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Jefferies' Wood Cuts Gold Exposure in Favor of New Position in Bitcoin
Christopher Wood, global head of equity strategy at investment firm Jefferies, cut his exposure to gold for the first time in years in favor of bitcoin.
Christopher Wood, global head of equity strategy at investment firm Jefferies, cut his exposure to gold for the first time in years in favor of bitcoin, Business Standard reported.
STORY CONTINUES BELOW
- Wood will be cutting the gold position in his long-only asset allocation for U.S.-dollar-based pension funds to 45% from 50% and initiating a 5% holding of bitcoin, the report said.
- Wood, while remaining bullish on the yellow metal, said he'll add more BTC to the fund should the cryptocurrency drop significantly.
- The head of equity strategy had previously refrained from investing in BTC out of a fear of hacking and that it could have been declared illegal due to its sometimes use in nefarious purposes, the publication said.
- The remaining allocations in the fund are a 30% weighting in Asia ex-Japan equities and 20% in unhedged gold mining stocks.
- Wood is looking for a "dramatic cyclical recovery" after the pandemic subsides, Business Standard said.
Read more: Bitcoin Sailing in Uncharted Waters as Price Crosses $22K for First Time
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
