Tiger Cub: Market Moment is at Hand

“We believe we are in the midst of the market correction we have been expecting,” says Robert Citrone, founder of the hedge fund Discovery Capital Management, according to an email obtained by Bloomberg.

Known as a “Tiger cub” due to his time at the fund founded by Julian Robertson in 1980, Citrone’s firm (founded in 1999, which Bloomberg says specializes in “making wagers on macroeconomic events”) managed about $12.4 billion at the star of this year. His email to investors warned of a correction that “will likely persist over the next 3-4 months and be the largest correction since the 2008 crisis.”

The Tiger cub doesn’t seem to be a lone wolf in his view. During last week’s CNBC Delivering Alpha Conference, money manager Paul Singer shared his view that markets may be “on the precipice” as central banks continue to ponder monetary policy. Billionaire Carl Icahn expressed a similar uneasiness, saying that such a prediction is a “sort of guessing game.”

According to Bloomberg, however, the email wasn’t all doom-and-gloom. Citrone referred to the correction as a “healthy adjustment from overvalued market levels, which are primarily the result of exceptionally easy monetary policies.”