Singer's Latest Investor Letter A Political Screed

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.


In Depth

MiFID2 For U.S. Firms: Key Questions Answered

Feb 27 2017 | 4:54pm ET

The January 2018 deadline for implementation of the EU’s mammoth MiFID2 regulations...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of