Paul Singer Says Aug. 24 Shows Stock, Bond Markets Are ‘Unsound’
- Elliott's two main hedge funds up 2.4% and 2.8% in 2015
- Singer sees opportunities in activist stocks, stressed credit
Paul Singer. Photographer: Jacob Kepler/Bloomberg
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Paul Singer, the billionaire founder of $27 billion hedge fund firm Elliott Management, said stock and bond markets are structurally “unsound” as evidenced in recent market volatility.
In a wide-ranging letter that warned of the effects from low interest rates, unrest in the Middle East, and leverage in the financial system, Singer, 71, said steep declines and rapid recoveries in financial markets, such as the Aug. 24 stock market slump, and recent flash crashes in bond markets, probably foreshadow the future.