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Black Swan Fund Manager Sees ‘Tinderbox-Timebomb’ in Financial Markets

  • Universa CIO Mark Spitznagel says economy has too much debt
  • ‘Tail risk’ fund designed to thrive during downturns
Mark Spitznagel
Mark SpitznagelPhotographer: Chris Goodney/Bloomberg
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Universa Investments, the hedge fund advised by “The Black Swan” author Nassim Taleb, told clients that ballooning debts across the global economy are poised to wreak havoc on markets rivaling the Great Depression. 

“It is objectively the greatest tinderbox-timebomb in financial history — greater than the late 1920s, and likely with similar market consequences,” Mark Spitznagel, 51, the firm’s chief investment officer, wrote in a letter to investors this week obtained by Bloomberg.