The old trading axiom that a trending market can be wrong longer than an investor can remain solvent applies to everyone – including Paul Singer, one of the largest hedge fund managers in the world.
Paul Singer: Challenges of a long career in money management
In a recent letter to investors reviewed by ValueWalk, Paul Singer notes one of the main challenges of a long career in money management is making the correct call on a market that is trending in the opposite direction and waiting for that market to reverse. “The distance (in terms of time and cost) between an intelligent conclusion that prices are massively wrong in either direction, and the actual reversal of valuations toward the range of...
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