Private briefings from two senior White House aides to a conservative institution at the outset of the coronavirus outbreak led investors to short the stock market and even load up on toilet paper, according to a published report.
That led William Callanan, a Hoover board member, to write a memo to David Tepper, the founder of the hedge-fund firm Appaloosa Management, and a Tepper aide, the report said. Callanan allegedly wrote that he found it striking that they both mentioned these concerns, unprovoked. The email was circulated to other Appaloosa employees, who discussed the memo with other investors. The report said the memo helped convince investors to short the stock market.
“We have contained this. I won’t say [it’s] airtight, but it’s pretty close to airtight,” Kudlow said on CNBC.
Anybody surprised?