Two more billionaires say the 2020 election could trigger a market plunge:
‘People will hunker down and see what happens. You’re probably going to have to grind it out next year. That’s just the way it is. That’s how Steve Cohen, the man behind the$15 billion hedge fund Point72 Asset Management, sees the run-up to the 2020 election playing out for investors.
For his part, Jones said that if Elizabeth Warren were to win the election, the S&P 500 SPX, -0.30% would drop by about 25% and economic growth in the U.S. would slip to 1% from estimates of more than 2% this year. Trump, on the other hand, would boost the S&P 500 to 3,600, Jones estimated, which would be an 18% surge from the close of trading on Monday.
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