This WSJ piece by Spencer Jakab is a hoot. It tells the story of Mark Spitznagel whose hedge fund has earned bonanzas in collapses. Plenty of fund managers will tell you they’re really bullish about stocks. Try finding one who says so yet stands to make a killing if prices collapse. “I’m the crash guy—I remain the crash guy,” says Mark Spitznagel, who earned $1 billion in a single day for his clients during 2015’s “Flash Crash.” A protégé of “Black Swan” author Nassim Nicholas Taleb, his hedge fund, Universal Investments, scored major gains when Lehman collapsed and when Covid-19 sparked a meltdown. The alarming part of Spitznagel’s current outlook is that he sees conditions akin to 1929, the year of the Wall Street crash. The silver lining for those hoping the bull-market music will keep playing a while longer: He thinks this is more like the early part of 1929 when stocks added significantly to their Roaring ’20s gains.
[EOP]
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