Legendary hedge fund manager Michael Steinhardt, who earned his investors over 20% a year for nearly thirty years, sees more pain ahead for stocks. The famed investor, who closed his fund in 1995 to focus on philanthropy, and is now the chairman of WisdomTree Investment, spoke to Bloomberg:
``There are genuine, solid, fearful reasons for a bear market,'' Steinhardt said. ``I don't think we're at a bottom.'' He added, ``I can think of only one quick fix, which is a dramatic, substantial drop in the price of oil.
``There is rarely a moment such as this where as a contrarian, one sees so many reasons technically, stock market- wise to be bullish. I can't imagine a circumstance where a market is more available, more ripe for a rally than this one,'' Steinhardt said. Still, ``this time it's different,'' he added.