(MarketWatch) Two years ago, Paul Singer warned the global financial system was in bad shape and investors were facing the possibility of a big market drop.
With that, the billionaire behind the $38.3-billion Elliot Management fund, raised about $5 billion in one day in preparation for “all hell to break loose.”
He reportedly put a big chunk of that to work in the first half of this year.
Well, there’s been plenty of volatile stretches since he raised that cash, but stocks have recovered and are once again bouncing around record highs. Nevertheless, according to the Financial Times, Singer is tapping investors for another $5 billion in anticipation of a “market meltdown.”
Singer’s fund is up almost 5% this year, the FT reported.
Earlier this month, AT&T shares surged to an 18-month high after Singer, who had purchased a $3.2 billion stake in the company, outlined his planto boost the stock by more than 65% in less than two years.
