Hedge-fund manager Robert Citrone, whose Discovery Capital Management firm oversees about $12.4 billion, offered his clients a grim assessment of what’s to come in the stock market, according to a note obtained by Bloomberg
We believe we are in the midst of the market correction we have been expecting. It will likely persist over the next 3-4 months and be the largest correction since the 2008 crisis.
He did say in the note, however, that the coming retreat will be a “healthy adjustment from overvalued market levels, which are primarily a result of exceptionally easy monetary policies.”
Citrone, as Bloomberg points out, is one of many hedge-fund managers given the nickname “Tiger cub” after working at Julian Robertson’s Tiger Management.