‘This Is 1929’: Hedge Fund Bear Warns of Great Depression-Style Stock Market Crash
Hedge fund bear Kevin Smith says that the coronavirus outbreak has triggered a stock market crash.
But forget 2008, Smith says this one could mirror the 1929 downturn that accompanied the Great Depression.
His firm, Crescat Capital, is hedging against the crash with its three-pronged “macro trade of the century.”
As the coronavirus outbreak rattles the Dow Jones, nervy investors are drawing parallels to the stock market crash that accompanied the 2008 financial crisis.
But one Wall Street bear warns that this equities bubble mirrors an even more terrifying downturn: the Great Depression.
Hedge Fund: This Stock Market Crash Will Echo 1929
Kevin Smith, the founder and CIO of hedge fund Crescat Capital, believes that unbridled Wall Street speculation has set the maniacal U.S. stock market up for a 1929-level crash.