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The manager of one of the country's biggest pension funds said Wednesday that he wants to be underweight in stocks for the rest of the year because of the massive swing in markets so far in 2020.
Christopher Ailman, the chief investment officer for CalSTRS, said on CNBC's "Worldwide Exchange" that the first half of 2020 was the most difficult stretch for the market he had ever seen, calling the moves in stocks "utterly absurd."
"The stock market has really given us a 'V,' yet the real economy seems to be in a sloppy 'U' or a 'W' pattern. So I think expert traders and long-term traders are really baffled by this huge crowd of stay at home traders, day traders and the impact they've had on this market," Ailman said. "There's no way I can explain the unusual moves of this market."