Hedge Fund Presents Massive, Bearish Outlook On The State Of US Markets

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Morgan Creek Capital Management, an investment management firm with offices around the world, released its 2013 market outlook, entitled "Peering Over the Precipice."

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The presentation was delivered at the North Carolina Bankers Association yesterday.

The slideshow presentation focuses on the three big risks facing the market: the Euro crisis, possibility of a downturn in China, and fallout from the Fiscal Cliff.

Of these three, the firm is most bearish on the U.S. economy -- to the point of predicting a recession starting in April. Morgan Creek believes that U.S. equities are overvalued, and notes that bear markets generally perform poorly in a post-election year.

The team is most bullish on precious metals and the Nikkei. In particular, they believe monetary easing will boost the Japanese market, and have a short-term target of $2,000 for gold.

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