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that, he spent 15 years at the International Monetary Fund in Washington, D.C. His book, When Markets Collide: Investment Strategies for the Age of Global Economic Change, was a New York Times and Wall Street Journal bestseller.