Chief investment officer of Soros Fund Management Dawn Fitzpatrick spoke at a Bloomberg event/conference:
- expects more US banks to fail
- smaller lenders are particularly vulnerable
- “There’s more problems under the surface,”
- Regulators have auctioned off sizable portfolios in the wake of the failures, which is “adding to the technical backdrop,”
- agency mortgage-backed securities present an investing opportunity. “Two-thirds of your current holders — it’s central banks and banks — have turned into sellers ... The valuations in that space have gotten disproportionately cheap relative to other asset classes.”
