The quick actions of Elliott Management Corporation founder Paul Singer allowed the fund to avoid the immediate negative financial effects of the COVID-19 emergency, a report claims.
The Coronavirus pandemic is set to have a huge and long-lasting impact on the global economy due to the shutdown of various sectors and also the reduced activity and demand in general.
However, according to il Solo 24 Ore (via Calciomercato.com), Paul Singer had foreseen everything. The founder of the Elliott fund – the owners of Milan – had in fact warned his men about the potential coronavirus crisis.
The newspaper claims that on February 1 Singer sent a letter to his 473 collaborators scattered across New York, London, Hong Kong and Tokyo in which he recommended to stock food, water and medicine to avoid gatherings in public places.
And interestingly Elliott does not seem to have been affected by the crisis: the quarter ended with +2.2%, while the rest of the hedge funds registered -8%.