(Bloomberg) Steven A. Cohen, the billionaire hedge fund manager who was briefly barred from the business but is back managing other people’s money, told a crowd on the Upper East Side of Manhattan on Tuesday night that the bear market is coming. He didn’t offer a lot of analysis to back up his argument, basically saying the stock market has been going up for a while so eventually it has to go down. “We’re definitely late cycle,” he said. The normally publicity-shy Cohen joins the members of the 2-and-20 choir who have been singing a familiar refrain that has so far been off-key. It all has just a whiff of marketing.
For Hedge Funds, the Sky Always Seems to Be Falling
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