Exclusive: Hedge fund Elliott says stocks could fall 50per cent from February highs - letter

Billionaire Paul Singer’s Elliott Management said global stocks could tumble more - ultimately losing half of their value from February's high - as the world braces for the deepest recession since the 1930s-era Great Depression, according to a letter sent to clients on Wednesday and reviewed by Reuters.

The benchmark U.S. S&P 500 stock market index tumbled 36per cent over four weeks but reversed course and rallied 31per cent from the March 23 low, leaving it 16per cent below the high set on Feb. 19, Elliott wrote. Elliott, founded in 1977 by Singer, is known for its founder's relatively pessimistic economic views and for warning about economic dangers long before others see them.

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