A hedge fund made a 40% gain by calling the coronavirus sell-off and shorting stocks
"It was clear the market was underpricing the impact of COVID-19," Dymon boss Danny Yong told Bloomberg.
"It was clear the market was underpricing the impact of COVID-19," Danny Yong, Dymon's investment chief, told Bloomberg.. The strategy fueled a 20% gain for its flagship Asia Macro Fund in February, he said. The fund is now up 40% for the year, Bloomberg said.late last month. However, he doesn't expect indexes to fall much further because authorities are plowing billions into their economies.
"This is a health crisis leading to a crisis of confidence, leading to consumption collapsing, demand destruction and then an economic crisis," Yong said in the interview. "I am not that bearish on the financial markets at this level because the central banks have reacted very quickly."
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