Last week, Tim pointed out that Dallas hedge fund investor Kyle Bass was bearish on the recovery. In an appearance on CNBC, he said the Commerce Department’s 2.4 percent growth estimate for the 2nd quarter was too optimistic; it would come in, he said, at 1.6 percent. This morning, the Commerce Dept. issued a revision: the 2nd quarter figure was indeed 1.6 percent. To be fair, other economists were also predicting a downward revision. What I found interesting is that Bass nailed the figure precisely. You can read our 2008 profile of Bass here.
1 comment
Mr. Bass said 1.0% not 1.6%. Mr. Bass had the direction correct but not the exact number.