I Told You So

Amidst the chorus of bugles playing during this bull market, I’m hearing the not-so-faint sound of contrarian skeptics. Elaine Garzarelli called the 1987 crash, Jeremy Grantham nailed the dot.com bubble, and John Paulson, Michael Burry, and a dozen others minted money in the housing crisis. I was fortunate to listen to Chicken Little in 2007 and act. We were the largest day one investors at my old fund in Paulson’s subprime mortgage strategy, which became "The Greatest Trade Ever." Since then, I’ve paid attention to those warning of doomsday.