Why Bernanke should take advice from Einstein

QE3

Ian Willings, fund manager at Apollo Multi Asset Management, discusses why investors should not be hoping for more QE to come out of the Federal Reserve's Jackson Hole speech later today.

"Albert Einstein is famously quoted as saying the definition of insanity is ‘doing the same thing over and over again, expecting a different result'. QE1 and QE2 have so far boosted risk assets but the extent to which central bank intervention has driven any real GDP or job growth is still up for debate. "We would question the sanity of any investor that believes that a global QE3 package, should it be announced at Jackson Hole today, will have a significantly positive impact on either US GDP growth or the deep-rooted problems in Europe. Once again we see the potential for disappointment...