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Black Swan Fund Manager Says Start Worrying When Fed Cuts Rates
Mark Spitznagel, the Universa Investments founder and chief investment officer whose firm is advised by Black Swan author Nassim Nicholas Taleb, said the stock market is likely to surge — then turn drastically when the Federal Reserve starts cutting interest rates. “That’s when things are going to get really awful,” Spitznagel said in an interview this week in New York. Spitznagel is extending his concerns about the market’s reliance on Fed support through more than a decade of low interest rates and its bond-buying program, which it’s now in the process of trying to reverse. Earlier this year, he told ... (full story)