Bill Harnisch is on a roll. Assets in his Peconic Partners hedge fund are ballooning thanks to a near-perfect run of market timing that included shorting last year’s bear market and pivoting long just as the tide turned.
So when he says the party is over, it’s a view worth considering.
Up 35% this year after jumping 26% in 2022, Peconic is sitting with $1.5 billion in assets and a growing conviction that the tech rally that helped fuel the last leg up has seen its best days. The New York-based fund recently dumped all its shares in Alphabet Inc. and Amazon.com Inc. — names that made up more than 10% of its holdings — and is bracing for a slower slog in stocks after $9 trillion was added to share values in nine months.
“We’ve entered a no man’s land because it hasn’t broken up and it hasn’t broken down,” Harnisch, who started in the financial industry in 1968, said in an interview. “I can’t sit here and tell you I haven’t been surprised at how well the market has done, given that interest rates haven’t come down. But I’m having trouble seeing where the big impetus is for growth going forward.”
With the S&P 500 dancing around 4,500, the high end of his forecast range for the next one to two years, the former Chase Manhattan Bank analyst concedes the market may overshoot to the upside, particularly if optimism over artificial intelligence and an end to Federal Reserve tightening continues to build. But after a 26% rally, he says, the market has yet to prove itself at...
Lauren Hashian shut down rumors about welcoming another baby with Dwayne Johnson on Sunday, April 27, 2026. Viral AI-generated photos sparked speculation that the couple had expanded their family....