In his latest investor letter, Elliott Management’s Paul Singer outlines why markets were not inoculated for a pandemic and are still not pricing in the obvious.
He writes that while his style is not to pick market tops and bottoms he just forecast that the based on the 2008 experience there is room for a 50% or deeper decline from February’s market high that might be the ultimate path of global stock markets, according to the April 16 letter obtained by Alternatives Watch.
The $40 billion firm said that its hedge . . .
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