Paul Tudor Jones, Steve Cohen Warn of Market Rout on Warren
- S&P 500 would drop 25% if Warren prevails, Jones says
- Cohen says traders will have to ‘grind it out next year’
Paul Tudor Jones
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Billionaires Paul Tudor Jones and Steve Cohen joined a growing number of hedge fund managers warning that the stock market would tank on the prospect of an Elizabeth Warren presidency.
The S&P 500 Index will drop about 25% if the Democratic senator wins the 2020 election, mostly because of concern over her proposed wealth tax, Jones said Monday at the Robin Hood Investors Conference in New York, according to people with knowledge of his presentation. Jones, citing an internal poll at his $8 billion macro hedge fund, also said economic growth in the U.S. would fall to 1% from estimates of more than 2% this year.