Virtus Capital president says markets would sell off big if a 'socialist' is elected president
Steven Gidumal, the managing partner of Virtus Capital, said markets could tank 30% to 50% if a "socialist" is elected in 2020.
South Bend, Indiana Mayor Pete Buttigieg and Sen. Elizabeth Warren speak during the Democratic Presidential Debate at Tyler Perry Studios November 20, 2019 in Atlanta, Georgia. Ten Democratic presidential hopefuls were chosen from the larger field of candidates to participate in the debate hosted by MSNBC and The Washington Post.
Gidumal's presentation to a room full of distressed debt investors, corporate restructuring professionals and lenders, focused on the past year and what to expect in the distressed investing space in the coming year. In closing his presentation, Gidumal refocused his attention to what to watch for in 2020 with election and the Fed being his top bullet points.
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