Billionaire investor Paul Singer has a bleak outlook for Wall Street, and he has built a $5bn rainy-day fund in preparation for what he describes as “all hell” to break out, MarketWatch reports.
Singer, who runs $33bn hedge fund Elliot Management, wrote in a recent letter to investors that a bout of protracted low volatility and a tendency of stocks to levitate higher is likely to lead to near-term carnage in financial markets:
