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businessinsider - 12 days ago

An election win for Sanders, Warren, or Buttigieg could tank the stock market by 50%, hedge-fund boss says

The stock market could plunge by 30% to 50% if Bernie Sanders, Elizabeth Warren, or Pete Buttigieg are elected president next year, Virtus Capital boss Steven Gidumal warned this week, according to CNBC. If a Socialist is Elected, the Market will sell off BIG, the hedge-fund manager said in a conference presentation. Pick a Socialist - Bernie, Liz, Pete. etc. and the Market would sell off. Gidumal added that President Donald Trump is absolutely right to bash the Fed and to do it publicly because a lot of what they do is irrational and has been for the past century. View Business Insider s homepage for more stories. The stock market could plunge by 30% to 50% if Bernie Sanders, Elizabeth Warren, or Pete Buttigieg are elected president next year, Virtus Capital boss Steven Gidumal warned this week, according to CNBC. If a Socialist is Elected, the Market will sell off BIG, the hedge-fund manager said in a presentation at the Distressed Investing Conference in New York. Pick a Socialist - Bernie, Liz, Pete. etc. and the Market would sell off. Sanders, Warren, and Buttigieg are three of the four current frontrunners for the Democratic nomination. They have campaigned on progressive policies such as expanding access to healthcare and education and imposing higher taxes on the wealthy. Gidumal s comments echo those of another hedge-fund manager, Leon Cooperman. The Omega Advisors boss warned in October that the stock market could tumble as much as 25% if Warren or Sanders win the election. You don t make poor people rich by making rich people poor, he told CNBC. Virtus Capital s president and managing partner also voiced his support for Donald Trump s criticism of the Federal Reserve. The sitting US president has repeatedly attacked Fed Chair Jerome Powell for being too conservative in cutting interest rates. One of the best things the administration has done, Gidumal said, is jawboning the Fed to keep interest rates down. Trump is absolutely right to bash the Fed and to do it publicly because a lot of what they do is irrational and has been for the past century, he added.Join the conversation about this story NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the 3rd wave firms that are leading the next round of tech disruption


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