Billionaire investor Wilbur Ross agrees with Sam Zell: the Fed “fiddled too long” on their rate increase, saying it comes too late and won't do much for the economy by itself.
Despite the late call, Ross says the decision is a good one; it will mean a stronger US dollar compared to Europe and Japan, where central banks are still targeting near-zero rates.
Real estate titan Zell is less optimistic, however. He predicts a recession in the next 12 months and is unloading big real estate assets.
Instead, Ross and Zell are targeting energy assets. “Beaten down” oil companies could be prime for investment right now, Wilbur says, as rock-bottom oil prices make them cheap to scoop up. [Bloomberg]
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