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Yahoo BusinessOct 30, 2020
Henry Kravis Says the Market Is Wilder Than at Any Time in His Career
(Bloomberg) -- Henry Kravis said there's more turmoil in the markets than any time in his half-century career as investors react to pandemic news."I've been investing for over 50 years, I don't remember a time when I've seen such volatility as we see today," Kravis, the co-founder of KKR & Co., said Friday on the Bloomberg Invest Talks webcast. "Just look at our markets in the U.S., we're up one day 300, 400 points and then the next day, for almost no reason, we're down 400 to 500 points."While he praised global stimulus efforts for keeping economies from collapse, he said markets remain unnerved by the Covid-19 pandemic, especially on the prospects for a vaccine. "Any news coming out of the pharmaceutical industry on progress with a therapeutic or with a vaccine is changing sympathy in the markets," he said.Stocks have been whipsawed this year, sinking into the fastest bear market on record in March before staging a rebound not seen in nine decades. The Cboe's volatility gauge has averaged 33 since the end of February, 14 points higher than the average over the prior 30 years.Wild swings were also a routine feature of the 2008 financial crisis. That year saw 42 days where the S&P 500 moved by more than 3%, compared with 28 days this year since the pandemic started roiling markets.In the midst of such turbulence, New York-based KKR has been among the most active dealmakers. It has invested more than $40 billion across various strategies this year."When we shut down our offices in
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