Millionaires bet that stocks will take at least another year to recover

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Millionaire investors are betting that stocks will take at least a year to regain their previous highs, according to the CNBC Millionaire Survey.

Despite the continued surge in the stock market since its March lows, millionaire investors remain skeptical of the market’s V-shaped recovery. A majority of millionaires surveyed said the S&P 500 will end the year down, according to the semi-annual survey, which polls 750 investors with $1 million or more in investible assets. More than a third said the market will end the year down 10% or more. 

Nearly two thirds say it

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Why bond investors are willing to bet on money-losing Pemex after oil price crash

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MEXICO CITY/NEW YORK (Reuters) – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around.

FILE PHOTO: Tanker trucks of Mexico state oil firm Pemex’s are seen at Cadereyta refinery in Cadereyta, on the outskirts of Monterrey, Mexico January 23, 2019. REUTERS/Daniel Becerril

Despite all the risks of holding the world’s largest fallen angel, the ignominious distinction for a company that loses its investment-grade rating, bondholders are betting on continued support from the government.

“If

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Coronavirus has upended another Warren Buffett bet on airlines

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Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., speaks during the virtual Berkshire Hathaway annual shareholders meeting seen on a laptop computer in Arlington, Virginia, U.S., on Saturday, May 2, 2020.

Bloomberg

A 95% plunge in passengers. Billions in losses. A rush for new debt. A recovery that executives expect to take years. Coronavirus is roiling the airline industry and the Oracle of Omaha has seen enough.

Warren Buffett told investors Saturday that Berkshire Hathaway has sold its entire stakes in the four largest U.S. airlines — American, Delta, Southwest, United — as the pandemic upends another

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Investors bet on testing, treatments for restart of U.S. economy

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(Reuters) – Investors are pinning their hopes for the reopening of the U.S. economy on the potential for wider availability of testing for COVID-19 cases and on drug trials for treatments of the deadly disease but said, until there is concrete progress in these areas, further stock market gains may be limited.

The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. REUTERS/Jeenah Moon

Much of the S&P 500’s .SPX almost 27% advance above its March 23 low has

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