Sunday, 29 November 2015
Last updated 1 day ago
Oct 31 2013 | 9:30am ET
Elliott Management's Paul Singer paints a bleak picture of the U.S. economy in his latest letter to investors.
Singer blasted both U.S. and European governments, calling the former "dysfunctional" in the wake of the federal government shutdown, and chiding the latter for the lack of progress repairing the "unsustainable structure of the European Union." The staunch Republican also spent a significant amount of time attacking President Barack Obama's healthcare reform law and the Federal Reserve's easy-money policies, which he says place "the economy at severe risk of another financial crisis and possibly a spike in inflation for no societal benefit."
Singer did talk some business, writing that Elliott's flagship hedge fund returned 3.8% during the third quarter to hit 9.3% on the year. Elliott International is up 9% on the year.
He said he is focusing on activist and event-driven investments right now, because they are less susceptible to "government manipulations."
"Not only does the activist component serve to create value and protect capital, but it also gives us a chance to dig ourselves out of mistakes or bad luck," he wrote.
Singer also heaped praise on gold and said that it expects shares of Hess Corp., which are up 52% this year, to continue to rise.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…