Saxo's Steen Jakobsen Blasts "The Market's So Complacent, I Want To Scream"

Tyler Durden's picture


We've largely ignored geo-political risks, ignored a slowdown in European growth, ignored the fact that Germany is deteriorating fast while increasing the amount of risk we take. That's the view of Saxo Bank's Steen Jakobsen who exclaims in this brief clip that "the market is so one sided and complacent," he feels a need to scream. Steen is urging traders and investors to take a serious reality check, pointing out that this decline is illustrated perfectly well on fixed income markets.



German yields have fallen to record lows and there's now a move towards safe haven assets.

In recent weeks, we've seen an increase in global risks, not least with Russia and Ukraine and in the Middle East.

On Thursday, President Obama authorized the use of airstrikes over Iraq.

Steen tells investors not to panic.

However, he's predicted for a long time that in the second half of 2014 we would see a 25 to 30 percent correction from the top and that growth would slow dramatically.


Source: Saxo TV

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Fri, 08/08/2014 - 11:04 | 5065268 Pladizow
Pladizow's picture

It is all these doubters that will send the market higher!

When they believe - then run!

Fri, 08/08/2014 - 11:13 | 5065331 Osmium
Osmium's picture

Exactly.  He should just BTFD and shut up.

Fri, 08/08/2014 - 11:32 | 5065425 Arius
Arius's picture

I second both of you guys!  this guy keeps talking scaring tactics for so long now ...

also, this guy's tactic might be to scare the shit out of everybody and he with his crew can pick up all the bargains...he might be the frontman.

Fri, 08/08/2014 - 11:41 | 5065489 Headbanger
Headbanger's picture

All three of you are fucking idiots!

But thanks for letting us know it.

Cause the ""market"" won't be complacent for long when Russia invades Ukraine and oil spikes $50/bbl overnight


Fri, 08/08/2014 - 12:18 | 5065642 DetectiveStern
DetectiveStern's picture

It's all like watching a train crash in slow motion while you remain at normal motion with no way to stop the train.

Fri, 08/08/2014 - 12:31 | 5065699 Bindar Dundat
Bindar Dundat's picture

 The "train wreck" has been going on for fifty will continue for another fifty.  It s like going back to a bar that you used to hang out with  BUT got bored of the people having the same conversations and then showing up again and seeing teh same people spewing the same shit.  The nature of people is desire simplicty and peace and this isn't ever going to be our world.  

Fri, 08/08/2014 - 13:55 | 5066332 EBT excepted
EBT excepted's picture

yes, creating a buying opportunity...

Fri, 08/08/2014 - 13:21 | 5065913 Jumbotron
Jumbotron's picture

Shut the fuck up Jakobsen.

Everybody knows the score.  There is no choice for yield.  The Fed is making sure of that.

Taper is just a trial balloon.  Until the hyper-inflation crack up boom and bust......either you're in or not making any money.

Complacency is just acknowledgement.

Fri, 08/08/2014 - 13:35 | 5066164 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Steen Jakobsen does make a compelling argument here.

Fri, 08/08/2014 - 11:10 | 5065307 fonzannoon
fonzannoon's picture

He's only predicting it because he is begging for it because the banks are quickly realizing they don't need about 80% of their employees.

That's what is so awesome about cnbc/bloomberg website's. The 1996 stock photo's of traders staring at a computer looking concerned when the dow falls 20 points.

Fri, 08/08/2014 - 11:17 | 5065356 walküre
walküre's picture

That "second half of 2014" magical growth they've all been predicting all the while beating the drums of war because they know there'd never be any growth.

It's all Putin's fault they will say. The narrative is already set in stone and history books have been printed with that mantra.

Fri, 08/08/2014 - 11:09 | 5065288 starman
starman's picture

Somebody please explain what is the corrolation between the Nikkei sell off and  the DOW rallys that follow and vise versa?  Is it reverse repo? 

Fri, 08/08/2014 - 11:20 | 5065370 NoDebt
NoDebt's picture

It's reverse something, all right.

Fri, 08/08/2014 - 11:09 | 5065297 101 years and c...
101 years and counting's picture

lol.  thats so funny.  he called this a "market".  thats his biggest problem. he cant understand its not a market.  its a fed sponsored ponzi.  unlike any in history.

Fri, 08/08/2014 - 11:09 | 5065301 Atomizer
Atomizer's picture

Welcome to Zerohedge, hands you a bullhorn 

I haven't seen anything like this in decades. Some days I'm pissed and other days make snark comments. Thanks for your honest view Steen. 

Fri, 08/08/2014 - 11:11 | 5065316 fonzannoon
fonzannoon's picture

That guy is anything but honest. Moar likely he is soon to be unemployed.

Fri, 08/08/2014 - 11:32 | 5065433 Atomizer
Atomizer's picture

If you dig a little, you can find spot on predictions he made. Don't take one video as a grain of salt. 

Fri, 08/08/2014 - 11:09 | 5065305 jackstraw001
jackstraw001's picture

Remain calm, all is well!  Moar stawks!


Fri, 08/08/2014 - 11:14 | 5065337 walküre
walküre's picture

Is now the time to cost average on my CYNK?

Fri, 08/08/2014 - 11:21 | 5065377 NoDebt
NoDebt's picture

I would.  There has never been a better time to buy stawks.

Fri, 08/08/2014 - 11:23 | 5065383 Pretorian
Pretorian's picture

Juncker new EU President: When things get serious you have to lie.  This idiot is officialy leading EU now.

Fri, 08/08/2014 - 11:48 | 5065491 THE DORK OF CORK
THE DORK OF CORK's picture

A lack of european purchasing power since the start of the euro experiment in the 50s/60s has caused  massive real inflation around the globe as capital goods ,services  , the lot is dumped on other markets

The physical world built around this monetary matrix is no longer suitable  - it can no longer preform the production , distribution and consumption function.

Germany is the poster boy for this banking / corporate monster.

We are witnessing a epic failure of the entire Industrial system as each country has embarked on a absurd level of specialization in this scarce money /easy credit glasshouse they call the earth.

Germans dump cars on other markets

The french dump wine.

The Filopinos dump wives and nurses.

And so it goes on and on.

The trade system is not fit for purpose.

It cannot service basic demand needs.

Fri, 08/08/2014 - 11:46 | 5065506 BullyBearish
BullyBearish's picture

This is but a distribution day to the bagholders...

Fri, 08/08/2014 - 11:46 | 5065508 Callz d Ballz
Callz d Ballz's picture

Not complacency, CB controlled.

Fri, 08/08/2014 - 11:50 | 5065525 Notsobadwlad
Notsobadwlad's picture

Controlled yes, crooked and manipulated to benefit the banks and their cronies, definitely yes.

No one believes the market is a market. It is simply a tool for wealth redistribution used by the banks. Who need that B/S, especially when you are one of those the banks want to steal from?

Fri, 08/08/2014 - 12:59 | 5065922 yogibear
yogibear's picture


Fri, 08/08/2014 - 11:52 | 5065528 Colonel Klink
Colonel Klink's picture

Thank all your buddies there Steen!

Fri, 08/08/2014 - 11:58 | 5065551 LawsofPhysics
LawsofPhysics's picture

Where is this "market" he speaks of...?


Please, as others point out, and this shill knows, there is no public market that allows for true price discovery.

Fri, 08/08/2014 - 12:01 | 5065560 THE DORK OF CORK
THE DORK OF CORK's picture

The New York Yimes gives lessons to France on health fascism.

"While I am somewhat sanguine about the fall in consumption in the European countries, other changes, particularly in France, are disturbing. Historically, wine has always been considered part of the French cultural heritage. More and more in the last 15 years, this has changed, to the point that government officials often lump in wine with other alcoholic beverages as a threat to public health."

"The French crackdown on drunken driving has resulted in even a couple of glasses of wine with dinner threatening the legal limit. Beyond that, a neo-prohibitionist attitude looms over even ordinary discourse about wine. France is currently debating raising taxes on wine and restricting wine discussions and advertising on social media and the web. Health officials say the intent is to combat rising alcoholism. The wine trade contends that alcoholism is more a result of increased consumption of spirits and binge drinking.

We’ve learned a great deal from the French about the pleasures of life. Now they are learning from us about the policing of it. "

Fri, 08/08/2014 - 12:03 | 5065575 THE DORK OF CORK
THE DORK OF CORK's picture

"Partly, this is because everybody’s world has become so much bigger. About 50 to 75 years ago, most Europeans outside of big cities drank only the local wine. It was all that was available. You bought a barrel for the year, or refilled your demijohn at the local cooperative.

Even 10 years ago on a trip to Campania, I met wine consultants who knew nothing of Barolo. Why should they? They were from Campania! Such narrowness would be unthinkable today."

The quality of the produce has increased but you don't have the tokens to buy it as the costs of current trade practices has been socialized.

This is known as capitalistic overproduction which causes a total breakdown of local trade. 

Fri, 08/08/2014 - 12:58 | 5065914 yogibear
yogibear's picture

Too bad, it's a Federal Reserve controlled market, they have the lever set to full bullishness.

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