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The Tell: Why one hedge-fund titan is bracing for ‘all hell to break lose’ on Wall Street

Billionaire investor Paul Singer has a bleak outlook for Wall Street, and he has built a $5 billion rainy-day fund in preparation for what he describes as “all hell” to break out.

Singer, who runs $33 billion 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:

Here’s how Singer puts it:

Given groupthink and the determination of policy makers to do ‘whatever it takes’ to prevent the next market ‘crash,’ we think that the low-volatility levitation magic act of stocks and bonds will exist until the disenchanting moment when it does not.

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