Paul Tudor Jones, the billionaire hedge fund manager who outperformed peers last year, is wagering that Goldman Sachs Group Inc. and Morgan Stanley got it wrong in declaring the start of an economic recovery.
Jones's Tudor Investment Corp., Clarium Capital Management LLC and Horseman Capital Management Ltd. are taking bearish stands as U.S. stock and bond prices rise, saying that record government spending may be forestalling another slowdown and market selloff. The firms oversee a combined $15 billion in so-called macro funds, which seek to profit from economic trends by trading stocks, bonds, currencies and commodities.
"If we have a recovery at all, it isn't sustainable," Kevin Harrington, a managing director at Clarium, said in an interview in the firm's New York office.
