Economics prognosticator and former hedge fund manager Jay Levy has died at the age of 90.
Levy was best known as the publisher of the Levy Forecast, the 63-year-old economic analysis newsletter founded by his father, Jerome, and now run by his son, David. But he and his son also dabbled in hedge funds, launching their Levy Forecast Fund in 2004.
David Levy said the move came due to their conviction that the next recession would push interest rates to near zero. Their "being extremely confident" paid off, and the Levy fund returned some 500% to investors over its five-year lifespan.
Levy also made news by predicting the housing crisis, writing in 2005 that "the next recession will be caused by the deflating housing bubble." But unlike with the dot-com bust, "this time… the financial sector will be much more exposed."
Levy, whose first name was S, died on Oct. 4 in Mount Kisco, N.Y., of pneumonia. He had been ailing for several years and had suffered a series of mini-strokes. The New York City native lost his wife of 63 years, Barbara, in March, and is survived by his children Ann and Joshua, in addition to David.