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

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR