Why investor Mohamed El-Erian has sold some of his shares


Mohamed El-Erian, 61, is the chief economic adviser to the insurance group Allianz and was CEO of the investment company Pimco, an Allianz subsidiary. He is one of the most renowned financial market experts in the world.
Picture: Helmut Fricke

Star investor Mohamed El-Erian is worried: central banks are doing more harm than good and investors are going crazy. In an interview, he explains how he invests in such times.

Mr. El-Erian, since the beginning of November, the European Central Bank (ECB) has a new president, Christine Lagarde. What do you think of her?

Dennis Kremer

Editor in the section "Money & More" of the Frankfurter Allgemeine Sonntagszeitung.

It is a very good choice, an inspiring choice.

Did you find it wise to ask Germany and the Netherlands to invest more? So far, central bankers have rather avoided such direct talks.

What Christine Lagarde did was certainly unusual because central bankers tend not to express themselves on the fiscal policies of individual states, especially new central bankers. But I still found it brave and wise. Courageous, because it has just named those two countries by name, which have the most latitude with regard to their state budget, for example to invest more in infrastructure. And it was wise, because it is enormously important to have this political debate right now. Because now governments are in demand. The central banks are approaching the limits of their possibilities.

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