Leaked letter: The 'Black Swan' fund that raked in a 4,000% return last quarter warns a bigger crash is coming

Reuters/China Photos The "Black Swan" hedge fund that raked in a 4,144% return last quarter warned its clients this week of a bigger crash to come. "The world remains very much trapped in the mother of all global financial bubbles," Mark Spitznagel, the chief of Universa Investments, said in a letter to investors obtained by Business Insider. "If the pandemic doesn't pop this bubble then, of course, it will be something else that eventually accomplishes this," he added. "This is far from over." ...