Home Daily Blitz $17.5 Billion Hedge Fund Bigwig Says This Is a ‘Wall Street Recession’
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$17.5 Billion Hedge Fund Bigwig Says This Is a ‘Wall Street Recession’

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thefiscaltimes articleThe following is an excerpt from Julia La Roche | February 16, 2016 | Thefiscaltimes.com |

The 2016 market has been brutal for Wall Street, with global stock indexes getting slammed as oil prices have continued to fall.

Here's a quick scorecard through Monday:

S&P (-8.7%)

Nasdaq (-13.3%)

DAX (-14.7%)

Nikkei (-15.6%)

Shanghai Composite index (-19.83%)

Activist investor Dan Loeb, who founded the $17.5 billion hedge fund Third Point, wrote to his investors that the indexes' declines "actually fail to capture the true carnage revealed when you take a closer look at the breadth of S&P companies experiencing massive losses."

He continued: "In some cases, these losses may represent permanent value destruction. The 2015 market we dubbed a Haunted House feels about as scary as the Disney kids' ride It's a Small World when compared to 2016."

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