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Tiger Cub Citrone Sees Market in Biggest Correction Since 2008

  • Discovery’s Citrone says downturn may last 3 to 4 months
  • It’s a ‘healthy adjustment’ in overvalued market, Citrone says
Traders work on the floor of the New York Stock Exchange.
Photographer: Eric Thayer/Bloomberg

Robert Citrone, the Tiger cub who now runs one of the best-known macro hedge funds, is warning investors that the market moment they’ve been anticipating is at hand.

“We believe we are in the midst of the market correction we have been expecting," Citrone, founder of Discovery Capital Management, told investors in an e-mail obtained by Bloomberg. “It will likely persist over the next 3-4 months and be the largest correction since the 2008 crisis,” he said. The firm managed about $12.4 billion at the start of 2016.