There aren’t a lot of investors who can say they warned clients about the coronavirus crisis and eventual 30% stock market collapse, but hedge fund founder Dan Niles is certainly one of them.
In a February letter obtained by Yahoo Finance sent to clients of his long-short Satori Fund, Niles warned he was becoming “increasingly worried” that central bank accommodativeness was overshadowing the impact that COVID-19 would have on the global economy. After adjusting his position before the S&P 500 fell by more than 30%, his Satori Fund finished the first quarter in the green. But speaking to Yahoo Finance Wednesday, Niles warned that the brief respite from selling to end March was more likely due to pension fund rebalancing than it was due to a true, bonafide bottom and he projected up to another potential 30% drop from March’s end point.
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https://finance.yahoo.com/news/investor-who-called-coronavirus-collapse-were-not-even-close-to-a-bottom-110659642.html Dan Niles: Pension Fund RebalancinG, Bear market rally, & Potential for markets to go lower4/1/2020
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